Analyze each transaction statement and prepare the appropriate journal entry(s) to account for MM-Q Watches Incorporated operating activities for Fiscal Year(January - December) 2013.

On January 1, 2013 Magdalena, Matt, and Quan invested $675,000 cash, land worth $385,000 and a Warehouse Facility worth $465,000 to form MM-Q Watches Incorporated. MM-Q Watches Inc will function as a retailer in the business of buying and selling custom watches.

On January 1, 2013 MM-Q Watches Incorporated purchased 53,250 wrist watches on credit at a average wholesale price of $12.10 per watch. Jamrock Inc is in the business of buying and selling watches; the company plans to re-sale the 53,250 watches purchased at retail prices.

On March 1, 2013 MM-Q Watches Inc sold 10,350 wrist watches for cash, the average sale price per watch is $130.00. [Hint: this transaction will produce two journal entries].

On March 15, 2013 MM-Q Watches Incorporated purchases Office Equipment on account for $90,500.

On April 30, 2013 MM-Q Watches Inc received a bill for utilities used in the amount of $8,250.[Be careful with this one folks - think about what's going on in the transaction].

By May 31, 2013 MM-Q Watches Inc employees had worked and were paid for a total of 12,000 hours; the average hourly rate of pay is $14.25 per hour.

On June 30, 2013 MM-Q Watches Purchased a 3 Year Insurance Policy to Start on June 30, 2012 for $39,660.

On July 31, 2013 Sun-Glass Hut Paid MM-Q Watches Inc $2,208,937.50 for 15,750 custom watches. As part of the order MM-Q Watches has promised to inprint Sun-Glass Hut's insignia on each watch band. MM-Q Watches Inc plans to have the first batch of 10,000 watches ready for shipment to Sun-Glass Hut on October 31, 2013. The remaining batch of watches will not be ready for shipment until January of the following year. Prepare the July 31st Journal Entry.

On July 31, 2013 MM-Q Watches was approved for a $3,150,000, 6 year term loan, bearing interest of 8.25% per annum. Interest payments are due on each July 31st of the next 6 years.

On October 31, 2013 MM-Q Watches Inc shipped (FOB-shipping point) Sun-Glass Hut 10,000 custom watches paid for in entry "8.)". [Hint1: this transaction will produce two journal entries]. {Be Careful - You will need to perform a few arithmetic calculations as well}