18. Liabilities are reported on the a. income statement b. statement of owner's equity c. statement of cash flows d. balance sheet 19. A debit may signify a(n) a. decrease in asset accounts b. decrease in liability accounts c. increase in the capital account d. decrease in the drawing account 20. Which of the following types of accounts have a normal credit balance? a. assets and liabilities b. liabilities and expenses c. revenues and liabilities d. capital and drawing 21. Which of the following groups of accounts have a normal debit balance? a. revenues, liabilities, capital b. capital, assets c. liabilities, expenses d. assets, expenses 22. A credit may signify a a. decrease in assets b. decrease in liabilities c. decrease in capital d. decrease in revenue 23. Which of the following describes the classification and normal balance of the fees earned account? a. asset, credit b. liability, credit c. owner's equity, debit d. revenue, credit 24. In which of the following types of accounts are increases recorded by credits? a. revenues, liabilities b. drawing, assets c. liabilities, drawing d. expenses, liabilities 25. In which of the following types of accounts are decreases recorded by debits? a. assets b. revenues c. expenses d. Drawing 19. A debit may signify a(n) a. decrease in asset accounts b. decrease in liability accounts c. increase in the capital account d. decrease in the drawing account 20. Which of the following types of accounts have a normal credit balance? a. assets and liabilities b. liabilities and expenses c. revenues and liabilities d. capital and drawing - ] 21. Which of the following groups of accounts have a normal debit balance? a. revenues, liabilities, capital b. capital, assets c. liabilities, expenses d. assets, expenses 22. A credit may signify a a. decrease in assets b. decrease in liabilities c. decrease in capital d. decrease in revenue 23. Which of the following describes the classification and normal balance of the fees earned account? a. asset, credit b. liability, credit c. owner's equity, debit d. revenue, credit 24. In which of the following types of accounts are increases recorded by credits? a. revenues, liabilities b. drawing, assets c. liabilities, drawing d. expenses, liabilities 25. In which of the following types of accounts are decreases recorded by debits? a. assets b. revenues c. expenses d. Drawing