National Park Tours Co. is a travel agency. The nine transactions recorded by Na

Question

National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts:

a. Prepare an unadjusted trial balance, listing the accounts in their proper order. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank.

b. Based upon the unadjusted trial balance, determine the net income or net loss.
  $

Cash Equipment Beth Worley, Drawing (1) 75,000 (2) 900 (3) 8,000 (9) 2,500 (7) 8,150 (3) 1,600 (4) 6,280 (6) 2,700 (9) 2,500

Explanation / Answer

a) Prepare unadjusted trial balance :

b) Net income = 12300-6940 = 5360

Debit balances Credit balances Cash 69170 Account receivable 4150 Supplies 240 Equipment 8000 Account payable 3700 Beth Worley, Capital 75000 Beth Worley, Drawing 2500 Fees earned 12300 Operating expense 6940 Total 91000 91000

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