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Your company receives advance payment in October for services that are provided during November. Which of the following statements is correct? A liability is recorded

Your company receives advance payment in October for services that are provided during November. Which of the following statements is correct? A liability is recorded in October; revenue will be recorded in November. Revenue and expenses are recorded in October. Revenue is recorded in October and an expense will be recorded in November. An expense is recorded in October; revenue will be recorded in November.

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