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Prepare journal entries for the transactions

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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.

Reference no: EM133147128

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