Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another...

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Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $860 each. Jul. 17 Purchased 104 watches for $15,600 ($150 per watch) on account. Jul. 31 Sold 96 watches for $82,560 cash. Aug. 12 Purchased 76 watches for $12,160 ($160 per watch) cash. Aug. 22 Sold 66 watches for $56,760 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $34,056 for watches sold on account on August 22. Oct. 27 Purchased 170 watches for $28,900 (5178 per watch) cash. Nov. 20 Sold 126 watches for $108,360 cash. Dec. 4 Purchased 136 watches for $24,480 ($188 per watch) on account. Dec. 8 Sold 76 watches for $65,360 on account. Late In December, the next generation of multluse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Late In December, the next generation of multluse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Requirement General Journal View transaction list Journal entry worksheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Date General Ledger 2 17 ادال 3 Note: Enter debits before credits. Trial Balance 4 Income Statement 5 6 7 Purchased 104 watches for $15,600 ($150 per watch) on account. Record the purchase of inventory on account. General Journal Balance Sheet TOMMENTARER 8..... 17 Debit Credit HANGING ACREDERE MEROMETER TERENEMAAKONNAS that E > Unadjusted No. No. No. No. No. No. No. No. NO. NO. Defe J 17 Date JJ17 Defe JJ 17 Date Jul 17 Date JM 17 Date Jul 17 Date JE 17 Date Jul 17 Date JJF 17 JJF 17 Debiti Debit ad Depre Debit Creat Credit Creat Interest Payable Debit Credit Noles Payable Debit Credit Retained Earnings Debit Debit Credit Lales Discounts Debit Credit Deprealation Expence Debit Credit Batarles Expence Debit Creat Interest Expence Debit Credit Income Tax Expence Credit Balance 37,310 Balance 4,200 Balance 33,000 Balance 1,620 Balance 66,000 Balance 37,950 Balance 530 Balance 25.000 Balance 42.000 Balance 3.600 Balance 16.300 No. No. No. No. No. No. No. NO. No. No. Dates: Jul 17 Date J17 Defe Jul 17 Date JJ17 Date JJ17 Date JJ 17 Data Jul 17 Date Jul 17 Date Jul 17 Date JJ 17 Date Mal Batorow> Debit Equtprent Debit Ascounts Payable Debit Common Mook Debit Income Tax Payable Debit Bervice Revere Debit Credit Interest Revenue Debit Rent Expence Debit to: Dec 08 Credit Credit Credit Credit Juppiles Expence Debit Creat Bad Debt Expence Debit Credit Credit Insurance Expence Debit Credit Credit Credit Balance 42.000 Balance 63,000 Balance 6,400 Balance 16.300 Balance 27,830 Balance 53.000 Balance Balance 210 2.300 Balance 4200 Balance Balance 6.500 Requirement Ledger Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-dosing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Journal Cash Accounts Receivable Allowance for Uncollectible Accounts Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Discounts Interest Revenue Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total Tral Balance Account Title Statement GREAT ADVENTURES, INC. Trial Balance December 03, 2022 General Ledger Balance Sheet Income Statement > S Debit 37,310 42,000 63,000 530 25,000 2,300 42,000 4.200 3,600 4,200 16,300 6,800 247,040 S Credit 4,200 33,000 6,400 1,650 16,300 68,000 27,830 37,950 53,500 210 247,040 Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, balances will appear for each account, based on your selection. Unadjusted Revenues Sales Revenue Net Sales Gross Profit Operating Expense: GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Total Operating Expenses Operating Income (Loss) Income Before Income Taxes $ CAREE 20 Trial Balance 0 0 0 0 0 0 0 0 0 0 0 0 S 0 0 Balance Sheet > Requirement Current Assets: General Journal Total Current Assets Long-term Assets: Total Assets General Ledger Prepare a dassified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balan The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Trial Balance Assets Income Statement S GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 0 0 0 0 0 Balance Sheet 0 Current Liabilities: <Income Statement Total Current Liabilities Total Liabilities Liabilities Stockholders' Equity 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders Equity S 0 Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $860 each. Jul. 