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HELP PLS! number 3 is incorrect and number 16 and 17 I have no idea what to put. Great Adventures Problem AP6-1 (GL) 20 points
HELP PLS! number 3 is incorrect and number 16 and 17 I have no idea what to put.
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. Answer is not complete. 20 points Trial General General 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.) No Date General Journal Debit Credit 1 Jul 17 Inventory 12,450 Accounts Payable 12,450 2 Jul 31 Cash Sales Revenue 59,040 59,040 3 Jul 31 Cost of Goods Sold Inventory 13,120 X 13,120 X 4 Aug 12 9,9207 Inventory Cash 9,920 5 Aug 22 Accounts Receivable Sales Revenue v 37,440 37,4407 6 Aug 22 8,310 Cost of Goods Sold Inventory 8,310 7 7 Sep 19 Accounts Payable Cash 12,450 12,450 8 Sep 27 Cash Acoounts Receivable 22,464 HE 9 22,464 9 Oct 27 Inventory Cash 22,950 22,950 10 Nov 20 Cash Sales Revenue 80,640 80,6407 11 Nov 20 18,930 Cost of Goods Sold Inventory 18,9307 12 Dec 04 21,960 Inventory Accounts Payable 3 21,960 13 Dec 08 Accounts Receivable Sales Revenue 44,640 44,640 14 Dec 08 10,820 Cost of Goods Sold Inventory 10,8207 15 Dec 31 Cost of Goods Sold Inventory 7,520 7,520 Journal entry worksheet Record the closure of revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry View general journal Clear entry Journal entry worksheet Record the closure of expense accounts. Note: Enter debits before credits. es Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journalStep by Step Solution
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