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TB MC Qu . 4 - 3 8 ( Static ) If an expense has been incurred but will be . . . If an
TB MC QuStatic If an expense has been incurred but will be
If an expense has been incurred but will be paid later, then:
a liability account is created or increased, and an expense is recorded.
a revenue and an expense are increased.
an asset account is decreased or eliminated, and an expense is recorded.
nothing is recorded on the financial statements.
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