Determine the Accounts and Amounts to Be Debited and Credited

question 50

Essay

Determine the accounts and amounts to be debited and credited for the following transactions for Folk Furniture Repair.
A. Issued a check for $950 to pay the monthly rent.
B. Purchased $130 worth of supplies on credit.
C. The owner made an additional investment of $5,000 in cash.
D. Sent a $75 check to the utility company to pay the monthly bill.
E. Performed services for cash in the amount of $1,200.
F. Provided services on credit in the amount of $800.
G. Purchased new equipment for $300 and paid for it immediately by check.
H. Issued a $1,000 check to pay a creditor on account.
I. Collected $500 from credit customers.

---

Definitions:

Proactive Interference

Proactive interference is a phenomenon where older memories hinder the recall of newly learned information.

Retroactive Interference

This occurs when new memories interfere with the recall of old memories.

Anterograde Amnesia

A loss of the ability to create new memories after the event that caused the amnesia, leading to a partial or complete inability to recall the recent past.

Retrograde Amnesia

A form of amnesia in which an individual loses memories for events that occurred prior to the cause of the amnesia.