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jek_recluse [69]
2 years ago
12

Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small busines

s clients as well. Issued $22,000 of QCI stock for cash. Incurred $815 of utilities costs this month and will pay them next month. Incurred and paid wages for the current month, totaling $3,150. Performed cleaning services on account worth $4,350. Some of Quick Cleaners’s equipment was repaired at a total cost of $248. The company paid the full amount at the time the repair work was done.
Required:
Prepare journal entries for the above transactions, which occurred during a recent month.
Business
1 answer:
Pie2 years ago
8 0

Answer:

DR Cash .......................................................................$22,000

CR Common Stock.....................................................................$22,000

<em>(To record receipts from issuance of common stock)</em>

DR Utilities expense ...................................................$815

CR Utilities expense..............................................................$815

<em>(To record utilities liability)</em>

DR Wages expense .....................................................$3,150

CR Cash.........................................................................................$3,150

<em>(To record payment of wages)</em>

DR Account Receivables .............................................$4,350

CR Revenue ...................................................................................$4,350

<em>(To record services on account)</em>

DR Repairs and Maintenance expense account...............$248

CR Cash...................................................................................................$248

<em>(To record repairs made to equipment)</em>

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4 0
3 years ago
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Answer:

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Statement of retained earnings for the year ended December 31, 2017

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Opening retained earnings                                           12,600

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