Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP SOS! Just needs checking but is due soon!! Is this correct?? Thank you in advance!! Quick Cleaners, Inc. (QCI), has been in business for

HELP SOS! Just needs checking but is due soon!! Is this correct?? Thank you in advance!!image text in transcribedimage text in transcribed

Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. 12 points a. Issued $17,000 of QCI stock for cash. b. Incurred $1,030 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,500. d. Performed cleaning services on account worth $4,100. e. Some of Quick Cleaners's equipment was repaired at a total cost of $172. The company paid the full amount at the time the repair work was done. eBook Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine QCI's preliminary net income. Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Transaction a. Debit 17,000 Cash Common Stock 17,000 2b. 1,030 Utilities Expense Accounts Payable 030 3 C. 2,500 Salaries and Wages Expense Cash 2,500 4,100 Accounts Receivable Service Revenue 4,100 5 172 Repairs and Maintenance Expense Cash 172 Required 1 Required 2 > Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. 12 a. Issued $17,000 of QCI stock for cash. b. Incurred $1,030 of utilities costs this month and will pay them next month. C. Incurred and paid wages for the current month, totaling $2,500. d. Performed cleaning services on account worth $4,100. e. Some of Quick Cleaners's equipment was repaired at a total cost of $172. The company paid the full amount at the time the repair work was done. points eBook Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine QCls preliminary net income. Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine QCI's preliminary net income. Preliminary Net Income $ 398

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe

Authors: Jim Haslam, Prem Sikka

1st Edition

113754211X, 9781137542113

More Books

Students also viewed these Accounting questions

Question

=+a) Was this an observational study or an experiment?

Answered: 1 week ago

Question

What are three disadvantages of a civil service system?

Answered: 1 week ago

Question

What are three advantages of a civil service system?

Answered: 1 week ago