Homework Answers
Journal entries
| No | General Journal | Debit | Credit |
| 1 | Cash | 20000 | |
| Common Stock | 20000 | ||
| 2 | Utilities expense | 700 | |
| Utilities payable | 700 | ||
| 3 | Wages expense | 3350 | |
| Cash | 3350 | ||
| 4 | Account receivable | 4450 | |
| Service revenue | 4450 | ||
| 5 | Repairs expense | 252 | |
| Cash | 252 | ||
b) Net income = Revenue-expense = 4450-4302 = 148
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