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

February $1$ Paid $$610$ to rent equipment that was used and returned today.

February $4$ Received cystomer payment of $$1,630$ to ship several items to philadelphia next month.

February $7$ Flew cargo from Denver to Dallas; the customer paid in fu$11($ $$1,830$ cash$).$

February $10$ Incurred and paid $$1,300$ in pilot wages for flying in February.

February $14$ Paid $$224$ for an advertisement run in the local paper on February $14.$

February $18$ Flew cargo for two customer's from Dallas to Albuquerque for $$2,175$; one customer paid $$725$ cash and the other asked to be billed $$1,450.$

February $25$ Purchased on account $$1,620$ in supplies for future use on the planes.

Required:

Prepare accrual basis journal entrles for each transaction.

$2$ 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.

Reguired $3$

Prepare accnu: besis journal entries for each vransaction. If no entry is recuired Zor a zrensecrionl Event selsct: No Journal Entry Required in the first account fiele.

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