Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January: Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January: Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount