In accounting, what is a debits? a. A direct deduction from the bank when using a debit card A reduction of cash An increase in any account balance The left side of an account A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns True False Closing entries need not be journalized if reversing entries are prepared need not be posted if the financial statements are prepared from the work sheet are not needed if adjusting entries are prepared must be journalized and posted Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE) the balance sheet (B), and the income statement (i) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statement prepared? I, OE, B