Diana Mark is the president of ServicePro, Inc , a company that provides temporary employees for not for profit companies ServicePro has been operating for five years its revenues are increasing with each passing year You have been hired to help Diana in analyzing the following transactions for the first two weeks of April April 2 Purchased office supplies for $1,050 on account April 5 Billed the local United Way office $5,200 for temporary services provided April 8 Paid $360 for supplies purchased and recorded on account last period April 8 Placed an advertisement in the local paper for $950 cash April 9 Purchased new equipment for the office costing $3,400 cash April 10 Paid employee wages of $2,300, which were incurred in April April 11 Received $2,100 on account from the local United Way office billed on April 5 April 12 Purchased land as the site of a future office for $15,500 The land value was appraised as $22,000 Paid $2,000 down and signed a long term note payable for the balance April 13 Issued 2,000 additional shares of common stock for $40 per share in anticipation of building a new office April 14 Billed Family Children's Services $3,100 for services rendered this month April 15 Received the April utilities bill for $850 to be paid next month Required For each of the transactions, prepare journal entries (If no entry is required for a transaction event, select No Journal Entry Required in Journal Entry Worksheet Record the purchase of office supplies for $1,050 on account Record the entry for billing the local United Way office $5,200 for temporary services provided Record the payment of $360 for supplies purchased and recorded on account last period Record the entry for placing an advertisement in the local paper for $950 cash Record the purchase of new equipment for the office costing $3,400 cash Record the payment of employee wages of $2,300, which were incurred in April Record the receipt of $2,100 on account from the local United Way office billed on April 5 Record the entry for purchase of land as the site of a future office for $15,500 The land value was appraised as $22,000 Paid $2,000 down and signed a long term note payable for the balance Record the issuance of 2,000 additional shares of common stock for $40 per share in anticipation of building a new office Record the entry for billing Family Childrens Services $3,100 for services rendered this month Record the receipt of the April utilities bill for $850 to be paid next month Date General Journal Debit Credit April 02

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 04, 2024

Diana Mark is the president of ServicePro, Inc., a company that provides temporary employees for not-for-profit companies. ServicePro has been operating for five years; its

Diana Mark is the president of ServicePro, Inc., a company that provides temporary employees for not-for-profit companies. ServicePro has been operating for five years; its revenues are increasing with each passing year. You have been hired to help Diana in analyzing the following transactions for the first two weeks of April:

April 2	Purchased office supplies for $1,050 on account.
April 5	Billed the local United Way office $5,200 for temporary services provided.
April 8	Paid $360 for supplies purchased and recorded on account last period.
April 8	Placed an advertisement in the local paper for $950 cash.
April 9	Purchased new equipment for the office costing $3,400 cash.
April 10	Paid employee wages of $2,300, which were incurred in April.
April 11	Received $2,100 on account from the local United Way office billed on April 5.
April 12	Purchased land as the site of a future office for $15,500. The land value was appraised as $22,000. Paid $2,000 down and signed a long-term note payable for the balance.
April 13	Issued 2,000 additional shares of common stock for $40 per share in anticipation of building a new office.
April 14	Billed Family & Children's Services $3,100 for services rendered this month.
April 15	Received the April utilities bill for $850 to be paid next month.

Required:

For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in

Journal Entry Worksheet

Record the purchase of office supplies for $1,050 on account.

Record the entry for billing the local United Way office $5,200 for temporary services provided.

Record the payment of $360 for supplies purchased and recorded on account last period.

Record the entry for placing an advertisement in the local paper for $950 cash.

Record the purchase of new equipment for the office costing $3,400 cash.

Record the payment of employee wages of $2,300, which were incurred in April.

Record the receipt of $2,100 on account from the local United Way office billed on April 5.

Record the entry for purchase of land as the site of a future office for $15,500. The land value was appraised as $22,000. Paid $2,000 down and signed a long-term note payable for the balance.

Record the issuance of 2,000 additional shares of common stock for $40 per share in anticipation of building a new office.

Record the entry for billing Family & Childrens Services $3,100 for services rendered this month.

Record the receipt of the April utilities bill for $850 to be paid next month.