Recording Journal Entries
Blaine Air Transport Serv ice. Inc. has been in operation for three years. The following transactions occurred in February:
February 1 | Paid $275 for rent of hangar space in February. |
February 2 | Purchased fuel costing $490 on account for the next flight to Dallas. |
February 4 | Received customer payment of $820 to ship several items to Philadelphia next month. |
February 7 | Flew cargo from Denver to Dallas: the customer paid $910 for the air transport. |
February 10 | Paid $175 for an advertisement in the local paper to run on February 19. |
February 14 | Paid pilot $2.300 in wages for flying in January (recorded as expense in January). |
February 18 | Flew cargo for two customers from Dallas to Albuquerque for $3,800: one customer paid SI .600 cash and the other asked to be billed. |
February 25 | Purchased on account $2,550 in spare parts for the planes. |
February 27 | Declared a $200 cash dividend to be paid in March. |
Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R). or expense (E).
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