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) (c) Liability (d) Debit (e) Owner's equity: Capital Credit (f) Credit Drawing (9) (h) (1) Income statement accounts: Revenue (1) (k) Expense (0) Credit Debit Credit