Q.7 Please, indicate whether each statement below is true (T) or false (F) (1 mark each, 5 marks total) Statement Tor F A transaction that decreases a liability and increases an asset must also affect one or more other accounts A debit entry is always an increase in the account The purchase of supplies on credit should be recorded with a debit to Supplies and a credit to Accounts Payable. Debit means increase and credit means decrease for all accounts. The first step in the processing of a transaction is to analyze the transaction and source documents