1.What do we call the difference between total debits and total credits on the income statement? Into what account is the difference figure closed at the end of the period?

2.S4-9 Classifying assets and liabilities as current or long-term Buildings Accounts payable Total expenses Accumulated depreciation Accrued liabilities (such as Salary payable) Prepaid expenses Service revenue Cash Receivables Interest expense Equipment 1. Identify the assets (including contra assets) and liabilities. 2. Classify each asset and each liability as current or long-term.