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 $500 each Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash Aug. 12 Purchas ed 40 watches for $6,400 ($160 per watch) cash Aug. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20 Sold 90 watches for $45,000 cash. Dec Receive cash of $9,000 for watches sold on account on Auqust 22. 4 Purchased 100 watches for $18,000 ($180 per watch) on account 8 Sold 40 watches for $20,000 on account. Dec. 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. General Income Statem... Balance General Trial Balance Require... Journal Ledger 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 Journal entry worksheet 4 2 3 5 6 7 8 17 > Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account. Note: Enter debits before credits. General Journal Credit Date Debit Jul 17 Record entry View general journal Clear entry General General Trial Balance Income Require... Balance Statem... Journal Ledger Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Show lessA Unadjust GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Net Sales Gross Profit Operating Expense: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Trial Balance Balance Sheet> General General Trial Balance Income Requir... Journal Ledger Balance Statem... Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Show less Unadjust GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Stockholders' Equity Long-term Assets: Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Income Statement Balance Sheet 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 $500 each Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash Aug. 12 Purchas ed 40 watches for $6,400 ($160 per watch) cash Aug. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20 Sold 90 watches for $45,000 cash. Dec Receive cash of $9,000 for watches sold on account on Auqust 22. 4 Purchased 100 watches for $18,000 ($180 per watch) on account 8 Sold 40 watches for $20,000 on account. Dec. 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. General Income Statem... Balance General Trial Balance Require... Journal Ledger 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 Journal entry worksheet 4 2 3 5 6 7 8 17 > Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account. Note: Enter debits before credits. General Journal Credit Date Debit Jul 17 Record entry View general journal Clear entry General General Trial Balance Income Require... Balance Statem... Journal Ledger Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Show lessA Unadjust GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Net Sales Gross Profit Operating Expense: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Trial Balance Balance Sheet> General General Trial Balance Income Requir... Journal Ledger Balance Statem... Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Show less Unadjust GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Stockholders' Equity Long-term Assets: Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Income Statement Balance Sheet