Silver Lining Airlines
1.Issued $1,000,000 in bonds payable.
2.Purchased an airplane for $600,000 in cash.
3.Paid $50,000 for insurance.
4.Sold tickets worth $120,000 (cost $50,000) on credit.
5.Paid $70,000 in salaries.
6.Received $90,000 from customers.
7.Paid $15,000 for aircraft maintenance.
Requirement: Prepare the journal entries and a cash flow statement.