(c) EX 2-4 Rules of debit and credit OBJ. 1,2 The following table summarizes the rules of debit and credit. For each of the items (a) through (1), indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance Balance sheet accounts: Asset (a) (b) Liability (d) Debit (e) Owner's equity: Capital Credit Credit Drawing (g) (h) Income statement accounts: Revenue (0) (k) Credit Expense Credit Debit Home Insert Draw Page Layout Formulas Data Review View BB25 - X V fx29500 A B C D E F G H I J K L M NO P Q R S 11 Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2. place 12 a plus sign or minus sign in the small box beside the amount. Row (a) has been completed as an example 13 An asterisk (*) will appear to the right of incorrect entries in outlined answer cells. For correct grading, 14 enter a zero where you would otherwise leave an amount cell blank. T U V W Assets Accounts Receivable + Supplies = Liabilities + Accounts Payable + Cash + + Land OOOO- Notinn Owner's Equity Joel Palk, Capital Joel Palk, Capital Joel Palk, Capital 266,775 = Joel Palk, Capital 2. 2. Assets R = Liabilities Accounts + Receivable Cash Accounts Payable Joel Palk, Capital + Joel Palk, Drawing Supplies + Land + = 45,000 93,000 7,000 75,000 40,000 180,000 25