Identify the statement below that is correct.
A. Accrued liabilities include accounts receivable.
B. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business.
C. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense.
D. Promises of future payment by the customer are called accounts receivable.
E. Increases and decreases in cash are always recorded in the common stock account.
Answer: D
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