EX 2-15 Trial balance

Based upon the data presented in Exercise 2-13, (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.

Answer:
a.
                                              SOUTHWEST TOURS CO.
                                                Unadjusted Trial Balance
                                                        May 31, 2012
                                                                                            Debit               Credit
                                                                                         Balances           Balances
Cash ................................................................................28,700
Accounts Receivable ........................................................8,500
Supplies.............................................................................950
Equipment.........................................................................18,000
Accounts Payable ..............................................................                         5,400
Mickey O’Dell, Capital........................................................                     40,000
Mickey O’Dell, Drawing....................................................4,000
Service Revenue.................................................................                         18,500
Operating Expenses........................................................... 3,750
                                                                                          63,900             63,900

b. Net income, $14,750 ($18,500 – $3,750)