Describe the parts of a T-account.

. “The terms debit and credit mean increase and decrease, respectively.” Do you agree? Explain.

. Pete Harcourt, a fellow student, contends that the double entry system means each transaction must be recorded twice. Is Pete
correct? Explain.

. Melissa Estes, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Melissa
correct? Discuss