Doug Allen Has Decided to Go into the Insect Extermination $\$ 35,000$

question 65

Essay

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--.
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.
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 quaters.
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, $\$ 900$ . ​
$\begin{array}{lll}\text {Cash }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Accounts Receivable }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Extermination Equipment }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Accounts Payable }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {D. Allen, Capital}\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Extermination Revenue}\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text { Rent Expense}\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text { Wages Expense}\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Truck Expense }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Electricity Expense }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ ​
$\begin{array}{lll}\text {Telephone Expense }\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$ $\begin{array}{lll}\text { Chemical Expense}\\\hline\begin{array}{l|l}\text { }& \\\end{array}\end{array}$

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Definitions:

Neuronal Membrane

The phospholipid bilayer that encases a neuron, allowing for the regulation of ion flow necessary for transmitting nerve impulses.

Sodium

A chemical element, symbol Na, that is a soft, silvery-white, highly reactive metal and is used in various compounds and biological functions.

Synaptic Cleft

The tiny gap between neurons at a synapse, through which neurotransmitters are released to transmit nerve impulses from one neuron to another.

Axon Terminal

The endpoint of a neuron, where neurotransmitters are released to transmit signals to other neurons or muscle cells.