22. Which of the following accounts is an asset? a. Unearned Insurance Fees b. Insurance Payable c. Prepaid Insurance d. Insurance Expense 23. A trial balance proves a. the mathematical equality of debits and credits after the posting process. b. the ledger is posted correctly c. that all transactions have been recorded correctly. d. that all transactions have been posted. 24. On January 14, Decker industries purchased supplies of $500 on account. The entry to record the purchase will include. a. a debit to Supplies and a credit to Accounts Payable. b. a debit to Supplies expense and a credit to Accounts Receivable c. a debit to Supplies and a credit to Cash. d. a debit to Accounts Receivable and a credit to Supplies. 25. A $20,000 machine is purchased by paying S5,000 cash and signing a note payable for the remainder. The journal entry should include a a. credit to note payable. b. debit to cash. c. credit to notes receivable. d. credit to machinery. sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned? 26. A flower shop makes and delivers a large sale for $1,000 on November 30. The customer is a. December 5 b. December 10 c. November 30 d. December 1