Mavtech, a computer trading company, received an order for 30 computers on September 15th from its customer. At Mavtech’s request, the customer paid the full order value of $40,000 on September 29th. The computers were delivered on October 2nd. The cost of the computers delivered was $35,000. You are required to show the journal entries on September 15th, September 29th and October 2nd.

Mavtech, a computer trading company, received an order for 30 computers on September 15th from its customer. At Mavtech’s request, the customer paid the full order value of $40,000 on September 29th. The computers were delivered on October 2nd. The cost of the computers delivered was $35,000. You are required to show the journal entries on September 15th, September 29th and October 2nd.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...

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