Expense paid in advance is known as
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Prepaid expenses are future expenses that have been paid in advance. In other words, prepaid expenses are costs that have been paid but are not yet used up or have not yet expired. ... As the amount expires, the current asset is reduced and the amount of the reduction is reported as an expense on the income statement.
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Prepaid expenses are future expenses that have been paid in advance. In other words, prepaid expenses are costs that have been paid but are not yet used up or have not yet expired. ... As the amount expires, the current asset is reduced and the amount of the reduction is reported as an expense on the income statement.
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