Question 3 (6 points) Innova Tech Ltd. ("ITL") had the following transactions during the month of October 2020: Date 1. ITL paid $3,000 for an insurance policy covering the business for the period October 1, 2020 - September 30, 2021. 1. ITL purchased computer equipment with a value of $22,000. Management expects that the equipment will have a useful life of three years and a residual value of $4,000. 17. Made $36,000 in product sales of which one quarter was on account and the balance were cash. The cost to ITL of the inventory sold was $9,000. The company also needed to record adjusting entries for the following: 31. Recorded the entry related to its monthly insurance expense. 31. Recorded the entry related to the depreciation of its computer equipment Required (6 marks - 10 minutes): Prepare the journal entries for the above transactions related to October 2020