Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has some small business cllients as well. a. Issued $14,000 of QCI stock for cash. b. Incurred $650 of utilitles costs this month and will pay them next month. c. Incurred and pald wages for the current month, totalling $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 repalr 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
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.
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. 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.
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