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Item2 10 points eBook Print References Check my work Check...

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Accounting

Item2
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eBook Print References Check my work Check My Work button is now enabled Item 2
Rowland & Sons Air Transport Service Ltd. has been in operation for three years. The following transactions occurred in February:
Feb. 1 Paid $340 for rent of hangar space in February.
Feb. 4 Received customer payment of $940 to ship several items to Victoria next month.
Feb. 7 Flew cargo from Winnipeg to Regina; the customer paid in full ($1,040 cash).
Feb. 10 Paid pilot $2,600 in wages for flying in February.
Feb. 14 Paid $240 for an advertisement run in the local paper on February 14.
Feb. 18 Flew cargo for two customers from Edmonton to Lake Louise for $3,800; one customer paid $1,200 cash and the other asked to be billed $2,600.
Feb. 25 Purchased on account $1,490 in spare parts for the planes.
Required:
1-a. 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.)
1-b. Calculate the companys preliminary net income.

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