Multiple Select Question Select all that apply Explain your understanding of what an accrued expense is by selecting the statements below which are correct. Adjustments involve increasing both an expense and a liability account. They are also called accounts receivable. They are reported on an income statement. They refer to earnings which have been earned, but not yet billed. Examples of accrued expenses are wages expense and interest expense. They refer to costs that are incurred in a period, but are both unpaid and unrecorded