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Please help me create this T account!! Enter the following transactions for the Fly by Night FBO, Inc. (FbN) for the year 2019 in a

Please help me create this T account!!

Enter the following transactions for the Fly by Night FBO, Inc. (FbN) for the year 2019 in a T account ledger. (Read the transactions carefully. Some have entries in more than one month. Use straight-line depreciation.)

  1. On January 1, 2019 the FbN issues 5,000 share of stock in the corporation at $25.00 per share.
  2. On January 15th two acres of land are purchased as a building site, paying $10,000 per acre.
  3. On February 28th office furnishings are purchased from Office Depot at a total cost of $4,400. A down payment of $2,000 cash was made and a promissory note was issued to make equal monthly payments for a year for the balance. The first payment is to be made on March 1. The office furnishing has a useful life of 5 years and a salvage value of $200.
  4. On February 28th a hangar is constructed. The cost of the hangar was $25,500. FbN pays $6,000 down and signs a 5% mortgage for the balance ($855 per month for 24 months). The first payment is due on April 1st. See amortization table. The hangar has a useful life of 20 years and a salvage value of $1,500.
  5. On March 1st $5,000 parts inventory is purchased on account from the Textronico Company. FnB agrees to pay Textronico $1,000 per month for the inventory beginning on April 1st.
  6. On March 1st contracts with Amerwont Utilites to provide electric and gas service for a flat $500 per month, including a $200 connection fee payable with the first payment on April 1st.
  7. On March 1st $2,800 cash is paid for hangar equipment. The equipment has a useful life of 5 years and a salvage value of $100.
  8. On April 1st purchases a one-year comprehensive insurance policy from Gotcha Insurance for $14,400 cash.
  9. On April 1st purchases 4,900 gallons of fuel inventory from Philerup Company on account for $29,400.
  10. On April 2nd sells 2000 gallons of fuel to We-flyum, Inc, a local Part 135 operation, at a total cash price of $13,000
  11. On April 8th pays $10,000 to Philerup Company.
  12. On May 31st a balance of $19,400 is paid to Philerup Company.
  13. On July 15th makes a $3,100 cash purchase of parts inventory from the Chinese government. It also pays $200 of associated freight charges.

The owner of the company takes a break and cruises the Caribbean in a friends yacht for three months. No purchases or sales are made, but the mortgage and other monthly expenses are still paid.

  1. On November 1st provides maintenance services worth $20,000 for the Spitfire Crop Dusting Company aircraft and billed the company. The Spitfire service used $2,500 worth of parts.
  2. On November 1st provides maintenance service for Parks Flying Service aircraft for $40,000 cash. The Parks Flying Service repair used $4,500 worth of parts.
  3. On December 1st FbN rents a portion of its building to Georges Engine Repair Service, receiving three months rent at $150 per month.

Amortization Table for Hangar Mortgage

Beg Balance

Interest

End Balance

April

$19,500

$81

$19,581

May

$18,726

$78

$18,804

June

$17,949

$75

$18,024

July

$17,169

$72

$17,241

August

$16,386

$68

$16,454

September

$15,599

$65

$15,664

October

$14,809

$62

$14,871

November

$14,016

$58

$14,074

December

$13,219

$55

$13,274

$12,419

Principle and

$7,081

$614

Interest Paid

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