5 14.28 points Book [The following information applies to the questions displayed below. Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie 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 $500 each Jul. 17 Purchased 50 watches for $7.500 ($150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash. Aug. 12 Purchased 40 watches for $6,400 ($260 per watch) cash. Aug. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $9,000 for watches sold on account on August 22. Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20 Sold 90 watches for $45,000 cash. Dec. 4 Purchased 100 watches for $18,000 ($180 per watch) on account. Dec. # Sold 40 watches for $20,000 on account. Late in December, the next generation of multluse (MUI) watches is released. In addition to all of the features of the MU watch, the MU I 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. Print References 5 General Journal Trial Balance Balance Sheet General Ledger Income Statement Requirement 14.28 points 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.) View transaction list View Journal entry worksheet Credit General Journal Debit 7,500 No eBook Date Jul 17 1 Inventory Accounts Payable 7,500 Print 20,000 7 2. 31 Cash Sales Revenue 20,000 References 6,000 3 Jul 31 Cost of Goods Sold Inventory 6,000 6,400 4 Aug 12 Inventory Cash 6,400 15,000 5 Aug 22 Accounts Receivable Sales Revenue 15,000 4.700 2 6 Aug 22 Cost of Goods Sold Inventory 4.700 7,500 7 Sep 19 Accounts Payable Cash 7,500 9.000 8 Sep 27 Cash Accounts Receivable 9,000 13,600 9 Oct 27 Inventory Cash 13,600 IN 10 Nov 20 Cash 45,000 5 6 4,700 Aug 22 Cost of Goods Sold 4,700 Inventory 7 7,500 Sep 19 Accounts Payable Cash 14.28 points 7,500 9,000 8 Sep 27 Cash Accounts Receivable 9,000 eBook 9 13,600 Oct 27 Inventory Cash 13,600 Print 10 Nov 20 45,000 Cash Sales Revenue References 45,000 11 Nov 20 15,100 Cost of Goods Sold Inventory 15,100 12 Dec 04 18,000 Inventory Accounts Payable 18,000 Dec 08 20.000 Accounts Receivable Sales Revenue 20,000 14 Dec 08 7.100 Cost of Goods Sold Inventory 7,100 15 Dec 31 5,600 Cost of Goods Sold Inventory 5,600 16 Dec 31 No Transaction Recorded 17 Dec 31 No Transaction Recorded 5 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 14.28 points Each Journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Dates: Jul 17 to: Dec 31 General Ledger Account eBook Cash Accounts Receivable Debit Credit Print No. Date Debit Credit No. Dato 2 20,000 15,000 References Balance 24.000 39,000 30,000 50,000 5 8 13 6,400 7,500 Balance 36,770 56,770 50,370 42,870 51,870 38,270 83,270 Aug 22 Sep 27 Dec 08 9.000 7 Jul 31 Aug 12 Sep 19 Sep 27 Oct 27 Nov 20 20,000 9,000 13,000 9 10 45.000 Allowance for Uncollectible Accounts Inventory Debit No. Debit Credit No. Credit Balance Date Jul 17 Balance 2.400 0 7,500 6,000 1 3 4 6 9 6,400 Date Jul 17 Jul 17 Jul 31 Aug 12 Aug 22 Oct 27 Nov 20 Dec 04 Dec 08 Dec 31 4.700 13,600 7,500 1,500 7,900 3,200 18,800 1,700 19,700 12,600 7.000 11 15,100 12 18,000 14 15 7.100 5,600 Equipment Accumulated Depreciation Debit Credit No Debit Credit No. Date Jul 17 Balance 45,000 Date Jul 17 Balance 24,000 Accounts Payablo Interest Payable 5. Accounts Payable Debit Credit Interest Payable Debit Credit No. Balance 2,800 No. Balance 750 Date Jul 17 7.500 4.28 Date Jul 17 Jul 17 Sep 19 Dec 04 1 points 10,300 2,800 20,800 7 7.500 12 18,000 Notes Payable Debit Credit Income Tax Payable Debit Credit eBook No. No. Balance 30,000 Balance 14,500 Date Jul 17 Date Jul 17 Print Common Stock Debit Credit Retained Earnings Debit Credit No. No. Date Jul 17 Balance 20,000 Balance 33,450 Date Jul 17 References Service Revenue Debit Credit Sales Revenue Debit Credit No. No. Date Jul 17 Balance 44,500 2 5 10 13 Date Jul 17 Jul 31 Aug 22 Nov 20 Dec 0B 20,000 15.000 45,000 20,000 Balance 0 20.000 35,000 80,000 100,000 Interest Revenue Sales Discounts Debit Credit Debit No. No. Credit Date Jul 17 Balance 350 Date Jul 17 Balance 120 Cost of Goods Sold Debit