Question: Chapter 3: The Adjusting Process (Continued) 1. Please explain what accrued expenses are and let us know why these adjustments are necessary. Please provide an

Chapter 3: The Adjusting Process (Continued)

1. Please explain what accrued expenses are and let us know why these adjustments are necessary. Please provide an example of an adjusting entry for an accrued expense.

2. Please explain what accrued revenues are and let us know why these adjustments are necessary. Please provide an example of an adjusting entry for accrued revenues.

3. Please explain what an Unearned Revenue account is and why an adjustment may be necessary for Unearned Revenue. Please provide an example of an adjusting entry for Unearned Revenue.

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