Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February:

February $1$ Paid $$300$ to rent equipment that was used and returned today.

February $4$ Received customer payment of $$1,500$ to ship several items to Philadelphia next month.

February $7$ Flew cargo from Denver to Dallas; the customer paid in full $($$$940$ cash$).$

February $10$ Incurred and paid $$2,600$ in pilot wages for flying in February.

February $14$ Paid $$192$ for an advertisement run in the local paper on February $14.$

February $18$ Flew cargo for two customers from Dallas to Albuquerque for $$2,505$; one customer paid $$795$ cash and the other asked to be billed $$1,710.$

February $25$ Purchased on account $$1,730$ 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.