Rachel started Mavtech Inc, a computer retail business on September 1, 2015. What follows is description of significant events that affected Mavtech Inc during September 2015. 1. On September 1, Mavtech issued 6000 shares at par to Rachel for cash. The par value of each share is $10.
2. On September 1, Mavtech borrowed $72,000 from a bank. The interest rate on the loan is 10% per annum. Interest is payable every year, the first interest payment being due for payment on September 1, 2016. The principal amount that was borrowed is due in one single repayment on September 1, 2019.
3. On September 1, Mavtech paid $6,000 toward rent on the store for the rest of 2015. The rent includes all utilities.
4. On September 1, Mavtech acquired furniture and fixtures for $14,000 and made a down payment of $3,000. The remaining payment will be made in October. The furniture and fixtures have an estimated useful life of 5 years, at the end of which they are expected to be sold for $2,000.
5. On September 1, Mavtech acquired 4 cash registers for $6,000 in cash. This equipment has a useful life of 3 years after which they are expected to be sold for $600.
Required:
prepare a Balance sheet dated september 30,1995 and the income statement for september 1995.

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.