Question 5 (of 8) 5. 1.87 points M3-13 Preparing Accrual Basis Journal Entries f
ID: 2608544 • Letter: Q
Question
Question 5 (of 8) 5. 1.87 points M3-13 Preparing Accrual Basis Journal Entries for Business Activities [LO 3-3] aick Cleaners, h·(QC) has been in business for several years. It specializes in deaning houses but has some small business cients as well. a Issued $18,000 of CCI stock for cash. b. Incurred $895 of ubilities costs this month and will pay them next month. c. Paid wages for the current month, totaling $3,100 d. Performed cleaning services on account worth $4,500 e. Some of Quick Cleaners' equipment was repaired at a total cost of $302. The company paid the full amount at the time the repair work was done 1. Prepare joumal entries for the above transactions, which occured during a required for a transactionievent, select "No Journal Entry Required" of no entry is in the fidst account field.) View transaction listView journal entry worksheet a. No Transaction Recorded MacBook Pro esc 2 4Explanation / Answer
Answer
Dr. $
Cr. $
a.
Cash
18,000
Common Stock
18,000
b.
Utilities Expense
895
Accounts Payable
895
c.
Wages expense
3,100
Cash
3,100
d.
Accounts Receivable
4,500
Service Revenue
4,500
e.
Repairs Expense
302
Cash
302
2.
Preliminary Income = Service Revenue – Utilities Expense – Wages Expense – Repairs Expense
= 4,500 – 895 – 3,100 – 302
Preliminary Income = $203
Dr. $
Cr. $
a.
Cash
18,000
Common Stock
18,000
b.
Utilities Expense
895
Accounts Payable
895
c.
Wages expense
3,100
Cash
3,100
d.
Accounts Receivable
4,500
Service Revenue
4,500
e.
Repairs Expense
302
Cash
302
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