nepr Chapter 3 Problems Seved Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return 9 Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February 1.42 points Feb. 1 Paid $200 for rent of hangar space in February Feb. 4 Received customer payment of $800 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($900 cash). Feb. 10 Incurred and paid $1,200 in pilot wages for flying in February. Teb. 14 Paid $100 for an advertisement run in the local paper on February 14. Feb. 18 Plow cargo for two customers from Dallas to Albuquerque for $1,7001 one customer paid $500 cash and the other asked to be billed $1,200. reb. 25 Purehased on account $1,350 in supplies for future use on the planes. Required: 1. Prepare accrual basis journal entries for each transaction. 2. Calculate the company's preliminary net income. 3. Calculate the company's net profit margin expressed as a percent. Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Mc (Graw 9 Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1,42 points No Date General Journal Credit Debit 200 1 Feb 01 Rent Expense Cash 200 2 Feb 04 800 Cash Accounts Payable ol 800 900 3 Feb 07 Cash Accounts Payable 900 4 Feb 10 1,200 Salaries and Wages Expense Cash 1.200 100 5 Feb 14 Advertising Expense Cash 100 6 Feb 18 500 1.200 Cash Accounts Receivable Service Revenue 1,700 1,350 o 7 Feb 25 Supplies Accounts Payable 1,350 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the company's preliminary net income. Preliminary Net $ (1,113) Income Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the company's net profit margin expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin %