Select all that apply Adjusting entries: (Select all that apply.) Multiple select question. are prepared at the beginning of the period. update the accounts to their proper balances. are needed before financial statement preparation. are required in cash-basis accounting only.Costs of assets acquired in one period that will be recorded as expense in a future period are referred to as Blank______ and are initially recorded as Blank______. Multiple choice question. deferred revenue; liabilities prepaid expenses; assets prepaid expenses; expenses deferred revenue; assets