United Airlines Holdings, Inc. describes itself as follows in its first footnote: United Airlines Holdings, Inc. (UAL) is a holding company and its principal, wholly-owned subsidiary is United Airlines, Inc. The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. UAL, through United and its regional carriers, operates more across six continents, with hubs at Newark, Chicago OHare, Denver, Houston Bush, Los Angeles, Guam, San Francisco and Washington Dulles.

Below you will see SOME (not all!) of UALs transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction.

1. Had $15,355 million in credit sales to customers.

Account Title	Debit	Credit

2. Purchased $932 million worth of supplies (fuel) on account.

Account Title	Debit	Credit

3. Borrowed $16,044 million cash from a bank by signing a note payable.

Account Title	Debit	Credit

4. Collected $10,054 million cash from customers related to prior credit sales.

Account Title	Debit	Credit

5. Paid $2,325 million cash for current period rent expense.

Account Title	Debit	Credit

6. Received $4,833 million cash for advance ticket sales for flights that haven't happened yet.

Account Title	Debit	Credit

7. Paid $9,522 million cash for current period wages.

Account Title	Debit	Credit

8. Purchased new equipment costing $1,727 million on account during the current period.

Account Title	Debit	Credit

1. Paid $8,114 million cash for current period operating expenses.

Account Title	Debit	Credit

10. Paid $2,463 million cash for current period interest expense on the loans.

Account Title	Debit	Credit

11. Based on the journal entries youve prepared, calculate UAL's Net Income/(Net Loss). SHOW YOUR WORK.

UAL's Net Income/(Net Loss)

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