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Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February: February 1 Paid $ 4

Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in
February:
February 1 Paid $400 to rent equipment that was used and returned today.
February 4 Received customer payment of $1,780 to ship several items to Philadelphia next month.
February 7 Flew cargo from Denver to Dallas; the customer paid in full ( $1,610 cash).
February 10 Incurred and paid $1,400 in pilot wages for flying in February.
February 14 Paid $274 for an advertisement run in the local paper on February 14.
February 18 Flew cargo for two customers from Dallas to Albuquerque for $2,570; one customer paid $690 cash and the other asked to be billed
$1,880.
February 25 Purchased on account $1,400 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.
Complete this question by entering your answers in the tabs below.
Calculate the company's preliminary net income.Complete this question by entering your answers in the tabs below.
Required 3
Calculate the company's net profit margin expressed as a percent. (Round your answer to 1 decimal place.)
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