Which of the following is not true about closing entries? Select one: All real accounts are closed at the end of the period. By closing nominal accounts at the end of the period to zero, it is possible to next period's information correctly. isolate correctly. After the second closing entry, the income summary account is equal to the net income or (loss) for the period. There are four closing entries that update the owner's equity account. Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? Select one: debit Insurance Expense, $3,000; credit Prepaid Insurance $3,000 debit Insurance Expense, $14,000; credit Prepaid Insurance, s14,000 debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000 debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000