Griffin Air Transport Service, Inc., providing air delivery service for businesses, 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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February 1 February 2 February 4 February 7 February 10 February 14 February 18 February 25 February 27 Paid $275 for rent of hangar space in February. Purchased fuel costing $490 on account for the next flight to Dallas. Received customer payment of $820 to ship several items to Philadelphia next month. Flew cargo from Denver to Dallas; the customer paid $910 for the air transport. Paid $175 for an advertisement in the local paper to run on February 19. Paid pilot $2,300 in wages for flying in January (recorded as expense in January). Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed. Purchased on account $2,550 a supply of spare parts for the planes. Declared a $200 cash dividend to be paid in March.