Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February February 1 Paid $395 for rent of hangar space in February. February 7 February 4 Received customer payment of $1,680 to ship several items to Philadelphia next month. Flew cargo from Denver to Dallas; the customer paid in full ($1,030 cash). Incurred and paid $1,250 in pilot wages for flying in February. Paid $102 for an advertisement run in the local paper on February 14. February 10 February 14 February 18 Flew cargo for two customers from Dallas to Albuquerque for $2,865; one customer paid $845 cash and the other asked to be billed $2,020. February 25 Purchased on account $1,795 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. Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is rared for a top View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Paid $395 for rent of hangar space in February. Record the transaction. Note: Enter debits before credits. Date February 01 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/eve Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Received customer payment of $1,680 to ship several items to Philadelphia next month. Record the transaction. Note: Enter debits before credits. Date February 04 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 m 4 5 6 7 Flew cargo from Denver to Dallas; the customer paid in full ($1,030 cash). Record the transaction. Note: Enter debits before credits. Date February 07 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, sele Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 5 7 Incurred and paid $1,250 in pilot wages for flying in February. Record the transaction. Note: Enter debits before credits. Date February 10 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 6 7 Paid $102 for an advertisement run in the local paper on February 14. Record the transaction. Note: Enter debits before credits. Date February 14 General Journal Debit Credit Record entry Clear entry View general journal Required Required 2 Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/eve Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 7 Flew cargo for two customers from Dallas to Albuquerque for $2,865; one customer paid $845 cash and the other asked to be billed $2,020. Record the transaction. Note: Enter debits before credits. Date February 18 General Journal Debit Credit Record entry Clear entry View general journal > Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, se Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Purchased on account $1,795 in supplies for future use on the planes. Record the transaction. Note: Enter debits before credits. Date February 25 General Journal Debit Credit Record entry Clear entry View general journal February 1 February 4 February 7 February 10 February 14 February 18 February 25 Required: Paid $395 for rent of hangar space in February. Received customer payment of $1,680 to ship several items to Philadelphia Flew cargo from Denver to Dallas; the customer paid in full ($1,030 cash). Incurred and paid $1,250 in pilot wages for flying in February. Paid $102 for an advertisement run in the local paper on February 14. Flew cargo for two customers from Dallas to Albuquerque for $2,865; one cus other asked to be billed $2,020. Purchased on account $1,795 in supplies for future use on the planes. 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. Required 1 Required 2 Required 3 Calculate the company's preliminary net income. Preliminary Net Income February 7 February 10 February 14 February 18 Flew cargo from Denver to Dallas; the customer paid in full ($1,030 cash). Incurred and paid $1,250 in pilot wages for flying in February. Paid $102 for an advertisement run in the local paper on February 14. Flew cargo for two customers from Dallas to Albuquerque for $2,865; one customer pa other asked to be billed $2,020. February 25 Purchased on account $1,795 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. 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 % < Required 2 Required 3>