For Each Independent Situation

Essay

For each independent situation:
1. Langford Airport Parking Ltd. awards customers 250 reward miles per stay,in a well-known airline mileage program. Langford pays the airline $0.06 for each mile. Langford,which is not an agent for the airline,estimates that the fair value of the miles is the same as the price paid-$0.06. Parking revenues on May 24,2017 were $52,000. Langford awarded 40,000 airline points to its customers.
2. On October 15,2013,Hamilton Windows and Sash properly recorded the issue of a $12,000 7% note due April 15,2014. Hamilton is preparing its financial statements for the year ended December 31,2013. Hamilton does not make adjusting entries during the year.
Requirement:
For each of the situations described above,prepare the required journal entry for the underlined entity. If a journal entry is not required,explain why.