dentify the statement below that is correct. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense. Accounts receivable are held by a seller and are promises of payment from customers to sellers. Prepaid revenue accounts are used to record when customers pay in advance for products or services. A liability account is commonly used to record increases and decreases in both the land and buildings owned by a business. Accrued liabilities include accounts receivable. dentify the statement below that is correct. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense. Accounts receivable are held by a seller and are promises of payment from customers to sellers. Prepaid revenue accounts are used to record when customers pay in advance for products or services. A liability account is commonly used to record increases and decreases in both the land and buildings owned by a business. Accrued liabilities include accounts receivable