Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February: February 1 Paid $310 for rent of hangar space in February. February 4 Received customer payment of $1,690 to ship several items to Philadelphia next month. February 7 Flew cargo from Denver to Dallas; the customer paid in full ($1,520 cash). February 10 Incurred and paid $1,800 in pilot wages for flying in February. February 14 Paid $216 for an advertisement run in the local paper on February 14. February 18 Flew cargo for two customers from Dallas to Albuquerque for $2,895; one customer paid $835 cash and the other asked to be billed $2,060. February 25 Purchased on account $1,395 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 required for a transaction/event, sele Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Credi Date February 01 Debit 310 1 Rent Expense Cash 2 February 04 1,690 Delivery Expense Accounts Payable 3 February 07 Cash 1,520