College Accounting 2nd Edition by David Haddock, John Price,Michael Farina

Exercise 5

Identifying debits and credits.
In each of the following sentences, fill in the blanks with the word debit or credit:
1. Revenue accounts normally have
balances. These accounts increase on the
side and decrease on the
side.
2. Asset accounts normally have
balances. These accounts increase on the
side and decrease on the
side.
3. Liability accounts normally have
balances. These accounts increase on the
side and decrease on the
side.
4. Expense accounts normally have
balances. These accounts increase on the
side and decrease on the
side.
5. The owner's capital account normally has a
balance. This account increases on the
side and decreases on the
side.