Question & Answer: Quick Cleaners, Inc. (QCI) has been in business for several years. It specializes in cleaning houses but has…..

Complete the journal entry worksheet 1-5
e Microsoft Edge 园Start Chapter 3 Hw × □ students ezto.mheducation.com/hm.tpx M3-13 Preparing Accrual Basis Journal Entries for Business Activities [LO 3-3] 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 $27,000 of QCI stock for cash b. Incurred $890 of utilities costs this month and will pay them next month. c. Paid wages for the current month, totaling $1,850 d. Performed cleaning services on account worth $3,200 e. Some of Quick Cleaners equipment was repaired at a total cost of $254. 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.) View transaction list Journal entry worksheet Issued $27,000 of QCI stock for cash. Record the transaction. Note: Enter debits before credits General Journal Record entry Clear entry View general journal

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 $27, 000 of QCI stock for cash. b. Incurred $890 of utilities costs this month and will pay them next month. c. Paid wages for the current month, totaling $1, 850. d. Performed cleaning services on account worth $3, 200. e. Some of Quick Cleaners’ equipment was repaired at a total cost of $254. The company paid the full amount at the time the repair work was done. 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.) Issued $27, 000 of QCI stock for cash. Record the transaction.

Expert Answer

 

Date Particulars Debit Credit
a Cash 27000
    To common stock 27000
b Utility Expense 890
    To Expense Payable 890
c Wages 1850
     To cash 1850
d Receivable 3200
     To Service Revenue 3200
e Reapair 254
     To Cash 254

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