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 |