The transactions below pertain to Mavtech's second month (October) of operations. 1. Paid $11,000 to the...

 

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The transactions below pertain to Mavtech's second month (October) of operations. 1. Paid $11,000 to the supplier to complete payment on the furniture and fixtures bought on September 1, 2015 (refer to transaction 4 of September). 2. Delivered the 3 computers to the customer for which advance payment of $5,400 was received in September. The full invoice value of the sale was received in advance. 3. Paid $40,000 to the supplier to complete payment of the 40 computers that were bought on September 22, 2015 (refer to transaction 10 of September). 4. The customer who owed $31,000 (refer to transaction 11 of September) paid the amount to Mavtech. 5. Purchased and received office supplies for $1,200 by paying cash in October. 6. Purchased 60 computers in October for $1,000 each, and paid $25,000 cash to the supplier, with the remaining amount to be paid in November. 7. Sold 50 computers in October for $1,400 each, received $20,000 cash, with the remaining amount to be collected in November. 8. Paid $2,400 to the employee on October 21" towards wages for the period September 21 to October 20". 9. Rachel took $600 as dividends in cash from Mavtech. 10. On October 31, Rachel realized that most of her business was commercial. She did not need as many cash registers. So, she sold three of the four cash registers for $4,000 cash. Required: 1. Prepare journal entries for all transactions listed above. 2. Post those entries to t-accounts and prepare an unadjusted trial balance. 3. Prepare journal entries for any adjusting entries required. When doing so, consider the following additional information: a. At the end of the day on September 30, Rachel counted the office supplies inventory and found that $500 worth of inventory was on hand. b. Rachel figured that the income tax on the profits Mavtech Inc made during October would be $500. The tax will be paid to the IRS only in December 2015 4. Prepare an adjusted trial balance 5. Prepare the financial statements for the month. 6. Prepare closing journal entries and a post-closing trial balance. The transactions below pertain to Mavtech's second month (October) of operations. 1. Paid $11,000 to the supplier to complete payment on the furniture and fixtures bought on September 1, 2015 (refer to transaction 4 of September). 2. Delivered the 3 computers to the customer for which advance payment of $5,400 was received in September. The full invoice value of the sale was received in advance. 3. Paid $40,000 to the supplier to complete payment of the 40 computers that were bought on September 22, 2015 (refer to transaction 10 of September). 4. The customer who owed $31,000 (refer to transaction 11 of September) paid the amount to Mavtech. 5. Purchased and received office supplies for $1,200 by paying cash in October. 6. Purchased 60 computers in October for $1,000 each, and paid $25,000 cash to the supplier, with the remaining amount to be paid in November. 7. Sold 50 computers in October for $1,400 each, received $20,000 cash, with the remaining amount to be collected in November. 8. Paid $2,400 to the employee on October 21" towards wages for the period September 21 to October 20". 9. Rachel took $600 as dividends in cash from Mavtech. 10. On October 31, Rachel realized that most of her business was commercial. She did not need as many cash registers. So, she sold three of the four cash registers for $4,000 cash. Required: 1. Prepare journal entries for all transactions listed above. 2. Post those entries to t-accounts and prepare an unadjusted trial balance. 3. Prepare journal entries for any adjusting entries required. When doing so, consider the following additional information: a. At the end of the day on September 30, Rachel counted the office supplies inventory and found that $500 worth of inventory was on hand. b. Rachel figured that the income tax on the profits Mavtech Inc made during October would be $500. The tax will be paid to the IRS only in December 2015 4. Prepare an adjusted trial balance 5. Prepare the financial statements for the month. 6. Prepare closing journal entries and a post-closing trial balance.