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1. "The terms debit and credit mean increase and decrease, respectively." Do you agree? Explain. 2. Melissa Estes, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Melissa correct? Discuss. 3. Indicate whether each of the following accounts is an asset, a liability, or an owner's equity account and whether it has a normal debit or credit balance: (a) Accounts Receivable, (b) Accounts Payable, (c) Equipment, (d) Owner's Drawings, and (e) Supplies 4. What are the advantages of using a journal in the recording process? 5. What is a chart of accounts and why is it important