Question 3 12 marks When the following accounts increase will it be a debit or a credit? 1. Machinery 11 Dividend Prepaid expense 111 b. When the following accounts decrease will it be a debit or a credit? 1. Share capital 11 Notes payable Rent expense Question 4 - Which items from the below will not be required to prepare an income statement? 8 marks Accounts payable Rent expense Cash Cost of goods sold Dividend Sales revenue Income tax expense Prepaid Insurance