Which of the following is an expense account?

Question

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Advertising is an expense account because it represents a cost incurred by a business to promote its products or services. Prepaid insurance is an asset account because it represents an advance payment for future insurance coverage. Accounts payable is a liability account because it represents money owed to vendors or suppliers. Cash is an asset account because it represents the funds a business has on hand. Notes payable is a liability account because it represents money borrowed by a business that must be repaid with interest.

Which of the Following Is an Expense Account