Doug Allen has decided to go into the insect extermination business and to operate as Doug's...

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Doug Allen has decided to go into the insect extermination business and to operate as Doug's Extermination Service. The following transactions were completed during the first month of operations, May, 20-. 1. Doug invested $35,000 cash in the business. 2. Purchased extermination equipment for $17,000 in cash. 3. Paid $700 rent for garage and office quarters. 4. Purchased chemicals (expense) for $1,100 from Low Glow Chem Co. on account. Received $1,600 revenue for extermination service. 6. Paid telephone bilI, $120 7. Paid assistant's salary, $700. 8. Earned $980 revenue for extermination service, on account. Paid electric bill, $230. 10. Paid for truck repairs (expense), $145. 11. Paid $600 to Low Glow Chem Co., on account. 12. Paid $131 for gas and oil for truck (expense). 13. Received $1,400 revenue for extermination service. 14. Received $500 for services previously earned on account in transaction (8). 15. Paid assistant's salary, $900. Enter the transactions in the T accounts, then enter the total of each column. If an account has entries on both sides, determine the balance and enter it on the side with the larger total. 5. 9. Doug Allen Extermination "T" Accounts Use the following "T" accounts to complete the entries for Doug Allen Accounts Pay D Alen Capital Cash Extermination Rev D Allen Drawing Total Assets %24 Total liabilities $ Total Capital $ Total Drawing $. Total Revenues $ Total Expense Doug Allen has decided to go into the insect extermination business and to operate as Doug's Extermination Service. The following transactions were completed during the first month of operations, May, 20-. 1. Doug invested $35,000 cash in the business. 2. Purchased extermination equipment for $17,000 in cash. 3. Paid $700 rent for garage and office quarters. 4. Purchased chemicals (expense) for $1,100 from Low Glow Chem Co. on account. Received $1,600 revenue for extermination service. 6. Paid telephone bilI, $120 7. Paid assistant's salary, $700. 8. Earned $980 revenue for extermination service, on account. Paid electric bill, $230. 10. Paid for truck repairs (expense), $145. 11. Paid $600 to Low Glow Chem Co., on account. 12. Paid $131 for gas and oil for truck (expense). 13. Received $1,400 revenue for extermination service. 14. Received $500 for services previously earned on account in transaction (8). 15. Paid assistant's salary, $900. Enter the transactions in the T accounts, then enter the total of each column. If an account has entries on both sides, determine the balance and enter it on the side with the larger total. 5. 9. Doug Allen Extermination "T" Accounts Use the following "T" accounts to complete the entries for Doug Allen Accounts Pay D Alen Capital Cash Extermination Rev D Allen Drawing Total Assets %24 Total liabilities $ Total Capital $ Total Drawing $. Total Revenues $ Total Expense

Answer rating: 100% (QA)

Cash To D Allen Capital 35000 By Extermination Equipment 17000 To Extermination Revenue 1600 By rent ... View the full answer