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 $600 each. Jul. 17 Purchased 65 watches for $9,750 ($150 per watch) on account. Jul. 31 Sold 50 watches for $30,000 cash Aug. 12 Purchased 50 watches for $8,000 ($160 per watch) cash. Aug. 22 Sold 40 watches for $24,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $14,400 for watches sold on account on August 22. Oct. 27 Purchased 105 watches for $17,850 ($170 per watch) cash. Nov. 20 Sold 100 watches for $60,000 cash. Dec. 4 Purchased 110 watches for $19,800 ($180 per watch) on account. Dec. 8 Sold 50 watches for $30,000 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. No General Journal Credit Date Jul 17 Debit 9,750 Inventory Accounts Payable 9,750 Jul 31 30,000 Cash Sales Revenue 30,000 Jul 31 7,500 Cost of Goods Sold Inventory 7,500 Aug 12 8,000 Inventory Cash 8,000 Aug 22 24,000 Accounts Receivable Sales Revenue 24,000 Aug 22 0x Cost of Goods Sold Inventory 0X Sep 19 Accounts Payable Cash 9.750 9,750 Sep 27 14,400 Cash Accounts Receivable 14,400 9 Oct 27 17.850 Inventory Cash 17,850 10 Nov 20 60,000 Cash Sales Revenue 60,000 Nov 20 0X Cost of Goods Sold Inventory 12 Dec 04 19,800 Inventory Accounts Payable 19,800 13 Dec 08 30.000 Accounts Receivable Sales Revenue 30,000 14 Dec 08 Cost of Goods Sold Inventory 15 Dec 31 OX Cost of Goods Sold Inventory 16 Dec 31 17 Dec 31