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2 points Question 1.22 In December, Owen's Bicycle Shop paid $600 for a 6-month insurance policy. Which of the following is true under the matching principle? O The payment should be recorded as an asset O The payment should be recorded when the policy expires O The payment should be recorded as an expense O The payment should be recorded as a liability * Question 1.23 Under accrual basis accounting revenues are recognized when 2 points O eaned O cash is paid O cash is received O incurred Question 1.24 Which of the following accounts normally has a debit balance? 2 points O Accounts payable Unearned revenue O Prepaid expenses O Sales revenue