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

Required:
Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E).

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Purchased fuel costing $450 on account for the next flight to Dallas. Received customer payment of $800 to ship several items to Philadelphia next month. Flew cargo from Denver to Dallas; the customer paid $900 for the air transport. Paid pilot $1,200 in wages for flying in January. February 1 February 2 February 4 Paid $200 for rent of hangar space in February. February 7 February 10 February 14 February 18 February 25 February 27 Paid $60 for an advertisement in the local paper to run on February 19. Flew cargo for two customers from Dallas to Albuquerque for $1,700; one customer paid $500 cash and the other asked to be billed. Purchased on account $1,350 in spare parts for the planes. Declared a $200 cash dividend to be paid in March.