Debit Credit Account Title O reduces taxable income by $31,383 reduces total assets by $31,292 O reduces total liabilities by $1,292 reduces total liabilities by $1.383 O reduces total assets by 531,383 Debit Credit Account Title O reduces taxable income by $31,383 reduces total assets by $31,292 O reduces total liabilities by $1,292 reduces total liabilities by $1.383 O reduces total assets by 531,383