What is Trial Balance? Define Income Statement. Define Statement of Owner's Equity. Define Balance Sheet. 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 a. Doug invested $36, 000 cash in the business. b. Purchased extermination equipment for $19, 000 in cash. c. Paid $700 rent for garage and office quarters. d. Paid Low Glow Chem Co. for chemicals expense $1, 200 by borrowing money. e. Received $1, 800 revenue for extermination service. f. Paid telephone bill, $130 g. Paid assistant's salary, $800. h. Earned $990 revenue for extermination service, on account. i. Paid electric bill, $235. j. Paid for truck repairs (expense), $155. k. Paid $700 to Low Glow Chem Co., on account. l. Paid $136 for gas and oil for truck (expense). m. Received $1, 800 revenue for extermination service. n. Received $500 for services previously earned on account in transaction (8). o. Paid assistant's salary, $1900. p. Purchased Supplies for cash, $400 q. Withdrew Cash $300. a. Enter the transactions in the T accounts, then enter the total of each column. If an account has entries sides, determine the balance and enter it on the side with the larger total. If required, create new T accounts. b. Prepare a Trial Balance c. Prepare an Income Statement d. Prepare a Statement of Owner's Equity e. Prepare a Balance Sheet