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 the following T accounts:

Cash
(1)	33,000	(2)	2,500
(7)	8,900	(3)	4,800
		(4)	4,900
		(6)	5,600
		(9)	3,100

Equipment
(3)	14,800

Lorene Jones, Drawing
(9)	3,100

Accounts Receivable
(5)	12,200	(7)	8,900

Accounts Payable
(6)	5,600	(3)	10,000

Service Revenue
		(5)	12,200

Supplies
(2)	2,500	(8)	1,500

Lorene Jones, Capital
		(1)	33,000

Operating Expenses
(4)	4,900
(8)	1,500

	Required:
A.	Prepare an unadjusted trial balance, listing the accounts in their proper order.
B.	Based upon the unadjusted trial balance, determine the net income or net loss.

Unadjusted Trial Balance

A. Prepare an unadjusted trial balance, listing the accounts in their proper order.

Wyoming Tours Co.

UNADJUSTED TRIAL BALANCE

June 30, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Equipment
5	Accounts Payable
6	Lorene Jones, Capital
7	Lorene Jones, Drawing
8	Service Revenue
9	Operating Expenses
10	Totals

Final Question

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

Answer 1

• Trial balance (unadjusted) is prepared by calculating/balancing the T accounts
• Requirement (A) Unadjusted Trial balance

ACCOUNT TITLE	DEBIT	CREDIT
Cash	21000
Accounts Receivable	3300
Supplies	1000
Equipment	14800
Accounts Payable		4400
Lorene Jones, Capital		33000
Lorene Jones, Drawing	3100
Service Revenue		12200
Operating Expenses	6400
Totals	49600	49600

• Requirement (B) Net Income/Loss calculation

Income Statement
Service revenue	12200
Operating expenses	6400
Net Income	5800