Please answer all parts of the question for a big thumbs up and a good rating.

True or false

Thanks.

30. An adjusting entry requiring a credit to Insurance Expense indicates that the initial transaction was charged to an asset account. 31. The expense recognition principle requires that expenses be matched with revenues. 32. In general, adjusting entries are required each time financial statements are prepared. 33. Every adjusting entry affects one balance sheet account and one income statement account. 34. The Accumulated Depreciation account is a contra asset account that is reported on the balance sheet 35. Accrued revenues are amounts recorded and received but not yet earned. 36. An adjusted trial balance should be prepared before the adjusting entries are made. 37. When a prepaid expense is initially debited to an expense account, expenses and assets are both overstated prior to adjustment