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been in business for several years. It specializes in cleaning houses but has some small business clients as well. ssued $34,000 of QCI stock for cash. 1:1: ור

been in business for several years. It specializes in cleaning houses but has some small business clients as well. ssued $34,000 of QCI stock for cash. 1:1: ור

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. Issued $34,000 of QCI stock for cash. Incurred $670 of utilities costs this month and will pay them next month. Incurred and paid wages for the current month, totaling $1,900. Performed cleaning services on account worth $2,950. Some of Quick Cleaners's equipment was repaired at a total cost of $162. The company paid the full amount at the time the repair work was done. Required: Prepare journal entries for the above transactions, which occurred during a recent month. Determine QCI's preliminary net income.
Transcribed Image Text:Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. Issued $34,000 of QCI stock for cash. Incurred $670 of utilities costs this month and will pay them next month. Incurred and paid wages for the current month, totaling $1,900. Performed cleaning services on account worth $2,950. Some of Quick Cleaners's equipment was repaired at a total cost of $162. The company paid the full amount at the time the repair work was done. Required: Prepare journal entries for the above transactions, which occurred during a recent month. Determine QCI's preliminary net income.
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