8. Of the following choices, which one is an INCORRECT statement? A. Accounts Receivable are monies owed by a business for having incurred expenses that have not yet been paid by that business. B. Accounts Payable are monies owed by a business for having incurred expenses that have not yet been paid by that business. Prepaid Insurance is an example of an asset type of account. Withdrawals are recorded as Debits because they impact the Owner's C. D. Equity section of the balance sheet by lowering it. 9. Transactions are first recorded as debits and credits in the: A. General Ledger. B. Trial Balance. C. General Journal. D. Balance Sheet . The Guidelines or Rules for the Accounting Profession are called: A. American Institute of Certified Public Accounting Standards. B. Generally Accepted Accounting Principles. C. Financial Accounting Standards D. Generally Accepted Auditing Standards. ART III-FILL IN THE PROPER ANSWER IN THE BLANKS are recorded in the General Journa an