Which of the following statement(s) is/are true?
I). If no errors are made in the daily recording of transactions, adjusting entries are unnecessary at the end of the period.
II). An adjusting entry to recognize wages payable at year-end causes a decrease in total assets.
III). An adjusting entry to recognize that an advance payment from a customer has now been earned will cause an increase in assets.
IV). Adjusting entries to accrue unrecorded expenses such as salaries and interest expense cause an increase in expenses and a corresponding decrease in assets.