True or False

21. To credit an expense account means to decrease it.

22. Increases in liabilities are recorded as debits.

23. All increases and decreases in cash are not necessarily recorded in the Cash account.

24. A revenue account normally has a debit balance.

25. Debits to accounts are normally decreases.

26. Because they decrease equity, withdrawals made by a business owner are credited to his/her withdrawals account.

27. Asset accounts normally have credit balances and expense accounts normally have debit balances.

28. The normal balance of an account refers to the debit or credit side where increases are recorded. 29. The chart of accounts is a list of all the accounts used by a company.

30. A chart of accounts lists the accounts and balances at a specific time.