LED Which of the following statements is correct? B None of these statements are correct When an insurance premium is paid in advance the payment is normally recorded in a liability account called Prepaid Insurance D Goods and services are commonly sold to customers on the basis of oral or implied promises of future payment called promissory notes An account called Land is commonly used to record increases and decreases in the land and buildings owned by a business increases and decreases in cash are always recorded in the equity account