Identify 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.

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

Accounts receivable are held by a seller and are promises of payment from customers to sellers.

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

Accrued liabilities include accounts receivable.