Depreciation does not attempt to report the actual change in the value of the asset, rather it allocates the cost of an asset to expense over its useful life.* O True O False Unearned Revenues are payments that are recorded as an asset to show the service or benefit the company will receive in the future, and prepaid expenses are cash received before services are performed. * O True O False Ledger or posting contributes to the recording process because it discloses the complete effect of a transaction, provides a chronological record of transactions, and helps to prevent or locate errors because the debit and credit amounts can be readily compared. * O True O False For unearned revenues, adjusting entry records the receivable that exists and records the revenues for services performed. Adjusting entry increases an asset account with a debit and increases a revenue account with a credit. * O True O False