Credit Depreciation Expense Debit Credit Date No. No. Date Jul 17 Balance 16,000 6 Jul 31 Aug 22 Nov 20 Dec 08 Dec 31 11 Balance 0 6,000 10,700 25,800 32,900 38,500 6,000 4,700 15.100 7,100 5,600 14 15 Supplies Expense Salaries Expense 5 Debit Credit No. No. Debit Credit Date Jul 17 Balance 44,500 2 Date Jul 17 Jul 31 Aug 22 Nov 20 Dec 08 Balance 0 20,000 35,000 80,000 100,000 20,000 15,000 45,000 20,000 5 10 4.28 boints 13 Sales Discounts Interest Revenue Debit Credit eBook No. Date Debit Credit No. Balance 350 Date Jul 17 Balance 120 Jul 17 Print Cost of Goods Sold Depreciation Expense Debit Credit No. Date Debit Credit Balance No. Date Jul 17 Balance 16,000 0 References 3 6 11 Jul 31 Aug 22 Nov 20 Dec 08 Dec 31 6,000 4,700 15,100 7,100 5,600 6,000 10,700 25,800 32,900 38,500 14 15 Supplies Expense Debit Credit Salaries Expense Debit Credit No. No. Date Jul 17 Balance 500 Date Jul 17 Balance 24,000 Bad Debt Expense Debit Credit Interest Expense Debit Credit No. No. Dato Jul 17 Balance 2,400 Date Jul 17 Balance 1,800 Rent Expense Income Tax Expense Debit Credit No. Debit Credit No. Date Jul 17 Balance 2.400 Date Jul 17 Balance 14,500 Insurance Expense Debit Credit No. Date Jul 17 Balance 4,800 5 General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet 4.28 oints Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Adjusted eBook GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Print $ Debit 83.270 50,000 References 2,400 7,000 45,000 24,000 20.800 750 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expono Insurance Expense Total 14,500 30,000 20,000 33,450 44,500 100,000 350 120 38.500 16,000 500 24,000 2.400 1,800 2.400 14,500 4.800 29052015 Is 290.52 5 you choose will be the values used to populate the income statement and balance sheet tabs. Adjusted 9.28 GREAT ADVENTURES, INC Trial Balance December 31, 2022 Credit Account Title $ Debit 83,270 50,000 eBook 2.400 7,000 45,000 Print 24,000 20,800 750 References Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earings Service Revenue Sales Revenue Sales Discounts Interest Revenue Coat of Goods Sold Depreciation Expense Supplies Expense Salarios Exponse Bad Debt Expense Interest Expense Rent Expense Income Tax Expenso Insurance Expense Total 14,500 30,000 20.000 33.450 44,500 100,000 350 120 38,500 16,000 500 24,000 2,400 1,800 2,400 14,500 4,800 290,520 $ 290,520 LO General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjust balances will appear for each account, based on your selection. 14.28 points Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 eBook Print Revenues Service Revenue Sales Revenue Sales Discounts 44,500 100,000 (350) 0 144,150 38,500 References $ 105,650 Net Sales Cost of Goods Sold Gross Profit Operating Expense: Depreciation Expense insurance Expense Rent Expense aries Expense Supplies Expense Bad Debt Expense 16,000 4,800 2,400 24,000 500 2,400 0 Total Operating Expenses Operating Income (Loss) Interest Revenue interest Expense Income Before Income Taxes Income Tax Expense Net Income 50,100 55,550 120 (1.800) 53,870 14,500 39,370 $ 5 Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU wan MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and vid Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value watches is only $100 per watch. 14.28 points General Journal General Ledger Requirement Income Statement Trial Balance Balance Sheet eBook Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Print GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 References Assets Liabilities $ $ Current Assets Cash Accounts Receivable Inventory Current Liabilities: 83,270 Accounts Payable 50,000 Interest Payable 7.000 20,800 750 0 0 0 21,550 O Total Current Liabilities 0 0 140,270 21,550 Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity Retained Earnings Common Stock 0 72.820 20,000 0 0 0 0 Total Stockholders' Equity 140.270 Total Liabilities and Stockholders' Equity 92.820 114,370 $ $ Total Assets Income Statement