Prepaid expenses are eventually expected to become a. expenses in the period when they are paid Ob. revenues when the liability is no longer owed c. expenses when their future economic value expires or is used up Od. revenues when services are performed Given the following data: EC SL,Year 1 $120,000 80,000 Total liabilities $128,250 95,000 Total owner's equity Compute the ratio of liabilities to owner's equity for each year. Round to two decimal places. Oa. 1.50 and 1.07, respectively Ob. 1.07 and 1.19, respectively Oc, 1.35 and 1.50, respectively Od. 1.19 and 1.35, respectively When using a purchases journal, a.there will always be an "Accounts Payable Cr." column b. all cash and credit purchases are recorded in the jo credit purchases are recorded in the journal Oc. the "Other Accounts" total is posted to Accounts Payable at month's end d.posting to creditor accounts is only done at the end of the month