General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet 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 No 1 Date Jul 17 General Journal Inventory Accounts Payable Debit 12,450 12,450 2 Jul 31 59,040 Cash Sales Revenue 59,040 3 Jul 31 12,300 Cost of Goods Sold Inventory 12,300 4 Aug 12 9,920 Inventory Cash 9,920 N 5 Aug 22 37,440 Accounts Receivable Sales Revenue 37,440 6 Aug 22 8,310 Cost of Goods Sold Inventory 8,310 7 Sep 19 12,450 Accounts Payable Cash 12,450 8 Sep 27 22,464 Cash Accounts Receivable 22,464 N 9 Oct 27 22,950 Inventory Cash 22,950 K 10 Nov 20 80,640 Cash Sales Revenue 80,640 11 Nov 20 18,930 Cost of Goods Sold Inventory 18,930 12 Dec 04 21,960 Inventory Accounts Payable 21,960 13 Dec 08 44,640 Accounts Receivable Sales Revenue 44,640 114 Dec 08 10,820 Cost of Goods Sold Inventory 10,820 15 Dec 31 7,520 Cost of Goods Sold Inventory 7,520 16 Dec 31 221,760 Sales Revenue Income Tax Payable 22,760 17 Dec 31 57,880 Income Tax Payable Cost of Goods Sold 57,880 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 $720 each. Jul. 17 Purchased 83 watches for $12,450 ($150 per watch) on account. Jul. 31 Sold 82 watches for $59,040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 $170 per watch) cash. Nov. 20 Sold 112 watches for $80, 640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 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. Answer is not complete. General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Great Adventures Problem AP6-1 (GL) [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 $720 each es Jul. 17 Purchased 83 watches for $12,450 ($150 per watch) on account. Jul. 31 Sold 82 watches for $59, 040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 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 Unadjusted Dates: Jul 17 to: Dec 08 General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Date Debit Credit Balance 37,100 96,140 86,220 Balance 35,000 72,440 2 59,040 5 Aug 22 37,440 Jul 31 Aug 12 4 9,920 es Inventory No. Allowance for Uncollectible Accounts Date Debit Credit Jul 17 No. Date Debit Credit Balance Balance 3,500 Jul 17 0 1 12,450 Jul 17 Jul 31 Aug 12 3 4 13,120 12,450 (670) 9,250 9,920 Equipment Accumulated Depreciation No. Date Debit Credit No. Debit Credit Balance 56,000 Date Jul 17 Balance 29,500 Jul 17 Accounts Payable Credit Interest Payable Debit Credit No. Debit No. Date Date Jul 17 Jul 17 Balance 5,000 17,450 Balance 1,300 Jul 17 1 12,450 No. Date Debit Credit Balance No. Date Debit Credit Balance Jul 17 460 Jul 17 175 Cost of Goods Sold Depreciation Expense Debit Credit No. Date Debit Credit Balance No. Date Balance 0 Jul 17 21,500 3 Jul 31 13,120 13,120 Salaries Expense Supplies Expense Debit Credit No. Date No. Date Debit Credit Balance 1,600 Balance 35,000 es Jul 17 Jul 17 Bad Debt Expense Interest Expense No. Debit Credit No. Debit Credit Date Jul 17 Balance 3,500 Date Jul 17 Balance 2,900 Rent Expense Income Tax Expense Debit Credit No. Debit Credit No. Date Date Jul 17 Balance 3,500 Balance 15,600 Jul 17 Insurance Expense Debit Credit No. Date Jul 17 Balance 5,900 Great Adventures Problem AP6-1 (GL) [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 $720 each es Jul. 17 Purchased 83 watches for $12,450 ($150 per watch) on account. Jul. 31 Sold 82 watches for $59, 040 cash. Aug. 12 Purchased 62 watches for $9,920 ($160 per watch) cash. Aug. 22 Sold 52 watches for $37,440 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $22,464 for watches sold on account on August 22. Oct. 27 Purchased 135 watches for $22,950 ($170 per watch) cash. Nov. 20 Sold 112 watches for $80,640 cash. Dec. 4 Purchased 122 watches for $21,960 ($180 per watch) on account. Dec. 8 Sold 62 watches for $44,640 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 Unadjusted Dates: Jul 17 to: Dec 08 General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Date Debit Credit Balance 37,100 96,140 86,220 Balance 35,000 72,440 2 59,040 5 Aug 22 37,440 Jul 31 Aug 12 4 9,920 es Inventory No. Allowance for Uncollectible Accounts Date Debit Credit Jul 17 No. Date Debit Credit Balance Balance 3,500 Jul 17 0 1 12,450 Jul 17 Jul 31 Aug 12 3 4 13,120 12,450 (670) 9,250 9,920 Equipment Accumulated Depreciation No. Date Debit Credit No. Debit Credit Balance 56,000 Date Jul 17 Balance 29,500 Jul 17 Accounts Payable Credit Interest Payable Debit Credit No. Debit No. Date Date Jul 17 Jul 17 Balance 5,000 17,450 Balance 1,300 Jul 17 1 12,450 No. Date Debit Credit Balance No. Date Debit Credit Balance Jul 17 460 Jul 17 175 Cost of Goods Sold Depreciation Expense Debit Credit No. Date Debit Credit Balance No. Date Balance 0 Jul 17 21,500 3 Jul 31 13,120 13,120 Salaries Expense Supplies Expense Debit Credit No. Date No. Date Debit Credit Balance 1,600 Balance 35,000 es Jul 17 Jul 17 Bad Debt Expense Interest Expense No. Debit Credit No. Debit Credit Date Jul 17 Balance 3,500 Date Jul 17 Balance 2,900 Rent Expense Income Tax Expense Debit Credit No. Debit Credit No. Date Date Jul 17 Balance 3,500 Balance 15,600 Jul 17 Insurance Expense Debit Credit No. Date Jul 17 Balance 5,900