stion 2 current assets minus current liabilities fixed assets working capital closing entries accounting cycle Rent expired in April. You should debit rent expense and credit prepaid rent. True False Question 1 An asset that is expected to last for more than one year contra account depreciation expense fixed asset unearned revenue events changes to the uestion 1 If you buy office equipment on credit the accounting entries will be to debit office equipment and to credit accounts payable. O True False