0 You skipped this question in the previous attempt PA3-2 Recording Journal Entr
ID: 2336843 • Letter: 0
Question
0 You skipped this question in the previous attempt PA3-2 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 companles. 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 $509 on account. April 5 Billed the local United Way office $3,ee0 for temporary services provided. April 8 Paid $258 for supplies purchased and recorded on account last period. April 8 Placed an advertisement in the local paper for $400 cash. April 9 Purchased new equipnent for the office costing $2,3e0 cash. April 18 Paid employee wages of $1,200 incurred in April April 11 Received $1,889 on account from the local United Way office billed on April 5 April 12 Purchased land as the site of a future office for $10,000. The land value was appraised as $11,000. Paid $2,ee0 down and signed a long-term note payable for the balance. April 13 Issued 2,090 additional shares of common stock for $40 per share in anticipation of building a new office. April 14 Billed Family & Children's Services $2,e0e for services rendered this month. April 15 Received the April utilities bi1l for $380 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 the first account field.) Journal entry worksheet 7 8 Record the purchase and receipt of office supplies for $500 on account.Explanation / Answer
Answer:
Date
General Journal
Debit
Credit
2-Apr
Office supplies
500
Accounts payable
500
5-Apr
Accounts receivable
3,000
Service revenue
3,000
8-Apr
Accounts payable
250
Cash
250
8-Apr
Advertising expense
400
Cash
400
9-Apr
Equipment
2,300
Cash
2,300
10-Apr
Wages expense
1,200
Cash
1,200
11-Apr
Cash
1,000
Accounts receivable
1,000
12-Apr
Land
10,000
Cash
2000
Notes payable
8000
13-Apr
Cash (2000*40)
80,000
Contributed capital
80,000
14-Apr
Accounts receivable
2,000
Service revenue
2,000
15-Apr
Telephone expense
300
Accounts payable
300
Date
General Journal
Debit
Credit
2-Apr
Office supplies
500
Accounts payable
500
5-Apr
Accounts receivable
3,000
Service revenue
3,000
8-Apr
Accounts payable
250
Cash
250
8-Apr
Advertising expense
400
Cash
400
9-Apr
Equipment
2,300
Cash
2,300
10-Apr
Wages expense
1,200
Cash
1,200
11-Apr
Cash
1,000
Accounts receivable
1,000
12-Apr
Land
10,000
Cash
2000
Notes payable
8000
13-Apr
Cash (2000*40)
80,000
Contributed capital
80,000
14-Apr
Accounts receivable
2,000
Service revenue
2,000
15-Apr
Telephone expense
300
Accounts payable
300
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