Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has somesmall 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 timethe 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.

Account means the systematic record of various transactions entered by businesses. Income statement…

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.

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.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 17RQSC

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