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 $580 each. Jul. 17 Purchased 62 watches for $9,300 ($150 per watch) on account. Jul. 31 Sold 48 watches for $27,840 cash. Aug. 12 Purchased 48 watches for $7,680 ($160 per watch) cash. Aug. 22 Sold 38 watches for $22,040 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $13,224 for watches sold on account on August 22. Oct. 27 Purchased 100 watches for $17,000 ($170 per watch) cash. Nov. 20 Sold 98 watches for $56,840 cash. Dec. 4 Purchased 108 watches for $19,440 ($180 per watch) on account. Dec. 8 Sold 48 watches for $27,840 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. Journal entry worksheet Sold 38 watches for $22,040 on account. Record the cost of the sale. Note: Enter debits before credits. General Journal Debit Credit Date Aug 22 Record entry Clear entry View general journal Journal entry worksheet Sold 98 watches for $56,840 cash. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit Nov 20 Record entry Clear entry View general journal Journal entry worksheet Sold 48 watches for $27,840 on account. Record the cost of inventory sold. Note: Enter debits before credits. General Journal Debit Credit Date Dec 08 Record entry Clear entry View general journal Journal entry worksheet Record the write-down of inventory to net realizable value. Note: Enter debits before credits. Debit Credit Date Dec 31 General Journal Cost of Goods Sold Inventory Record entry Clear entry View general journal Record the closure of revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal