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. 5. Received $1,600 revenue for extermination service. 6. Paid telephone bill, $120 7. Paid assistant's salary, $700. 8. Earned $980 revenue for extermination service, on account. 9. 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. Required: 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. Cash   fill in the blank 2   fill in the blank 4   fill in the blank 6   fill in the blank 8   fill in the blank 10   fill in the blank 12   fill in the blank 14   fill in the blank 16   fill in the blank 17   fill in the blank 19       fill in the blank 21       fill in the blank 23       fill in the blank 25       fill in the blank 27       fill in the blank 28 Bal. fill in the blank 29     Accounts Receivable   fill in the blank 31   fill in the blank 33 Bal. fill in the blank 34     Extermination Equipment   fill in the blank 36     Accounts Payable   fill in the blank 38   fill in the blank 40     Bal. fill in the blank 41 D. Allen, Capital       fill in the blank 43 Extermination Revenue       fill in the blank 45       fill in the blank 47       fill in the blank 49     Bal. fill in the blank 50 Rent Expense   fill in the blank 52     Wages Expense   fill in the blank 54       fill in the blank 56     Bal. fill in the blank 57     Truck Expense   fill in the blank 59       fill in the blank 61     Bal. fill in the blank 62     Electricity Expense   fill in the blank 64     Telephone Expense   fill in the blank 66     Chemical Expense   fill in the blank 68

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
  1. 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.
    5. Received $1,600 revenue for extermination service.
    6. Paid telephone bill, $120
    7. Paid assistant's salary, $700.
    8. Earned $980 revenue for extermination service, on account.
    9. 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.

    Required:

    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.

    Cash
      fill in the blank 2   fill in the blank 4
      fill in the blank 6   fill in the blank 8
      fill in the blank 10   fill in the blank 12
      fill in the blank 14   fill in the blank 16
      fill in the blank 17   fill in the blank 19
          fill in the blank 21
          fill in the blank 23
          fill in the blank 25
          fill in the blank 27
          fill in the blank 28
    Bal. fill in the blank 29    

    Accounts Receivable
      fill in the blank 31   fill in the blank 33
    Bal. fill in the blank 34    

    Extermination Equipment
      fill in the blank 36    

    Accounts Payable
      fill in the blank 38   fill in the blank 40
        Bal. fill in the blank 41

    D. Allen, Capital
          fill in the blank 43

    Extermination Revenue
          fill in the blank 45
          fill in the blank 47
          fill in the blank 49
        Bal. fill in the blank 50

    Rent Expense
      fill in the blank 52    

    Wages Expense
      fill in the blank 54    
      fill in the blank 56    
    Bal. fill in the blank 57    

    Truck Expense
      fill in the blank 59    
      fill in the blank 61    
    Bal. fill in the blank 62    

    Electricity Expense
      fill in the blank 64    

    Telephone Expense
      fill in the blank 66    

    Chemical Expense
      fill in the blank 68    
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education