Which of the following is an example of an accrued expense?
a. Office supplies purchased at the beginning of the year and debited to an expense account.
b. Property taxes incurred during the year, to be paid in the first quarter of the subsequent year.
c. Depreciation expense
d. Rent earned during the period, to be received at the end of the year
Ans: b. Property taxes incurred during the year, to be paid in the first quarter of the subsequent year.
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