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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 $$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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