Homework PA32 Recording Journal Entries [LO 3.2, LO 3-3] Diana Mark is the presi
ID: 2330303 • Letter: H
Question
Homework PA32 Recording Journal Entries [LO 3.2, LO 3-3] 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 and received office supplies for $5ee on account. April 5 Billed the local United Way office $3,000 for temporary services provided. April 8 Paid $250 for supplies purchased and recorded on account last period. April 8 Placed an advertisement in the local paper for $488 cash April 9 Purchased new equipment for the office costing $2,300 cash. April 18 Paid employee wages of $1,200 incurred in April April 11 Received $1,000 on account from the local United kay office billed on Apri1 5. April 12 Purchased land as the site of a future office for $1e,e00. The land value was appraised as $11,e00. Paid $2,e00 down and signed a long-term note payable for the balance April 13 Issued 2,800 additional shares of common stock for $48 per share in anticípation of building a new office. April 14 Billed Family &Children's Services $2,000 for services rende April 15 Received the April utilities bill for $380 to be paid next mon this month. Required: For each of the transactions. prepare journal entries. (If no entry is required for a transection/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No Date /1April 02Cash Supplies 2 April 05 Buildings 3,000 3 000 3Aprl 08 Suppies 5 Aprl 09 EquipmentExplanation / Answer
the following are the required journal entries:
.....................To Service revenue a/c
Sno date accounts debit credit 1 April 2 Supplies a/c 500 .............To Accounts receivable a/c 500 2. april 5 Accounts receivable a/c 3,000 ................To Service revenue 3,000 3 April 8 Accounts payable a/c 250 ...................To cash a/c 250 4 April 8 Advertising expense a/c 400 ...................To Cash a/c 400 5 april 9 Equipment a/c 2,300 ..................To Cash a/c 2,300 6 april 10 wages expense a/c 1,200 ...............To Cash a/c 1,200 7 april 11 cash a/c 1,000 ...............To Accounts receivable a/c 1,000 8 april 12 Land a/c 10,000 .........To cash a/c 2,000 ..........To Notes payable a/c 8,000 (amount of notes payable = cost of land - cash paid =>10,000 - 2,000 =>8,000) 9 april 13 Cash a/c 80,000 ...............To contributed captial 80,000 (amount = 2,000 shares *$40 per share) 10 april 14 accounts receivable a/c 2,000.....................To Service revenue a/c
2,000 11 april 15 utilities expense a/c 300 . ...................To Accounts payable a/c 300Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.