Rowland \& Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in eebruary. February 1 Paid $200 for rent of hangar space in February. February 4 Received customer payment of $800 to ship several items to philadelpha next month. February 7 Flew cargo from Denver to ballas; the customor paid in fu11 (\$900 cash). February 10 Incurred and paid $1,200 in pllot wages for flying in February. February 14 Paid $100 for an advertinement 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. Pebruary 25 Purchased on account $1,350 in supplien 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. Complete this question by entering your answers in the tabs below. Calculate the company's preliminary net income. Rowland \& Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February: February 1 Paid $200 for rent of hangar space in February. February 4 Received eustoner payment of $800 to ahip several itens to Philadelphio next month. February ? Plew cargo fron Denver to Dallas; the cuatomer paid in fu11 (\$900 cash). February 10 Ineurred and paid $1,200 in pilot wages for elying in February. February 14 Paid $100 for an advertisement run in the local paper on February 14. Pebruary 18 Flew cargo for two custoners from Dallas to Albuquerque for $1,700; one custoner paid $500 cash and the othor asked to be billed $1,200. February 25 Purchased 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. Complete this question by entering your answers in the tabs below. Calculate the company's net profit margin expressed as a percent. (Round your answer to 1 decimal place.)