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

---

Definitions:

Nondepressed People

Individuals who do not suffer from the symptoms of depression, characterized by a persistent feeling of sadness or a lack of interest in external stimuli.

Negative Thoughts

Negative thoughts are pessimistic or detrimental ideas or beliefs that can affect one's mood, self-esteem, and overall outlook on life.

Solutions

Methods or strategies used to solve problems or achieve desired outcomes.

Antisocial Personality Disorder

A mental health disorder characterized by a long-term pattern of manipulating, exploiting, or violating the rights of others.