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When is the outgoing incurred

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Question - Jack receives his electricity bill on 20 June 2018. Assume that Jack uses the electricity to power his business 100%. (Why is this important?). The amount of $1,200 is due for payment on 10 July 2018. Jack pays his electricity bill on 2 July 2018.

When is the outgoing incurred?

Would your answer be the same if Jack was paying his car registration for the next 12 months? Why?

Reference no: EM132626489

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