On September 9, Mavtech paid $30,000 in advance to suppliers to buy 30 computers. On September 10,
Question:
On September 9, Mavtech paid $30,000 in advance to suppliers to buy 30 computers.
On September 10, Mavtech paid $450 and bought office supplies inventory.
The computers that were paid for on September 9th were delivered to Mavtech on September 14.
On September 17, a customer placed an order on Mavtech for 25 computers for a total price of $31,000.
On September 21, Mavtech hired an employee. The employee's wage was fixed at $2,400 per month. The employee will be paid every month on the 21st. The first payment will be made on October 21.
On September 22, Mavtech purchased an additional 40 computers for $40,000 on credit, due for payment on October 12.
Computers pertaining to the order placed on September 17, were delivered to the customer on September 27. The customer agreed to pay in five days.
On September 28, Mavtech purchased office supplies inventory for $350 by paying cash.
On September 29, Mavtech sold 15 computers at a total price of $20,700 for cash.
Miscellaneous expenses of $650 were incurred during September. These expenses were paid in cash.
On September 29th, Mavtech received $5,400 as payment in advance from a customer for 3 computers to be delivered on October 4.
On September 30, Rachel took $500 from Mavtech as dividends in cash.
Required:
Prepare journal entries for all transactions listed above
Expert Answer:
To record the various transactions for Mavtech in September youll need to create journal entries Bel... View the full answer
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
