Question

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February: February 1 Paid $315 for rent of hangar space in February February 2 Purchased fuel costing $410 on account for the next flight to Dallas. February 4 Received customer payment of $730 to ship several items to Philadelphia next month. February 7 Flew cargo from Denver to Dallas, the customer paid $940 for the air transport. February 10 Paid $140 for an advertisement in the local paper to run on February 19 February 14 Paid pilot $2,500 in wages for flying in January (recorded as expense in January). February 18 Flew cargo for two customers from Dallas to Albuquerque for $4,600; one customer paid $1,900 cash and the other asked to be billed. February 25 Purchased on account $2,580 in spare parts for the planes. February 27 Declared a $220 cash dividend to be paid in March. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Paid $315 for rent of hangar space in February < Prev 4 of 4 !!! Next >

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Journal Entries 1910 410 Date Accounts Title Debit Credit feb 1 Rent expenses o llosos 1 315. To cash 315 (To reword payment of rent) feb 2 Fuel expenses by To accounts payable (To recard fuel a cost by Delante fronta Estonia Feb 4 Cash 730 To advance from customisaoni | 730) (To recard advance for shipment on next month) Feb 7 cash 940 940 (To recard income from air transport of cargo) Feb 10 Advertising expenses " To cash 140 (To record advertising expehаз) — To cargo revenue 1140

2500 Wages payabl feb 14 (Pepee expande 3500 To cash (To record wages to pilote of January, paid now) Feb 18 Cash 1900 Accounts receivable (4600 - 1900) 2700 To cargo revenue (To record income from transportation of cargo out of which part is paid in cash) Febas Spare parts expenses 2580 To accounts payable (To srecord puschase of spare palli) 4600 2580 Feb 27 Retained earrings - To dividend payable (To record declaration of dividend & payable in march) 220