Prepaid Expenses are turned into expenses by a debit to the [asset / expense] account and a

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Prepaid Expenses are turned into expenses by a debit to the [asset /

expense] account and a credit to the [asset / expense] account. Accrued Liabilities are discharged by a debit to [Cash / Accrued Liabilities] and a credit to [Cash / Accrued Liabilities].

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