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Rowland & Sons Air Transport Service Ltd has been in operation for three years. The following transactions occurred in February:
Feb. Paid $ for rent of hangar space in February.
Feb. Received customer payment of $ to ship several items to Victoria next month.
Feb. Flew cargo from Winnipeg to Regina; the customer paid in full $ cash
Feb. Paid pilot $ in wages for flying in February.
Feb. Paid $ for an advertisement run in the local paper on February
Feb. Flew cargo for two customers from Edmonton to Lake Louise for $; one customer paid $ cash and the other asked to be billed $
Feb. Purchased on account $ in spare parts for the planes.
Required:
a Prepare journal entries for each transaction. If no entry is required for a transactionevent select No journal entry required" in the first account field.
b Calculate the companys preliminary net income.
