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 $860 each. Jul. 17 Purchased 184 watches for $15,660 ($150 per watch) on account. Jul. 31 Sold 96 watches for $82,568 cash. Aug. 12 Purchased 76 watches for $12, 160 (516per watch) cash. Aug. 22 Sold 66 watches for $56,768 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $34, 856 for watches sold on account on August 22. Oct. 27 Purchased 170 watches for $28,9ee (5170 per watch) cash. Nov. 20 Sold 126 watches for $108,368 cash. Dec. 4 Purchased 136 watches for $24,480 ($180 per watch) on account. 8 Sold 76 watches for $65,368 on account. Dec. Late in December, the next generation of multiuse (MUI) 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 Joumal General Ledger Trial Balance Income Balance Sheet Statement 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 ist Journal entry worksheet Requirement General Joumal 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 Entry Required in the first account field.) View transaction Est Journal entry worksheet 2 3 4 5 6 7 17 Purchased 104 watches for $15,600 ($150 per watch) on account. Record the purchase of inventory on account Note: Enter debts before gesls. Date General Journal Debit Credit JUI 17 Record by View generale Requirement General Journal General Ledger Tal Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2072 Revenues Net Sales Gross Profit Operating Expense Total Operating Expenses Operating Income (Loss) Income before Income Taxes Alizable value of MU Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheel Prepare a dassified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: Total Current Liablities Total Current Assets Long-term Assets Total Liabildes Stockholders' Equity Total Assets Total Stockholders Equity Total Liabites and Stockholders' Equity (Income Statement 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 $860 each. Jul. 17 Purchased 184 watches for $15,660 ($150 per watch) on account. Jul. 31 Sold 96 watches for $82,568 cash. Aug. 12 Purchased 76 watches for $12, 160 (516per watch) cash. Aug. 22 Sold 66 watches for $56,768 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $34, 856 for watches sold on account on August 22. Oct. 27 Purchased 170 watches for $28,9ee (5170 per watch) cash. Nov. 20 Sold 126 watches for $108,368 cash. Dec. 4 Purchased 136 watches for $24,480 ($180 per watch) on account. 8 Sold 76 watches for $65,368 on account. Dec. Late in December, the next generation of multiuse (MUI) 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 Joumal General Ledger Trial Balance Income Balance Sheet Statement 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 ist Journal entry worksheet Requirement General Joumal 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 Entry Required in the first account field.) View transaction Est Journal entry worksheet 2 3 4 5 6 7 17 Purchased 104 watches for $15,600 ($150 per watch) on account. Record the purchase of inventory on account Note: Enter debts before gesls. Date General Journal Debit Credit JUI 17 Record by View generale Requirement General Journal General Ledger Tal Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2072 Revenues Net Sales Gross Profit Operating Expense Total Operating Expenses Operating Income (Loss) Income before Income Taxes Alizable value of MU Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheel Prepare a dassified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-dosing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: Total Current Liablities Total Current Assets Long-term Assets Total Liabildes Stockholders' Equity Total Assets Total Stockholders Equity Total Liabites and Stockholders' Equity (Income Statement