EX 2-4 Rules of Debit and Credit OBJ. 1 - Describe the characteristics of an account and a chart of accounts., 2- Describe and illustrate journalizing transactions using the double-entry accounting system The following table summarizes the rules of debit and credit. For each of the items (a) through (I), 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) Credit (1) Credit Owner's equity: Capital Drawing Income statement accounts: (9) (h) (1) Revenue 6) Credit (k) Credit Expense (1) Debit Chapter 3: Classwork Finding Part a. What is 25% of $135? b. What is 72% of 1500? c. What is 65% of $346? d. What is 1% of $5? e. What is 17% of $789? Finding Base a. 15% of what number is $200? b. 1.5% of what number is 42? c. 20% of what is 75? d. 3% of what number is 21? e. 6.2% of what number is 52.7? Finding Rate a. What % of 60 is 15? b. What % of 435 is 12? c. What % of 30 is 45? d. What % of 56 is 100? e. What % of 23 is 17