At the end of October, Flagship Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction:

	Should not be recorded in the accounting records until November.
	Causes a decrease in assets and in owners' equity in November, when the bill is paid.
	Should be recorded as an expense of October, regardless of the payment date.
	Is recorded as a liability in October, but is not considered an expense until paid.