1) Why do we need adjusting entries, and what happens if adjustments for a period are not recorded? (10 pts.) 2) Suppose that you have prepared the trial balance for the current month. Although your trial balance balances, can any errors be present in the trial balance? Explain your answer. (10 pts.) 3) "Some assets are expenses that have not expired yet." Comment on this statement and state your ideas on whether you agree or not. (10 pts.) 4) "All debit entries represent increases, and all credit entries represent decreases." Is this a correct statement? Explain your answer. (10 pts.)