Question

HELP SOS! Just needs checking but is due soon!! Is this correct?? Thank you in advance!!
Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well. 12 points a. Issued $17,000 of QCI stock for cash. b. Incurred $1,030 of utilities costs this month and will pay them next month. c. Incurred and paid wages for the current month, totaling $2,500. d. Performed cleaning services on account worth $4,100. e. Some of Quick Cleaners's equipment was repaired at a total cost of $172. The company paid the full amount at the time the repair work was done. eBook Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine QCI's preliminary net income. Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Transaction a. Debit 17,000 Cash Common Stock 17,000 2b. 1,030 Utilities Expense Accounts Payable 030 3 C. 2,500 Salaries and Wages Expense Cash 2,500 4,100 Accounts Receivable Service Revenue 4,100 5 172 Repairs and Maintenance Expense Cash 172 Required 1 Required 2 >

Answer 1

All entries are right but only 5 entry is wrong

No	account and explanation	Debit	Credit
e	Repairs and maintenance expense	172
	Account payable		172

2) Calculate preliminary net income

Preliminary net income = Revenue-expense = 4100-3702 = 398