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Crazy Mountain Tours is a travel agency owned and operated by Ted Jaeger. The nine transactions recorded by Crazy Mountain Tours during May 2012, its first month of operations, are indicated in the following T accounts: Cash (1) 35,100 (2) 2,450 (7) 14,050 (3) 4,550 (4) 3,850 (6) 10,550 (9) 3,500 (3) (9) (2) Ted Jaeger, Drawing 25,300 Dividends 3,500 Accounts Receivable 18,950 (7) 14,050 Accounts Payable 10,550 (3) 20,750 Service Revenue (5) 18,950 Supplies 2,450 (8) 1,400

Crazy Mountain Tours is a travel agency owned and operated by Ted Jaeger. The nine transactions recorded by Crazy Mountain Tours during May 2012, its first month of operations, are indicated in the following T accounts: Cash (1) 35,100 (2) 2,450 (7) 14,050 (3) 4,550 (4) 3,850 (6) 10,550 (9) 3,500 (3) (9) (2) Ted Jaeger, Drawing 25,300 Dividends 3,500 Accounts Receivable 18,950 (7) 14,050 Accounts Payable 10,550 (3) 20,750 Service Revenue (5) 18,950 Supplies 2,450 (8) 1,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crazy Mountain Tours is a travel agency owned and operated by Ted Jaeger. The nine transactions recorded by Crazy Mountain Tours during May 2012, its first month of operations, are indicated in the following T accounts: Cash 35,100 (2) 14,050 (3) (1) (7) (3) 25,300 (6) (9) 3,500 (2) (2) (4) (8) (6) (9) Ted Jaeger, Drawing Dividends Accounts Receivable 18,950 (7) 14,050 Service Revenue 2,450 4,550 3,850 10,550 3,500 Accounts Payable 10,550 (3) 20,750 (5) 18,950 Service Revenue Supplies 2,450 (8) 1,400 (5) 18,950 Supplies 2,450 (8) 1,400 Ted Jaeger, Capital (1) Operating Expenses 3,850 1,400 Line Item Description Cash Accounts Receivable Supplies Equipment Accounts Payable 35,100 a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Owner's equity, Revenues, and Expenses. Place the amounts in the proper columns. If an amount box does not require an entry, leave it blank. Ted Jaeger, Capital Ted Jaeger, Drawing Service Revenue Crazy Mountain Tours Unadjusted Trial Balance May 31, 20Y2 Debit Credit Balances Balances
Transcribed Image Text:Crazy Mountain Tours is a travel agency owned and operated by Ted Jaeger. The nine transactions recorded by Crazy Mountain Tours during May 2012, its first month of operations, are indicated in the following T accounts: Cash 35,100 (2) 14,050 (3) (1) (7) (3) 25,300 (6) (9) 3,500 (2) (2) (4) (8) (6) (9) Ted Jaeger, Drawing Dividends Accounts Receivable 18,950 (7) 14,050 Service Revenue 2,450 4,550 3,850 10,550 3,500 Accounts Payable 10,550 (3) 20,750 (5) 18,950 Service Revenue Supplies 2,450 (8) 1,400 (5) 18,950 Supplies 2,450 (8) 1,400 Ted Jaeger, Capital (1) Operating Expenses 3,850 1,400 Line Item Description Cash Accounts Receivable Supplies Equipment Accounts Payable 35,100 a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Owner's equity, Revenues, and Expenses. Place the amounts in the proper columns. If an amount box does not require an entry, leave it blank. Ted Jaeger, Capital Ted Jaeger, Drawing Service Revenue Crazy Mountain Tours Unadjusted Trial Balance May 31, 20Y2 Debit Credit Balances Balances
a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Owner's equity, Revenues, and Expenses. Place the amounts in the proper columns. If an amount box does not require an entry, leave it blank. Crazy Mountain Tours Unadjusted Trial Balance May 31, 20Y2 Line Item Description Cash Accounts Receivable Supplies Equipment Accounts Payable Ted Jaeger Capital Ted eger Drawing Service Revenue Operating Expenses Total Debit Credit Balances Balances b. Based upon the unadjusted trial balance, determine the net income or net loss.
Transcribed Image Text:a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Owner's equity, Revenues, and Expenses. Place the amounts in the proper columns. If an amount box does not require an entry, leave it blank. Crazy Mountain Tours Unadjusted Trial Balance May 31, 20Y2 Line Item Description Cash Accounts Receivable Supplies Equipment Accounts Payable Ted Jaeger Capital Ted eger Drawing Service Revenue Operating Expenses Total Debit Credit Balances Balances b. Based upon the unadjusted trial balance, determine the net income or net loss.
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