6 Sold 30 watches for $15,000 on account. Record the cost of the sale. 7 Paid for watches purchased on July 17 . Record the payment of cash. 8 Receive cash of $9,000 for watches sold on account on August 22. Record the receipt of cash for the sale. 9 Purchased 80 watches for $13,600 ( $170 per watch) cash. Record the purchase of inventory for cash. 10 Sold 90 watches for $45,000 cash. Record the sale of inventory for cash. 11 Sold 90 watches for $45,000 cash. Record the cost of Note : = journal entry has been entered Late in December, the next generation of multuse (MU il) 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 th 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. Prepare the journal entries for transactions. (if no entry is required for a particular transaction/event, select "No Journal fintry Required" in the first occount field.) 12 Purchased 100 watches for $18,000 ( $180 per watch) on account. Record the purchase of inventory on account. 13 Sold 40 watches for $20,000 on account. Record the sale of inventory on account. 14 Sold 40 watches for $20,000 on account. Record the cost of inventory sold. 15 Record any necessary adjusting entry for lower of cost and net realizable value. 16 Record the closing entry for revenue accounts. 17 Record the closing entry for expense accounts. Note: = journal entry has been entered Now that operations for outdoor clinics and TEAM events are running smoothily. Suzie thinks of another area for business expansion. She notices that a few clinic particlpants wear multuse (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 molsture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches avallable for sale at the start of eaci clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $500 each. July 17 Purchased 50 watches for $7,500 (\$150 per match) on account. July 31 Sold 40 watehes for $20,000 cash. August 12 Purchased 49 watches for $6,400 ( $160 - per watch) cash. August 22 Sold 30 watehes for $15,000 on account. Septenber 19 Paid for watches purchased on July 17. Septeaber 27. Receive cash of $9,000 - for watches sold on account on August 22. October 27 Purchased so watches for $13,600 (\$170 per watch) cash. Novenber 20 501d 90 watches for 545,000 cash. Deconber 4 Purchased 100 watches for $18,000 ( $100 per watch) on account. Decrnber 5 Sold 40 watches for 320,000 on account. 1 Purchased 50 watches for $7,500 ( $150 per watch) on account. Record the purchase of inventory on account. 2 Sold 40 watches for $20,000 cash. Record the sale of inventory for cash. 3 Sold 40 watches for $20,000 cash. Record the cost of inventory sold. 4 Purchased 40 watches for $6,400 ( $160 per watch) cash. Record the purchase of inventory for cash. 5 Sold 30 watches for $15,000 on account. Record the sale. 6 Sold 30 watches for $15,000 on account. Record the cost Note : = journal entry has been entered 6 Sold 30 watches for $15,000 on account. Record the cost of the sale. 7 Paid for watches purchased on July 17 . Record the payment of cash. 8 Receive cash of $9,000 for watches sold on account on August 22. Record the receipt of cash for the sale. 9 Purchased 80 watches for $13,600 ( $170 per watch) cash. Record the purchase of inventory for cash. 10 Sold 90 watches for $45,000 cash. Record the sale of inventory for cash. 11 Sold 90 watches for $45,000 cash. Record the cost of Note : = journal entry has been entered Late in December, the next generation of multuse (MU il) 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 th 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. Prepare the journal entries for transactions. (if no entry is required for a particular transaction/event, select "No Journal fintry Required" in the first occount field.) 12 Purchased 100 watches for $18,000 ( $180 per watch) on account. Record the purchase of inventory on account. 13 Sold 40 watches for $20,000 on account. Record the sale of inventory on account. 14 Sold 40 watches for $20,000 on account. Record the cost of inventory sold. 15 Record any necessary adjusting entry for lower of cost and net realizable value. 16 Record the closing entry for revenue accounts. 17 Record the closing entry for expense accounts. Note: = journal entry has been entered Now that operations for outdoor clinics and TEAM events are running smoothily. Suzie thinks of another area for business expansion. She notices that a few clinic particlpants wear multuse (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 molsture from kayaking. rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches avallable for sale at the start of eaci clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $500 each. July 17 Purchased 50 watches for $7,500 (\$150 per match) on account. July 31 Sold 40 watehes for $20,000 cash. August 12 Purchased 49 watches for $6,400 ( $160 - per watch) cash. August 22 Sold 30 watehes for $15,000 on account. Septenber 19 Paid for watches purchased on July 17. Septeaber 27. Receive cash of $9,000 - for watches sold on account on August 22. October 27 Purchased so watches for $13,600 (\$170 per watch) cash. Novenber 20 501d 90 watches for 545,000 cash. Deconber 4 Purchased 100 watches for $18,000 ( $100 per watch) on account. Decrnber 5 Sold 40 watches for 320,000 on account. 1 Purchased 50 watches for $7,500 ( $150 per watch) on account. Record the purchase of inventory on account. 2 Sold 40 watches for $20,000 cash. Record the sale of inventory for cash. 3 Sold 40 watches for $20,000 cash. Record the cost of inventory sold. 4 Purchased 40 watches for $6,400 ( $160 per watch) cash. Record the purchase of inventory for cash. 5 Sold 30 watches for $15,000 on account. Record the sale. 6 Sold 30 watches for $15,000 on account. Record the cost Note : = journal entry has been entered