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You are reviewing the 2016 year-end books and are determining whether expenses should be recorded in 2016 or in the following year (2017). Which of the following expenses belong in the year that just ended (2016)? - An agreement that the company signed to purchase a certain amount of material through the end of 2017. - Commissions based on December 2016 activity which were paid during the January 31st 2017 payroll. - Rent paid on 12/31/16 for January 2017 rent.
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