Homework Answers
Journal entries
| No | General Journal | Debit | Credit |
| a | Cash | 25000 | |
| Common Stock | 25000 | ||
| b | Utilities expense | 600 | |
| Utilities payable | 600 | ||
| c | Wages expense | 2000 | |
| Cash | 2000 | ||
| d | Account receivable | 2800 | |
| Service revenue | 2800 | ||
| e | Repairs expense | 150 | |
| Cash | 150 | ||
2) Net income = 2800-2000-150-600 = 50
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LO 3-3 M3-13 Preparing Accrual Basis Journal Entries for Business Activities Quick Cleaners, Inc. (QCI) has...
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identifying transactions and preparing journal
entries
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