ke Review View Help 8 Of the following choices, which one is an INCORRECT statement? A. Accounts Payable include monies owed to a business for having earned revenues that have not yet been paid to that business. B. Prepaid Insurance is an example of an asset type of account. C. Withdrawals are recorded as Debits because they lower the Owner Equity section of the balance sheet. D. Accounts Receivable include monies owed to a business for having earned revenues that have not yet been paid to that business. 9 Transactions are first recorded as debits and credits in the A. General Ledger B. Trial Balance C. General Journal. D Balance Sheet 10. The General Guidelines or Rules for the Accounting Profession are called: A. American Institute of Certified Public Accounting Standards B. Generally Accepted Accounting Principles. C. United States Financial Accounting Rules and Regulations