1 When amounts are correct, the accounting equation, Assets = Liabilities Stockholders' Equity, (will / will not) always be in balance. Similarly, Debits (will / will not) always equal Credits. Q2 Assets are (debit / credit) accounts, which are increased with a (debit / credit) and decreased with a (debit / credit). Whereas liabilities and stockholders' equity are (debit / credit) accounts, which are increased with a (debit / credit) and decreased with a (debit / credit). Q3 Cash is a(n) (A / L / SE) account, which is a (debit / credit) account, which is increased with a (debit / credit). Therefore, to record an increase of $30,000 in cash, the journal entry should (debit / credit) cash. Q4 Common stock is a(n) (A / L / SE) account, which is a (debit / credit) account, which is increased with a (debit / credit). Therefore, to record an increase of $30,000 in common stock, the journal entry should (debit / credit) stockholders' equity