1.1 Provide 5 debitors account name (accounts increasing with debit)

1.2 Provide 3 creditors account name (accounts increasing with credit)

1.3 When creating a debit to an asset account, you must also create a credit to a liability or equity account.

1. Is the above statement True or False ?

2. If false, provide explanations.

1.4 Debit always means increase and credit always means decrease.

1. Is the above statement True or False ?

2. If false, provide explanations.