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1) Enter the following transactions for the Fly by Night FBO, Inc. (FbN) for the year 2016 in a T account sheet, then create a

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1) Enter the following transactions for the Fly by Night FBO, Inc. (FbN) for the year 2016 in a T account sheet, then create a Trial Balance, dated 12/31/2016. (Read the transactions carefully. Some have entries in more than one month.) A. On January 1, 2016, FbN issues 5,000 share of stock in the corporation at $25.00 per share. B. On January 15th, FbN purchases two acres of land as a building site, paying $10,000 per acre. C. On February 2, desks are purchased for FbN at a total cost of $4,400. FbN decides to pay for them by paying a down payment of $2,000 cash and promising to make equal monthly payments for a year, the first payment to be made on March 1 D. On March 24th, a hangar is constructed (including equipment) at a cost of $25,500 for the hangar and $2,800 for the equipment. FbN pays $6,000 and signs a 5% mortgage (interest and principal to be paid at the end of two years) for the balance for the hangar, and $2,800 cash for the equipment. E. On March 30th, EbN purchases a one-year comprehensive insurance F. On March 31st, EbN purchases 4,900 gallons of fuel inventory from G. On April 2, the company sells 2000 gallons of fuel at a total cash price H. On April 8th, EbN pays S10,000 to Texoca Company. policy for $14,400. Texoca Company on account for $29,400. of $13,000 On July 15th, FbN makes a S3,100 cash purchase of parts inventory. It also pays $200 of associated freight charges. I. The owner of Fly by Night takes a break and cruises the Bahamas in a friend's yacht for three months. No purchases or sales are made, but rent and other monthly expenses are still paid J. On November 01, an annual condition inspection on a AgCAI for the Spitfire Crop Dusting Company and bills the company $3,000. total of S1,000 of parts were used. At K. On December 1st, FbN rents a portion of its building to the George's Engine Repair Service, receiving three months rent in advance at $150 per month L. On December 29th, FbN distributes dividends of $500 (0.10 per share for 5,000 shares) to the owners.l

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