E3-11 Recording Accrual Basis Journal Entries [LO 3-2, LO 3-3]

Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 2013:

Feb. 1	Paid $300 for rent of hangar space in February.
Feb. 4	Received customer payment of $1,500 to ship several items to Philadelphia next month.
Feb. 7	Flew cargo from Denver to Dallas; the customer paid in full ($940 cash).
Feb. 10	Paid pilot $2,600 in wages for flying in February.
Feb. 14	Paid $192 for an advertisement run in the local paper on February 14.
Feb. 18	Flew cargo for two customers from Dallas to Albuquerque for $2,505; one customer paid $795 cash and the other asked to be billed $1,710.
Feb. 25	Purchased on account $1,730 in supplies for future use on the planes.

Required:
1.	Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Recording Accrual Basis Journal Entries [LO 3-2, LO 3-3] Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 2013: Feb. 1 Paid $300 for rent of hangar space in February. Feb. 4 Received customer payment of $1,500 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($940 cash). Feb. 10 Paid pilot $2,600 in wages for flying in February. Feb. 14 Paid $192 for an advertisement run in the local paper on February 14. Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2,505; one customer paid $795 cash and the other asked to be billed $1,710. Feb. 25 Purchased on account $1,730 in supplies for future use on the planes. Required Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Recording Accrual Basis Journal Entries [LO 3-2, LO 3-3] Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 2013: Feb. 1 Paid $300 for rent of hangar space in February. Feb. 4 Received customer payment of $1,500 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($940 cash). Feb. 10 Paid pilot $2,600 in wages for flying in February. Feb. 14 Paid $192 for an advertisement run in the local paper on February 14. Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2,505; one customer paid $795 cash and the other asked to be billed $1,710. Feb. 25 Purchased on account $1,730 in supplies for future use on the planes. Required Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)