Question Two (8 Marks) Indicate true or false in each of the following and correct the false ones: Tor F Statements After closing entries have been journalized and posted, all temporary accounts in the ledge should have zero balances. Closing the drawings account to Owner's Capital is not necessary if net income is greater than owner's drawings during the period. A company's calendar year and fiscal year are always the same. Accrued revenues are revenues, which have been received but not yet recognized Mixed cost and variable cost change in total with the change of the number of units produced. To close net income to owner's capital, Income Summary is debited and Owner's Capital is credited. The adjusting entry at the end of the period to record an expired cost may be different depending on whether the cost was initially recorded as an asset or an expense. If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future