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Chris, Patty, and Devon, three accounting students, were discussing the rules of debits and credits. Chris says that debits increase account balances and credits decrease account balances. Patty says that Chris is wrong, that credits increase account balances and debits decrease account balances. Devon interrupts and declares that they are both correct.

Required

Explain what Devon meant and give examples of transactions where debits increase account balances, credits decrease account balances, credits increase account balances, and debits decrease account balances. 

Accounting Basics, Accounting

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