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Rowland & Sons Air Transport Service Ltd. has been in operation for three years. The...

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Accounting

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

Feb. 1 Paid $200 for rent of hangar space in February.

Feb. 4 Received customer payment of $800 to ship several items to Victoria next month.

Feb. 7 Flew cargo from Winnipeg to Regina; the customer paid in full ($900 cash).

Feb. 10 Paid pilot $1,200 in wages for flying in February.

Feb. 14 Paid $100 for an advertisement run in the local paper on February 14.

Feb. 18 Flew cargo for two customers from Edmonton to Lake Louise for $1,700; one customer paid $500 cash and the other asked to be billed $1,200.

Feb. 25 Purchased on account $1,350 in spare parts for the planes.

Required: 1-a. 10mks

Prepare journal entries for each transaction. (If no entry is required for a transaction/event, indicate "No journal entry required")

1-b. 10mks

Calculate the companys net income.

1-c. 5mks

Calculate the net profit margin expressed as a percent. (Round your answer to one decimal place.)

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