Business, 02.02.2021 04:10 chelseychew32

Feb. 1 Paid $500 for rent of hangar space in February. Feb. 4 Received customer payment of $1,510 to ship several items to Philadelphia next month. Feb. 7 Flew cargo from Denver to Dallas; the customer paid in full ($1,410 cash).Feb. 10 Incurred and paid $1,500 in pilot wages for flying in February. Feb. 14 Paid $116 for an advertisement run in the local paper on February 14.Feb. 18 Flew cargo for two customers from Dallas to Albuquerque for $2,130; one customer paid $860 cash and the other asked to be billed $1,270.Feb. 25 Purchased on account $1,755 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.

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Feb. 1 Paid $500 for rent of hangar space in February. Feb. 4 Received customer payment of $1,510 to...

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