Which of the following statements is correct?

Select one:

a. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense.

b. Expected payments from goods sold or services rendered are called accounts receivable.

c. Increases and decreases in cash are always recorded in the owner's capital account.

d. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business.

e. Accrued liabilities include accounts receivable.