Required $1$

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.$)$

Journal entry worksheet

Paid $$200$ for rent of hangar space in February. Record the transaction.

Note: Enter debits before credits.Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in

February:

February $1$ Paid $$200$ to rent equipment that was used and returned today.

February $4$ Received customer payment of $$800$ to ship several items to Philadelphia next month.

February $7$ Flew cargo from Denver to Dallas; the customer paid in full $($ $$900$ cash$).$

February $10$ Incurred and paid $$1,200$ in pilot wages for flying in February.

February $14$ Paid $$100$ for an advertisement run in the local paper on February $14.$

February $18$ Flew cargo for two customers from Dallas to Albuquerque for $$1,700$; one customer paid $$500$ cash and the

other asked to be billed $$1,200.$

February $25$ Purchased on account $$1,350$ in supplies for future use on the planes.

Required:

Prepare accrual basis journal entries for each transaction.

Calculate the company's preliminary net income.

Calculate the company's net profit margin expressed as a percent.