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22. Adjusting entries are required: A) B) D) because some costs expire with the passage of time and have not yet been journalized. when the

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22. Adjusting entries are required: A) B) D) because some costs expire with the passage of time and have not yet been journalized. when the company's profits are below the budget. when expenses are recorded in the period in which they are earned. None of these answer choices are correct. 23. If a company fails to make an adjusting entry to record supplies expense, then: A) B) C) D) expense will be understated. net income will be understated. assets will be understated. stockholders' equity will be understated

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