Question: In Chapter 3, you learned about four types of adjustments: (1) Prepaid expenses; (2) Unearned revenues; (3) Accrued revenues; and (4) Accrued expenses. For each

In Chapter 3, you learned about four types of adjustments:
(1) Prepaid expenses;
(2) Unearned revenues;
(3) Accrued revenues; and
(4) Accrued expenses. For each type of adjustment, indicate the following:
(a) The reason the adjustment is required.
(b) The effect of the balance sheet and income statement if the adjustment is not recorded.

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