I need a Journal Entry worksheet for all 17 scenarios I provided
! Required information [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 Purchased 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 Receive cash of $9,000 for watches sold on account on August 22. Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20 Sold 90 watches for $45,000 cash. Dec. 4 Purchased 100 watches for $18,000 ($180 per watch) on account. Dec. 8 Sold 40 watches for $20,000 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. Requirement General Journal 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 list Journal entry worksheet Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account. Journal entry worksheet Sold 40 watches for $20,000 cash. Record the cost of inventory sold. Journal entry worksheet 2 3 4 5 6 7 8 17 Purchased 40 watches for $6,400 ($160 per watch) cash. Record the purchase of inventory for cash. Journal entry worksheet Sold 30 watches for $15,000 on account. Record the sale. Journal entry worksheet Paid for watches purchased on July 17. Record the payment of cash. Journal entry worksheet Receive cash of $9,000 for watches sold on account on August 22. Record the receipt of cash for the sale. Journal entry worksheet Purchased 80 watches for $13,600 ($170 per watch) cash. Record the purchase of inventory for cash. Journal entry worksheet Sold 90 watches for $45,000 cash. Record the sale of inventory for cash. Journal entry worksheet Sold 90 watches for $45,000 cash. Record the cost of inventory sold. Journal entry worksheet Purchased 100 watches for $18,000 ($180 per watch) on account. Record the purchase of inventory on account. Journal entry worksheet Sold 40 watches for $20,000 on account. Record the sale of inventory on account. Journal entry worksheet 1 9 10 11 12 13 14 17 Sold 40 watches for $20,000 on account. Record the cost of inventory sold. Journal entry worksheet Record the write-down of inventory to net realizable value. Journal entry worksheet Record the closure of revenue accounts. Journal entry worksheet Record the closure of expense accounts
