Rowland & Sons Air Transport Service, Inc. has been in operation for three years. The following transactions occurred in February: Feb. 1 Paid $410 for rent of hangar space in February. Feb. 4 Received customer payment of $1,740 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($1,230 cash). Feb. 10 Paid pilots $3,000 in wages for flying in February Feb. 14 Paid $128 for an advertisement run in the local paper on February 14. Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2,820; one customer paid $660 cash and the other asked to be billed $2,160. Feb. 25 Purchased on account $1,510 in supplies for future use on the planes. Required: 1. Prepare accrual basis journal entries for each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet K 1 2 5 4 6 7 Paid $410 for rent of hangar space in February, Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit Feb 01 Record entry Clear entry View general jounal Journal entry worksheet 7 4 5 6 2 Received customer payment of $1,740 to ship several items to Philadelphia next month. Record the transaction. Note: Enter debits before credits. Debit Credit General Journal Date Feb 04 Record entry Clear entry View general journal 2. Calculate the company's preliminary net income Preliminary Net Income 3. Calculate the company's net proft margin expressed as a percent (Round your answer to 1 decimal place.) Net Proft Margin 96 View transaction list Journal entry worksheet 7 6 5 4 3 2 Flew cargo from Denver to Dallas; the customer paid in full ($1,230 cash). Record the transaction. Note: Enter debits before credits. Debit Credit General Journal Date Feb 07 Record entry Clear entry View general joumal 2. Calculate the company's preliminary net income Preliminary Net Income 3. Calculate the company's net profit margin expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin 96 to Journal entry worksheet 7 5 4 3 2 1 Paid pilots $3,000 in wages for flying in February. Record the transaction. Note: Enter debits before credits. Debit Credit General Date Feb 10 Record entry Clear entry View general journal 2. Calculate the company's preliminary net income Preiminary Net Income 3. Calculate the company's net profit margin expressed as a percent. (Round your answer tot decimal place.) Ne: Proft Margin View transaction list Journal entry worksheet 5 4 3 2 Paid $128 for an advertisement run in the local paper on February 14, Record the transaction. Note: Enter debits before credits. Credit Debit General Journal Date Feb 14 Record entry Clear entry View general journal 2. Calculate the company's preliminary net income Preliminary Net Income 3. Calculate the company's ne: proft margin expressed as a percent (Round your answer to t decimal place.) Net Profit Margin Journal entry worksheet
