C ezto.mheducat Rowland & Sons Air Transport Service, Inc. has been in operation for three years The following transactions occurred in February Feb. 1 Paid $415 for rent of hangar space in February Feb 4 Received customer payment of $1,760 to ship several items to Philadelphia next month Feb. 7 Flew cargo from Denver to Dallas, the customer paid in full (31,130 cash) Feb 10 Paid pilots $2.250 in wages for flying in February Feb. 14 Paid $134 for an advertisement run in the local paper on February 14 Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2 335, one customer paid S cash and the other asked to be billed $1,560 Feb 25 Purchased on account $1,680 in supplies for future use on the planes. Required 1. Prepare accrual basis journal entries for each transaction (If no entry is required for transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Paid $415 for rent of hangar space in February. Record the transaction. Note: Enter debits before credits Feb 01 View general journal Record entry Clear entry 2. Calculate the company's preliminary net income