Check 1 Great Adventures Problem AP6-1 (GL) 20 points [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 $840 each. eBook Ask References Jul. 17 Purchased 101 watches for $15, 150 ($150 per watch) on account. Jul. 31 Sold 94 watches for $78,960 cash. Aug. 12 Purchased 74 watches for $11,840 ($160 per watch) cash. Aug. 22 Sold 64 watches for $53,760 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $32,256 for watches sold on account on August 22. Oct. 27 Purchased 165 watches for $28,050 ($170 per watch) cash. Nov. 20 Sold 124 watches for $104,160 cash. Dec. 4 Purchased 134 watches for $24,120 ($180 per watch) on account. Dec. 8 Sold 74 watches for $62,160 on account. Late in December, the next generation of multiuse (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 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Ent Required in the first account field.) No Date General Journal Debit Credit 1 Jul 17 15,150 Inventory Accounts Payable OO 15,150 2 Jul 31 Cash 78,960 Sales Revenue 78,960 3 Jul 31 14,100 Cost of Goods Sold Inventory 14,100 4 Aug 12 Inventory 11,840 Cash 11,840 5 Aug 22 Accounts Receivable 53,760 Sales Revenue 53,760 6 Aug 22 Cost of Goods Sold 10,170 Inventory 10,170 7 Sep 19 Accounts Payable 15,150 Cash 15,150 #3 % 5 & 7 7 2 4 6 8 Q W E R T Y s D H K K Z X B N M . Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It doe 8 Sep 27 Cash 32,256 Accounts Receivable 32,256 9 Oct 27 28,050 Inventory Cash 28,050 10 Nov 20 Cash 104,160 Sales Revenue 104,160 11 Nov 20 Cost of Goods Sold 20,910 Inventory 20,910 12 Dec 04 24,120 Inventory Accounts Payable 24,120 13 Dec 08 Accounts Receivable 62,160 Sales Revenue 62,160 14 Dec 08 Cost of Goods Sold 12,740 Inventory 12,740 15 Dec 31 Cost of Goods Sold 9,440 > Inventory 9,440 16 Dec 31 Sales Revenue 299,040 Service Revenue 0 X Interest Revenue 0 X 20 E2 ODO 000 F4 F3 ET # 3 $ 4 2 % 5 8 7 6 8. Q W E R S F Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does 14 Dec 08 12,740 Cost of Goods Sold Inventory 12,740 15 Dec 31 Cost of Goods Sold 9,440 Inventory 9,440 16 Dec 31 Sales Revenue 299,040 Service Revenue 0 OOOO Interest Revenue 0 X Retained Earnings 0 17 Dec 31 0 x 0 X 0 X 0 X Retained Earnings Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense 0 X het 0 X 0 X 0 X 0 X 0 Requirement General Ledger > Prev 1 of 1 Hi! Next > FI F2 2 $ 4 3 % 5 & 7 6 8 W E R Y S F Z C B N M Check 1 Great Adventures Problem AP6-1 (GL) 20 points [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 $840 each. eBook Ask References Jul. 17 Purchased 101 watches for $15, 150 ($150 per watch) on account. Jul. 31 Sold 94 watches for $78,960 cash. Aug. 12 Purchased 74 watches for $11,840 ($160 per watch) cash. Aug. 22 Sold 64 watches for $53,760 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $32,256 for watches sold on account on August 22. Oct. 27 Purchased 165 watches for $28,050 ($170 per watch) cash. Nov. 20 Sold 124 watches for $104,160 cash. Dec. 4 Purchased 134 watches for $24,120 ($180 per watch) on account. Dec. 8 Sold 74 watches for $62,160 on account. Late in December, the next generation of multiuse (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 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does n Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Ent Required in the first account field.) No Date General Journal Debit Credit 1 Jul 17 15,150 Inventory Accounts Payable OO 15,150 2 Jul 31 Cash 78,960 Sales Revenue 78,960 3 Jul 31 14,100 Cost of Goods Sold Inventory 14,100 4 Aug 12 Inventory 11,840 Cash 11,840 5 Aug 22 Accounts Receivable 53,760 Sales Revenue 53,760 6 Aug 22 Cost of Goods Sold 10,170 Inventory 10,170 7 Sep 19 Accounts Payable 15,150 Cash 15,150 #3 % 5 & 7 7 2 4 6 8 Q W E R T Y s D H K K Z X B N M . Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It doe 8 Sep 27 Cash 32,256 Accounts Receivable 32,256 9 Oct 27 28,050 Inventory Cash 28,050 10 Nov 20 Cash 104,160 Sales Revenue 104,160 11 Nov 20 Cost of Goods Sold 20,910 Inventory 20,910 12 Dec 04 24,120 Inventory Accounts Payable 24,120 13 Dec 08 Accounts Receivable 62,160 Sales Revenue 62,160 14 Dec 08 Cost of Goods Sold 12,740 Inventory 12,740 15 Dec 31 Cost of Goods Sold 9,440 > Inventory 9,440 16 Dec 31 Sales Revenue 299,040 Service Revenue 0 X Interest Revenue 0 X 20 E2 ODO 000 F4 F3 ET # 3 $ 4 2 % 5 8 7 6 8. Q W E R S F Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does 14 Dec 08 12,740 Cost of Goods Sold Inventory 12,740 15 Dec 31 Cost of Goods Sold 9,440 Inventory 9,440 16 Dec 31 Sales Revenue 299,040 Service Revenue 0 OOOO Interest Revenue 0 X Retained Earnings 0 17 Dec 31 0 x 0 X 0 X 0 X Retained Earnings Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense 0 X het 0 X 0 X 0 X 0 X 0 Requirement General Ledger > Prev 1 of 1 Hi! Next > FI F2 2 $ 4 3 % 5 & 7 6 8 W E R Y S F Z C B N M