Multiple-Choice Exercise 2-11 Which of the following statements is/are true? I. Debits represent decreases and credits represent increases. II. Debits must always equal credits. III. Assets have normal debit balances while liabilities and shareholders' equity have normal credit balances. O a. I b. I and II O c. II and III Od. All of these choices are correct.

Which of the following statements is/are true? 1. Debits represent decreases and credits represent increases. II. Debits must always equal credits. III. Assets have normal debit balances while liabilities and shareholders' equity have normal credit balances. a. 1 b. I and II c. II and III d. All of these choices are correct