Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February: February 1 Paid $310 for rent of hangar space in February.
February 2 Purchased fuel costing $490 on account for the next flight to Dallas.
February 4 Received customer payment of $850 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid $870 for the air transport.
February 10 Paid $130 for an advertisement in the local paper to run on February 19.
February 14 Paid pilot $2,500 in wages for flying in January (recorded as expense in January).
February 18 Flew cargo for two customers from Dallas to Albuquerque for $4,700; one customer paid $1,100 cash and the other asked to be billed.
February 25 Purchased on account $2,540 in spare parts for the planes.
February 27 Declared a $220 cash dividend to be paid in March.

Required:
Prepare journal entries for each transaction.

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar.spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements.cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery.rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer.gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life.esquire company provides financial statements to external users every three years.

Which of the following commission structures creates sales people who are highly motivated to close a sales,because their entire income depends on it?

The average cost of one year at a private college in 2012-2013 is $43,289. the average grant aid received by a student at a private college in 2012-2013 is $15,680.what is the average student contribution for one year at a private college in 2012-2013?