Diana Mark is the president of ServicePro, Incorporated, 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: April2Purchasedandreceivedofficesuppliesfor$1,450onaccount. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase and receipt of office supplies for $1,450 on account. Note: Enter debits before credits. Journal entry worksheet 8 11 Record the entry for billing the local United Way office $6,800 for temporary services provided. Note: Enter debits before credits. Journal entry worksheet Record the payment of $440 for supplies purchased and recorded on account last period. Note: Enter debits before credits. Journal entry worksheet Record the entry for placing an advertisement in the local paper for $1,350 cash. Note: Enter debits before credits. Journal entry worksheet 8 Record the purchase of new equipment for the office costing $4,200 cash. Note: Enter debits before credits. Journal entry worksheet Record the payment of employee wages of $3,100 incurred in April. Note: Enter debits before credits. Journal entry worksheet 8 11 Record the receipt of $2,900 on account from the local United Way office billed on April 5. Note: Enter debits before credits. Journal entry worksheet Record the entry for purchase of land as the site of a future office for $19,500. The land value was appraised as $30,000. Paid $2,800 down and signed a long-term note payable for the balance. Note: Enter debits before credits. Journal entry worksheet 1 Record the issuance of 2,800 additional shares of common stock for $30 per share in anticipation of building a new office. Note: Enter debits before credits. Journal entry worksheet Record the entry for billing Family \& Children's Services $3,900 for services rendered this month. Note: Enter debits before credits. Journal entry worksheet $1,250 to be paid next month. Note: Enter debits before credits. Spicewood Stables, Incorporated, was established in Dripping Springs, Texas, on April 1 . The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $300,000 of common stock on April 1. b. Acquired a barn for $222,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. c. Provided $16,900 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own animals; received cash of $19,000 on April 4 for rent earned this month. e. On April 5, received $1,850 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $4,100. g. Paid $2,000 on accounts payable on April 7 for previous purchases. h. Received $1,300 from customers on April 8 on accounts receivable. i. On April 9, prepaid a two-year insurance policy for $6,000 for coverage starting in May. j. On April 28, paid $1,120 in cash for water and utilities used this month. k. Paid $15,500 in wages on April 29 for work done this month. 1. Received an electric utility bill on April 30 for $2,800 for usage in April; the bill will be paid next month. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Received contributions from investors and issued $300,000 of common stock on April 1. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Acquired a barn for $222,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 8 Provided $16,900 in animal care services for customers on April 3, all on credit. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Rented stables to customers who cared for their own animals; received cash of $19,000 on April 4 for rent earned this month. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 812 On April 5, received $1,850 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). Record the transaction. Note: Enter debits before credits. Journal entry worksheet Purchased and received hay and feed supplies on account on April 6 for $4,100. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Paid $2,000 on accounts payable on April 7 for previous purchases. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Received $1,300 from customers on April 8 on accounts receivable. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 1 Record the issuance of 2,800 additional shares of common stock for $30 per share in anticipation of building a new office. Note: Enter debits before credits. Journal entry worksheet