5. 6. 7. 8. 9. 10. 11. Uccounts where a debit decreases an account and a credit increases an account. all account! You do not agree with Ted. Review the WestJet balance sheet for fiscal year-end December 31, 2017, in Appendix III. Identify three accounts on the balance sheet that would carry debit balances and three accounts on the balance sheet that would carry credit balances. Explain the concept of Accounts Receivable and Revenue. What are the differences between these two accounts in terms of (1) type of account, (2) normal balance, (3) the financial statement the account is recorded on, and (4) the time period each balance represents? Explain the concept of owner's withdrawals and expenses and give an example of each. What are the differences between these two accounts in terms of (1) type of account, (2) normal balance, and (3) the financial statement the account is recorded on? Are debits or credits listed first in general journal entries? Are the debits or the credits indented? Should a transaction be recorded first in a journal or the ledger? Why? Julia says, "I heard that companies use software to do their accounting. Why do we need to learn how to draw T-accounts and prepare trial balances manually?" Explain why knowing the basics of accounting is important. Nicholas wants to save time by not preparing a trial balance. What are the risks of skipping this step?