Identify the statement below that is correct:

Multiple Choice

Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts.

The total amount debited need not equal the total amount credited for a particular transaction.

Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts.

The left side of a T$-$account is the credit side.

The left side of a T$-$account is the debit side.