Which of the following statements is correct? Multiple Choice () When an insurance premium is paid in advance, the payment is normally recorded in a liability account called Prepaid Insurance Goods and services are commonly sold to customers on the basis of oral or implied promises of future payment, called promissory no O An account called Land is commonly used to record Increases and decreases in the land and buildings owned by a business o Increases and decreases in cash are always recorded in the equity account o None of these statements are correct