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Prepare journal entries for April 02-15 Diana Mark is the president of ServicePro, Inc., a company that provides temporary employees for not-for-profit companies. ServicePro has
Prepare journal entries for April 02-15
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: Purchased office supplies for $500 on account. Billed the local United Way office $3,000 for temporary services provided. Paid $250 for supplies purchased and recorded on account last period. Placed an advertisement in the local paper for $400 cash. Purchased new equipment for the office costing $2,300 cash. Paid employee wages of $1,200, which were incurred in April. Received $1,000 on account from the local United Way office billed on April 5. Purchased land as the site of a future office for $10,000. The land value was appraised as $11,000. Paid $2,000 down and signed a long-term note payable for the balance. Issued 2,000 additional shares of common stock for $40 per share in anticipation of building a new office. Billed Family & Children's Services $2,000 for services rendered this month. Received the April utilities bill for $300 to be paid next month. 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.)Step by Step Solution
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