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On November 15, Baxter's Boat Rental received a bill for fuel used in February. ...

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Accounting

On November 15, Baxter's Boat Rental received a bill for fuel used in February.
Payment is not due until April 10. The transaction to record the use of the fuel:
A. Should be recorded as an expense of February, regardless of the payment date.
B. Causes a decrease in owners' equity in April, when the bill is paid.
C. Is recorded as a liability in February, but is not considered an expense until paid.
D. Both B and C above.
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