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United Airlines Holdings, Inc. describes itself as follows in its first footnote: UNITED "United Airlines Holdings, Inc. (UAL) is a holding company and its principal, wholly-owned subsidiary is United Airlines, Inc. The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. UAL, through United and its regional carriers, operates more across six continents, with hubs at Newark, Chicago O'Hare, Denver, Houston Bush, Los Angeles, Guam, San Francisco and Washington Dulles." Below you will see SOME (not all!) of UAL's transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Had $15,355 million in credit sales to customers. Account Title Debit Credit b) Purchased $932 million worth of supplies (fuel) on account. Account Title Debit Credit Borrowed $16,044 million cash from a bank by signing a note payable. Account Title Debit Credit d) Collected $10,054 million cash from customers related to prior credit sales. Account Title Debit Credit e) Paid $2,325 million cash for current period rent expense. Account Title Debit Credit f) Received $4,833 million cash for advance ticket sales for flights that haven't happened yet. Account Title Debit Credit g) Paid $9,522 million cash for current period wages. Account Title Debit Credit h) Purchased new equipment costing $1,727 million on account during the current period. Account Title Debit Credit 1) Paid $8,114 million cash for current period operating expenses. Account Title Debit Credit 1) Paid $2,463 million cash for current period interest expense on the loans. Debit Credit Account Title k) Based on the journal entries you've prepared, calculate UAL's Net Income/(Net Loss). SHOW YOUR WORK. UAL's Net Income/(Net Loss) 1) At the beginning of the period, UAL had a Cash balance of $2,762 million. Use this beginning balance and your journal entries to show what UAL's Cash T account would look like for the most recent period and calculate UAL's ending Cash balance. SHOW YOUR WORK. Cash UAL'S Ending Cash Balance 3

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