Question
Wyoming Tours Co. is a travel agency. The nine transactions recorded by Wyoming Tours during June 2016, its first month of operations, are indicated in
Wyoming Tours Co. is a travel agency. The nine transactions recorded by Wyoming Tours during June 2016, its first month of operations, are indicated in the following T accounts: Cash (1) 40,000 (2) 2,500 (7) 8,700 (3) 4,000 (4) 4,850 (6) 5,500 (9) 3,000 Accounts Receivable (5) 13,800 (7) 8,700 Supplies (2) 2,500 (8) 1,100 Equipment (3) 14,500 Accounts Payable (6) 5,500 (3) 10,500 Common Stock (1) 40,000 Dividends (9) 3,000 Service Revenue (5) 13,800 Operating Expenses (4) 4,850 (8) 1,100 Required: A. Prepare an unadjusted trial balance. B. Based upon the unadjusted trial balance, determine the net income or net loss.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started