Accounting Review

Liabilities increase on which side?

• Debit
• Credit

Capital increases on which side?

• Debit
• Credit

Assets increase on which side?

• Debits
• Credits

Withdrawals increase on which side?

• Debit
• Credit

What is the normal balance for assets?

• DEBIT
• CREDIT 

What is the normal balance for liabilities?

• DEBIT
• CREDIT 

What is the normal balance for the owner's capital account?  

• DEBIT
• CREDIT

TRUE OR FALSE:  ASSETS DECREASE ON THE CREDIT SIDE. 

• TRUE
• FALSE

TRUE OR FALSE:  NORMAL BALANCE IS THE SIDE OF THE ACCOUNT THAT IS DECREASED WHEN THERE IS A TRANSACTION.  

• TRUE
• FALSE 

TRUE OR FALSE:  LIABILITIES DECREASE ON THE CREDIT SIDE.

• TRUE 
• FALSE