Which of the following statements is incorrect? Multiple Choice 0 Adjustments to prepaid expenses and unearned revenues involve previously recorded assets and liabilities Accrued expenses and accrued revenues nvolve assets and lobites that had not previously been recorded. Adjusting entries can be used to record both acarved exoense ond accrued revenues stage ofte recure susting entries to record the effects of the 0 Prepad expenses depreciationne uneordreven time