Q.15. Regent Airlines provides private plane transportation for business people. Regent had the following trial balance on April 1, 2008: REGENT AIRLINES Trial Balance April 1, 2008 Account Title Debit ($) Credit($) Cash 50,000 Accounts receivable 8,000 Accounts payable 16,000 Rock Regent, capital 42,000 Total 58,000 58,000 During April, the business had the following transactions: April-1 Purchased a new airplane for $50,000. Regent paid $10,000 by cash and signed a note payable for the remainder. April-5 Purchased supplies worth $1,000 on account. April-10 Paid $5,000 on account. April-11 Transported customers on their planes for fees totaling $25,000. Received $7,500 in cash, with the remaining fees on account. April-12 Received $18,000 on account from customer. April-13 Paid the following in cash: interest, $1,200; utilities $2,300; salaries, $7,000. April-14 Received a bill for airplane repair costs of $3,500 that will be paid next month. April-15 Rock Regent withdrew $6,000 for personal use. Instructions: (a) Prepare journal entries to record each of the events listed. (Omit explanations.) (6) Prepare ledger (c) Prepare the trial balance of Regent Airlines at April 30, 2008