Determine the Accounts and Amounts to Be Debited and Credited

question 55

Essay

Determine the accounts and amounts to be debited and credited for the following transactions for Monroe's Auto Repair.
A. Marilyn Monroe invested $50,000 in cash to start the firm
B. Issued check for $4,000 to pay the rent for current month
C. Purchased an automobile that will be used to visit clients; issued check for $32,500 in full payment
D. Purchased supplies for $800; paid immediately by check
E. Purchased office equipment for $18,500 on credit from Denton, Inc.; received invoice, payable in 30 days
F. Performed services for $2,580 in cash
G. Returned damaged supplies for a cash refund of $50
H. Issued check for $15,600 to Denton, Inc., as payment on account
I. Paid $120 for monthly telephone bill by check
J. Withdrew $500 in cash for personal expenses

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Definitions:

Chorionic Villi

Finger-like projections from the chorion that extend into the uterine wall, facilitating nutrient exchange between mother and fetus.

Syncytiotrophoblast

Outer layer of the trophoblast composed of multinucleated cells.

Amniotic Cavity

A fluid-filled sac that encloses and protects the developing fetus in the uterus.

Endoderm

The innermost layer of cells or tissue of an embryo in early development, which gives rise to the lining of the digestive and respiratory systems.