Quick Cleaners, Incorporated (QCI), has been in business for several years. It spec business clients as well. a. Issued $26,000 of QCI stock for cash. b. Incurred $995 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,100. d. Performed cleaning services on account worth $3,450. e. Some of Quick Cleaners's equipment was repaired at a total cost of $272. The work was done. Required: 1. Prepare journal entries for the above transactions, which occurred during a rece

Quick Cleaners, Incorporated (QCI), has been in business for several years. It spec business clients as well. a. Issued $26,000 of QCI stock for cash. b. Incurred $995 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,100. d. Performed cleaning services on account worth $3,450. e. Some of Quick Cleaners's equipment was repaired at a total cost of $272. The work was done. Required: 1. Prepare journal entries for the above transactions, which occurred during a rece

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $1,720 from cash-paying customers. Secure Home’s remaining customers owe the business $3,080. Secure Home recorded $1,720 of service revenue for the year. (Cash basis) If Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $1,920 from cash-paying customers. Secure Home’s remaining customers owe the business $2,660. Secure Home recorded $1,920 of service revenue for the year. correct If Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
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Protection Home provides house-sitting for people why they are away on vactation. Some of its customers pay immediately after the job is finished. Some customers ask that the business sends them a bill. As of the end of the year, Protection Home has collected $900 from cash-paying customers. Protection Home's remaining customers owe the business $1,300. A. Cash Basis? B. Accrual Basis?
Following are some transactions and events of Business Solutions. Feb. 26 The company paid cash to Lyn Addie for eight days' work at $130 per day. Mar. 25 The company sold merchandise with a $2,200 cost for $2,900 on credit to Wildcat Services, invoice dated March 25. Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round intermediate calculations.)2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round intermediate calculations.)3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits…
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Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in Sustain Company. June 2 The company purchased $9,000 of furniture made from reclaimed wood on credit. June 3 The company paid $1,600 cash for a 12- month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $8,000 for sustainability services provided. June 12 The company paid $9,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $8,000 cash for services billed on June 4. June 21 T. James invested an additional $15,000 cash in Sustain Company. June 30 The company received $10,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions.
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