When expenses are incurred, Select one: a. the expense is recorded by decreasing a liability account...

Question

Question

When expenses are incurred,

Select one:

a. the expense is recorded by decreasing a liability account and increasing an expense account.

b. the expense is recorded by increasing a liability account and decreasing an expense account.

c. the expense is recorded by increasing a liability account and increasing an expense account.

Answer 1

Answer #1

When expenses are incurred, liability and expense are both increased.

The answer is Option c.

Answer 2

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