21. Which statement is false regarding the five main account types: A. Assets increase with debits B. Revenues increase with debits C. Liabilities increase with credits D. Equity increases with credits 22. Select the incorrect statement: A. Every business transaction is to be recorded in at least two accounts B. The total debits recorded for each transaction should equal to the total credits recorded C. All transactions affect at least one income statement account and one balance sheet account D. In at "T" account the left side is used to record the debit entries and the right to record the credit entries 23. Which of the following is an intangible asset A. Land B. Equipment C. Cash D. Patent 24. The entry to record the purchase of supplies on credit includes? A. debit Supplies; credit Accounts Payable B. debit Accounts Receivable; credit Cash C. debit Cash; credit Supplies Expense D debit Accounts Payable; credit Cash 25. Which of the following entries records sales on credit? A. debit Accrued Sales; credit Accounts Payable B. debit Accounts Receivable; credit Cash . debit Accounts Receivable; credit Sales Revenue D. debit Cash; credit Sales Revenue