dq 1The term adjusting entries refers to a very important step in the accounting cycle. Explain when, why, and how the adjusting process is used. Provide an example to clarify your statements.dq 2Review the available materials for the chapters covered this week, including the lecture, reading, publisher materials, demonstration problems and exercises at the end of the chapters. After reviewing these materials and attempting the assignment for the week, what challenges did you face? Do you have any questions on the material? Participate in follow up discussion by helping your classmates and sharing your tips for understanding materials, when possible.