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Awree Natcacnotus Inc received its telephone bill for the month of November 2017 on December 15. The bill is due on January 10, 2018. Awree

Awree Natcacnotus Inc received its telephone bill for the month of November 2017 on December 15. The bill is due on January 10, 2018. Awree actually paid for the bill on January 8, 2018. REQUIRED: Should this telephone expense be recognized in fiscal year 2017 or fiscal year 2018? Explain

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