Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance GRAND CANYON TOURS CO

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:

GRAND CANYON TOURS CO. Unadjusted Trial Balance April 30, 2014  Debit Balances 
Credit Balances 
Cash 62,300  Accounts Receivable 8,500  Supplies 2,000  Equipment 25,000  Accounts Payable  13,000 Luis Chavez, Capital  75,000 Luis Chavez, Drawing 5,000  Service Revenue  19,500 Operating Expenses 4,700   107,500 107,500       
a.                    
b.  Net income, $14,800 ($19,500 – $4,700)