Accounting · Adjusting Entries & Accrual Accounting

Consider the following statements regarding adjusting entries in accrual accounting: Statement I: Accrued income is income that has been earned but not yet received; recording it increases total assets and total equity of the company. Statement II: Depreciation is a non-cash expense that reduces the carrying amount of a fixed asset and simultaneously increases a current liability called 'Accumulated Depreciation'. Statement III: Unearned revenue represents a situation where cash is received before the service is provided; this transaction increases total assets and total liabilities, with no immediate impact on equity. Which of the above statements are correct?