Question

PROBLEM 3B-$
Preparing
Journal Entries
Air Wolfe provides transportation by helicopter for skiers, backpackers, and others
to remote mountainous areas. Among the ledger accounts used by the company are
the following:
Cash
Accounts payable
Amy Wolfe, capital
Amy Wolfe, drawing
Passenger fare revenue
Advertising expense
Fuel expense
Rent expense
Repair & maintenance expenso
Salaries expense
Some of the January transactions of Air Wolfe are listed below:
Jan. 3 Paid $1,600 rent for the building for January.
Jan. 4 Placed advertising in local newspapers for publication during January.
The agreed price of $520 was payable within 10 days after the end of
the month.
Jan. 15 Cash receipts from passengers for the first half of January amounted to
$9,470.
Jan. 16 Amy Wolfe, the owner, withdrew $3,000 cash for personal use.
Jan. 16 Paid salaries to employees for services rendered in first half of Janu-
ary, $5,265.
Jan. 29 Received a bill for fuel used from Western Oil Company, amounting to
$1,930, and payable by February 10.
Jan. 31
Paid $1,642 to Stevens Aircraft for repair and maintenance work dur-
ing January
INSTRUCTIONS Prepare a journal entry (including an explanation) for each of the above transac-
tions.​

Answer 1

Answer:

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