27. Paragraph Styles With respect to double entry accounting systems, which of the following statements is true? A. B. C. D. E. When recording a single transaction we would only debit one account and credit one account. When recording a single transaction, if an asset account is debited we would have to credit a liability account or the owner's equity account. In a particular accounting period, the total dollar value of the debit entries should equal the total dollar value of the credit entries. A gift made to a business would not be recorded, as the double entry accounting system was not designed to record gifts. None of the statements are true. 28. An expense account: ARCDE A. B. C. D. E. Is increased by debit entries. Is decreased by debit entries. Normally has a credit balance. Is increased by credit entries. Usually has more credit entries than debit entries. 29. Which of the following is correct? A. Debits decrease expenses B. Credits increase assets ABCDE C. Debits increase assets D. Credits decrease liabilities E. Debits increase revenue