Quick Cleaners, Incorporated (QCI), has been in business for several years. It spec business clients as well. a. Issued $26,000 of QCI stock for cash. b. Incurred $995 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,100. d. Performed cleaning services on account worth $3,450. e. Some of Quick Cleaners's equipment was repaired at a total cost of $272. The work was done. Required: 1. Prepare journal entries for the above transactions, which occurred during a rece

Quick Cleaners, Incorporated (QCI), has been in business for several years. It spec business clients as well. a. Issued $26,000 of QCI stock for cash. b. Incurred $995 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,100. d. Performed cleaning services on account worth $3,450. e. Some of Quick Cleaners's equipment was repaired at a total cost of $272. The work was done. Required: 1. Prepare journal entries for the above transactions, which occurred during a rece

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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Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $1,920 from cash-paying customers. Secure Home’s remaining customers owe the business $2,660. Secure Home recorded $1,920 of service revenue for the year. correct If Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
The following transactions were completed by the company: The company completed consulting work for a client and immediately collected $5,500 cash. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. The company paid an assistant $1,400 cash as wages for the period. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. The company paid $700 cash for this period's cleaning services. Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: 1. Provided $120,000 of cleaning services on account. 2. Collected $90,000 cash from accounts receivable. 3. Paid salaries of $40,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,000. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1.
Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. a. Issued $14,000 of QCI stock for cash. b. Incurred $650 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $1,800. d. Performed cleaning services on account worth $2,850. e. Some of Quick Cleaners's equipment was repaired at a total cost of $234. The company paid the full amount at the time the repair work was done. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine QCI's preliminary net income.
Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. Journalize the transactions
A business sells $100,000 of products to a customer on account and collects 6% sales tax. Cost of the merchandise sold was $70,000. At the end of the month, the company pays the total sales tax collected ($185,000) to the state department of revenue. Required: Record the entries for (a) 'the sale' and for (b) 'the payment of the sales tax.' Indicate Dr. or Cr. in front of each account.
A. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $13,950; received $9,350 in cash and the rest on account. b. Paid $660 in wages for the month. c. Received a $400 bill for utilities that will be paid in April. d. Received $2,450 from customers as deposits on music lessons to be given in April. Required: Based on the information above, prepare a cash basis and an accrual basis income statement.
i need help with the journal entry on this one
Required information [The following information applies to the questions displayed below.] Rawlco Communications operates 10 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $3,300. Supplier intends to deliver later in the month. b. Purchased equipment that cost $38,000; paid $15,000 cash and signed a promissory note to pay $23,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $10,000 cash from the company's owners in exchange for issuing common shares. f. Supplies [ordered in (a)] were received, along with a bill for $3,300. 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Transaction…
Journal entries?