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Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning...

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Accounting

Quick Cleaners, Incorporated (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.

  1. Issued $25,000 of QCI stock for cash.
  2. Incurred $600 of utilities costs this month and will pay them next month.
  3. Incurred and paid wages for the current month, totaling $2,000.
  4. Performed cleaning services on account worth $2,800.
  5. Some of Quick Cleanerss equipment was repaired at a total cost of $150. 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.

Determine QCI's preliminary net income.

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