Diana Mark is the president of ServicePro Inc a company

#2697
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 $ 500 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 $ 400 cash.April 9 Purchased new equipment for the office
costing $ 2,300 cash.April 10 Paid employee wages of $ 1,200, which were incurred in
April.April 11 Received $ 1,000 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 $ 2,000 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 $ 2,000 for services rendered this
month. April 15 Received the April utilities bill for $ 300 to be paid next month.Required:For
each of the transactions, prepare journal entries. Be sure to categorize each account as an
asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E).View Solution:
Diana Mark is the president of ServicePro Inc a company

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