Determine qcis preliminary net income

Assignment Help Accounting Basics

Reference no: EM131969064

Problem

Quick Cleaners, Inc. (QCI) has been in business for several years. It specializes in cleaning houses but has some small business clients as well. a. Issued $21,000 of QCI stock for cash. b. Incurred $840 of utilities costs this month and will pay them next month. c. Paid wages for the current month, totaling $2,600. d. Performed cleaning services on account worth $3,800. e. Some of Quick Cleaners' equipment was repaired at a total cost of $300. The company paid the full amount at the time the repair work was done.

1. 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.) Determine QCI's preliminary net income.

Reference no: EM131969064

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