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Assume that as of the 20X0 year-end a company owes $25,000 for legal services. The invoice for these services arrives in the first month of
Assume that as of the 20X0 year-end a company owes $25,000 for legal services. The invoice for these services arrives in the first month of 20X1 for $30,000. Which of the following is correct? Group of answer choices In 20X0 the accountant will not record any liability for the legal expenses In 20X1 the accountant will record $30,000 of Accounts Payable In 20X1 the accountant will record $5,000 of Accounts Payable None of these are correct
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