Reference no: EM133147128
Question - 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 $32,000 of QCI stock for cash.
b. Incurred $555 of utilities costs this month and will pay them next month.
c. Incurred and paid wages for the current month, totaling $2,400.
d. Performed cleaning services on account worth $3,500.
e. Some of Quick Cleaners's equipment was repaired at a total cost of $188. 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.