Prompt Title: Debits and Credits.

Debits and credits are used in accounting to record the financial transactions of a business. In general, debits increase asset accounts and decrease liability and equity accounts, while credits decrease asset accounts and increase liability and equity accounts.

To identify which account should be debited or credited in a transaction, you should consider the following:

1. Determine the accounts affected by the transaction
2. Identify the account type (asset, liability, equity, income, expense)
3. Determine whether the account is increasing or decreasing
4. Apply the appropriate debit or credit to the account based on its type and whether it is increasing or decreasing.

In the given transactions, the accounts affected and their corresponding debit or credit entries are:

1. Cash - debited for $30,000 (increase)
2. Repair Equipment - debited for $18,000 (increase)
3. Cash - credited for $3,000 (increase)
4. Rent Expense - debited for $600 (increase)
5. Equipment - debited for $1,500 (increase)
6. Accounts Receivable - debited for $6,000 (increase)
7. Wages Expense - debited for $600 (increase)
8. Accounts Payable - credited for $900 (decrease)
9. Cash - credited for $4,500 (increase)
10. General Expenses - debited for $750 (increase)
11. Don Lou, Personal - debited for $300 (decrease)

Note that the total amount debited is equal to the total amount credited, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.