17 Purchased 104 watches for $15,600 ($150 per watch) on account. Jul. 31 Sold 96 watches for $82,560 cash. Aug. 12 Purchased 76 watches for $12,160 ($160 per watch) cash. Aug. 22 Sold 66 watches for $56,760 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $34,056 for watches sold on account on August 22. Oct. 27 Purchased 170 watches for $28,900 (5178 per watch) cash. Nov. 20 Sold 126 watches for $108,360 cash. Dec. 4 Purchased 136 watches for $24,480 ($188 per watch) on account. Dec. 8 Sold 76 watches for $65,360 on account. Late In December, the next generation of multluse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Late In December, the next generation of multluse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. Requirement General Journal View transaction list Journal entry worksheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Date General Ledger 2 17 ادال 3 Note: Enter debits before credits. Trial Balance 4 Income Statement 5 6 7 Purchased 104 watches for $15,600 ($150 per watch) on account. Record the purchase of inventory on account. General Journal Balance Sheet TOMMENTARER 8..... 17 Debit Credit HANGING ACREDERE MEROMETER TERENEMAAKONNAS that E > Unadjusted No. No. No. No. No. No. No. No. NO. NO. Defe J 17 Date JJ17 Defe JJ 17 Date Jul 17 Date JM 17 Date Jul 17 Date JE 17 Date Jul 17 Date JJF 17 JJF 17 Debiti Debit ad Depre Debit Creat Credit Creat Interest Payable Debit Credit Noles Payable Debit Credit Retained Earnings Debit Debit Credit Lales Discounts Debit Credit Deprealation Expence Debit Credit Batarles Expence Debit Creat Interest Expence Debit Credit Income Tax Expence Credit Balance 37,310 Balance 4,200 Balance 33,000 Balance 1,620 Balance 66,000 Balance 37,950 Balance 530 Balance 25.000 Balance 42.000 Balance 3.600 Balance 16.300 No. No. No. No. No. No. No. NO. No. No. Dates: Jul 17 Date J17 Defe Jul 17 Date JJ17 Date JJ17 Date JJ 17 Data Jul 17 Date Jul 17 Date Jul 17 Date JJ 17 Date Mal Batorow> Debit Equtprent Debit Ascounts Payable Debit Common Mook Debit Income Tax Payable Debit Bervice Revere Debit Credit Interest Revenue Debit Rent Expence Debit to: Dec 08 Credit Credit Credit Credit Juppiles Expence Debit Creat Bad Debt Expence Debit Credit Credit Insurance Expence Debit Credit Credit Credit Balance 42.000 Balance 63,000 Balance 6,400 Balance 16.300 Balance 27,830 Balance 53.000 Balance Balance 210 2.300 Balance 4200 Balance Balance 6.500 Requirement Ledger Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-dosing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Journal Cash Accounts Receivable Allowance for Uncollectible Accounts Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Discounts Interest Revenue Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total Tral Balance Account Title Statement GREAT ADVENTURES, INC. Trial Balance December 03, 2022 General Ledger Balance Sheet Income Statement > S Debit 37,310 42,000 63,000 530 25,000 2,300 42,000 4.200 3,600 4,200 16,300 6,800 247,040 S Credit 4,200 33,000 6,400 1,650 16,300 68,000 27,830 37,950 53,500 210 247,040 Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, balances will appear for each account, based on your selection. Unadjusted Revenues Sales Revenue Net Sales Gross Profit Operating Expense: GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Total Operating Expenses Operating Income (Loss) Income Before Income Taxes $ CAREE 20 Trial Balance 0 0 0 0 0 0 0 0 0 0 0 0 S 0 0 Balance Sheet > Requirement Current Assets: General Journal Total Current Assets Long-term Assets: Total Assets General Ledger Prepare a dassified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balan The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Trial Balance Assets Income Statement S GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 0 0 0 0 0 Balance Sheet 0 Current Liabilities: <Income Statement Total Current Liabilities Total Liabilities Liabilities Stockholders' Equity 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders Equity S 0

Answer rating: 100% (QA)

Journal Entries To prepare the journal entries for the given transactions we need to record the purchases and sales of MU watches Well also account for the payment and receipt of cash for these transa... View the full answer