Rules of Debit and Credit The following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit Increase Decrease Normal Balance Balance sheet accounts: Asset Credit Liability Credit Stockholders' equity: Common Stock Credit Credit Retained Earnings Credit Debit Dividends Income statement accounts: Credit Revenue - Credit Debit Expense Normal Entries for Accounts During the month, Gates Labs Co has a substantial number of transactions affecting each of the following accounts. Sute for each account w entries only, credit entries only, or both debit and credit entries. t 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Fees Earned 5. Insurance Expense 6. Dividends 7. Utilities Expense