Identifying debits and credits.In each of the following sentences, fill in the blanks with...

Identifying debits and credits.

In each of the following sentences, fill in the blanks with the word debit or credit:

1. The owner’s capital account normally has a  balance. This account increases on the  side and decreases on the  side.

2. Expense accounts normally have  balances. These accounts increase on the  side and decrease on the  side.

3. Asset accounts normally have  balances. These accounts increase on the  side and decrease on the  side.

4. Liability accounts normally have  balances. These accounts increase on the  side and decrease on the  side.

5. Revenue accounts normally have  balances. These accounts increase on the  side and decrease on the  side.