Doug Allen has decided to go into the insect extermination business and to operate as Doug's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
Cash To D Allen Capital 35000 By Extermination Equipment 17000 To Extermination Revenue 1600 By rent ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A company sells a product that has a unit sales price of $7, a unit variable cost of $5, and total fixed costs of $180,000. The number of units the company must sell to break even is A. 60,000 units...
-
During its first month of operations in March 2014, Volz Cleaning, Inc., completed six transactions with the dollar effects indicated in the following schedule: Required: 1. Write a brief explanation...
-
During the first month of operations ended January 31, 2015, Hip and Conscious Clothing Company produced 55,500 designer cowboy hats, of which 51,450 were sold. Operating data for the month are...
-
QUESTION 5 Directions: Passage B is the story of a childs first Halloweenparade. Read the passage carefully. Answer the questions thatfollow. Passage B I am six years old. It is Halloween. The school...
-
Five statistics professors are using the same textbook with the same syllabus and common exams. At the end of the semester, the department committee on instruction looked at aver- age exam scores....
-
Correlation, risk, and return The following table provides monthly stock returns for Snap Inc. (SNAP), Twitter, Inc. (TWTR), UnitedHealth Group Incorporated (UNH), and General Dynamics Corporation...
-
What are business processes? How are they related to information systems? Define business processes and describe the role they play in organizations. Describe the relationship between information...
-
Assume Nugget Co. must choose between two mutually exclusive innovations for improving its computer systemone offered by AMD and the other by NEC. Nuggets after-tax cost of capital is 12 percent....
-
Accounts for recording transactions ( assessment task ) Exercise 1 Use the T accounts to analyze the following transactions and indicate where they are affected and where they increase or de...
-
1. Name at least three ways that Shu could automate her asset management. Suggest at least one option for retirement savings, general savings, and general convenience. 2. What major factors should...
-
Peter concluded an employment contract with a determinate term with Etisalat on 1-1-2014 for 3 years. Before a few days of the end of the first contract, he had renewed it for a period of 2 years....
-
7. Let f(x, y) = ln(2x y). (a) (3 points) Determine the gradient of f at the point (2, -1). (b) (4 points) Determine the equation of the plane tangent to the graph of at the point (3,2). (c) (3...
-
Over the past several years, Japan ranked within the top three exporters of cars in the world. How does the theory of comparative advantage explain the dominance of Japanese cars in the global...
-
if there is a no seasonal effect, about how big, on average, would you expect the x2 statistic to be (what is the mean of the x2 distribution)?
-
A person is riding on a skateboard attempting to throw a football to his friend standing behind him. He is traveling at a speed of 5m/s. His friend is 5 meters away. If he throws the ball at 5m/s,...
-
Presented below are variable costing income statements for Sunland Company and Carla Vista Company. They are in the same industry, with the same net incomes, but different cost structures. Sunland...
-
Write 2 page paper discussing the below topic. In order to get full points for this assignment, you need to ensure that you cover the fully the below questions. The paper is expected to be double...
-
1. Advertising for eyeglasses _________ (increases/decreases) the price of eyeglasses because advertising promotes _________. 2. An advertisement that succeeds in getting consumers to try the product...
-
On reviewing the financial statements, the company accountant discovers that a supplier's invoice for an amount of 10,000 has been omitted from the accounting records. The goods to which the invoice...
-
What is the effect on the accounting equation of purchasing direct and indirect materials?
-
Why does depreciation appear as a line item in the reconciliation of operating profit with cash flow?
-
Claudia Vargas is contemplating the purchase of a machine that would be used in her business. The following estimates are available: Required: Determine the payback period for the machine purchase....
-
Cesar Nieto is contemplating the purchase of a machine that would be used in his business. The following estimates are available: Required: Determine the payback period for the machine purchase....
-
Veronica Torres is considering opening a ceramic studio. She has determined that it would require an investment of $14,000 to open the store. She believes that the cash inflows would grow each year...
Study smarter with the SolutionInn App