Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts: Cash Equipment Mary Silva, Drawing (1) 29,700 (2) 2,100 (3) 21,400 (9) 3,000 (7) 11,900 (3) 3,850 (4) 3,250 (6) 8,900 (9) 3,000 Accounts Receivable Accounts Payable Fees Earned (5) 16,050 (7) 11,900 (6) 8,900 (3) 17,550 (5) 16,050 Supplies Mary Silva, Capital Operating Expenses (2) 2,100 (8) 1,200 (1) 29,700 (4) 3,250 (8) 1,200 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. Emerald Tours Co. Unadjusted Trial Balance May 31, 20Y5 Debit Balances Credit Balances Cash fill in the blank 18aab8087f9506c_2 fill in the blank 18aab8087f9506c_3 Mary Silva, Capital fill in the blank 18aab8087f9506c_5 fill in the blank 18aab8087f9506c_6 Supplies fill in the blank 18aab8087f9506c_8 fill in the blank 18aab8087f9506c_9 Equipment fill in the blank 18aab8087f9506c_11 fill in the blank 18aab8087f9506c_12 fill in the blank 18aab8087f9506c_14 fill in the blank 18aab8087f9506c_15 fill in the blank 18aab8087f9506c_17 fill in the blank 18aab8087f9506c_18 fill in the blank 18aab8087f9506c_20 fill in the blank 18aab8087f9506c_21 fill in the blank 18aab8087f9506c_23 fill in the blank 18aab8087f9506c_24 fill in the blank 18aab8087f9506c_26 fill in the blank 18aab8087f9506c_27 fill in the blank 18aab8087f9506c_28 fill in the blank 18aab8087f9506c_29 b. Based upon the unadjusted trial balance, determine the net income or net loss. Net income $fill in the blank 40f97f00a05e047_2

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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Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:

Cash		Equipment		Mary Silva, Drawing
(1) 29,700	(2) 2,100		(3) 21,400		(9) 3,000
(7) 11,900	(3) 3,850
	(4) 3,250
	(6) 8,900
	(9) 3,000

Accounts Receivable		Accounts Payable		Fees Earned
(5) 16,050	(7) 11,900		(6) 8,900	(3) 17,550	(5) 16,050

Supplies		Mary Silva, Capital	Operating Expenses
(2) 2,100	(8) 1,200		(1) 29,700	(4) 3,250
				(8) 1,200

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.

Emerald Tours Co.
Unadjusted Trial Balance
May 31, 20Y5
	Debit Balances	Credit Balances
Cash	fill in the blank 18aab8087f9506c_2	fill in the blank 18aab8087f9506c_3
Mary Silva, Capital	fill in the blank 18aab8087f9506c_5	fill in the blank 18aab8087f9506c_6
Supplies	fill in the blank 18aab8087f9506c_8	fill in the blank 18aab8087f9506c_9
Equipment	fill in the blank 18aab8087f9506c_11	fill in the blank 18aab8087f9506c_12
	fill in the blank 18aab8087f9506c_14	fill in the blank 18aab8087f9506c_15
	fill in the blank 18aab8087f9506c_17	fill in the blank 18aab8087f9506c_18
	fill in the blank 18aab8087f9506c_20	fill in the blank 18aab8087f9506c_21
	fill in the blank 18aab8087f9506c_23	fill in the blank 18aab8087f9506c_24
	fill in the blank 18aab8087f9506c_26	fill in the blank 18aab8087f9506c_27
	fill in the blank 18aab8087f9506c_28	fill in the blank 18aab8087f9506c_29

b. Based upon the unadjusted trial balance, determine the net income or net loss.
Net income $fill in the blank 40f97f00a05e047_2

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Income Statement is the part of financial statement which shows the net profit or loss earned by the Company during the particular period.

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