Module 6 Homework Use complete sentences. Show and label all work to receive any credit for the homework. 1. Terminology and Concepts-Adjusting Entries: a. If utility expense accrues as incurred, why do we wait until we get the bill to record it? c. What is being deferred in a deferral adjusting entry? Provide a real life example for an d. What is being accrued in an accrual adjusting entry? Provide a real life example for an e. Which financial statements would be affected if revenue earned, but not yet received b. What are adjusting entries adjusting? expense deferral and a revenue deferral that you have personally encountered. was not included in the books for the period? How would they be affected? Who t. Should a firm record in the accounting records interest expense incurred but not yet g. Should the firm record in the accounting records the use of supplies that have already expense accrual and a revenue accrual that you have personally encountered would care if the entry were not made? paid? Why? acquired)? Why? been paid for (the supplies were included in the supplies account when they were