Question 1 of 52 View Policies Current Attempt in Progress Adjusting entries are required: 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. Question 2 of 52 View Policies Current Attempt in Progress An asset-expense relationship exists with: revenue accounts. liability accounts. O prepaid expense adjusting entries. O accrued expense adjusting entries. Question 5 of 52