journal entries
15) write down kf incentory to net realizable value
16)closure of revenue accounts
17)closure of expense accounts
Great Adventures Problem AP61(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 multluse (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 $740 each Jul 17 Purchased 36 watches for $12,900 ($150 per watch) on account. Jul. 3 Sold 4 watches for $62,160 cash Aug 12 Purchased 64 watches for $10,240 ($160 per watch) cash. Aug. 22 Sold 4 watches for $39,960 on account. Sep. 19 Paid for watches purchased on July 17. Sep 27 Receive cash of $23,976 for watches sold on account on August 22. Oct. 27 Purchased 140 watches for $25,000 ($170 per match) cash. Nov. 20 Sold 114 watches for $84,360 cash. 4 Purchased 124 watches for $22,320 (5180 per watch) on account. Dec. Sold 64 watches for $47,360 on account. Dec Late in December, the next generation of multiuse (MU I watches is released. In addition to all of the features of the MU watch, the MU I 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. TOIVO Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate ce 47 360 Sales Reven Dec 09 11,140 Cost of Goods Sold Inventory 11,140 15 Dec 31 Cost of Goods Sold Inventory 51.620 51,620 16 Dec 31 Sales Revenue 275,4603 17 Dec 31 72,900 000 >> Retained Earnings Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Depreciation Expense Cost of Goods Sold 1,700 36,000 3.600 3.000 3,600 15,700 6.000 22.000 103 240 Prey 1 of 1 Next ch 0 Ei Income Statement For the Period Ended December 31, 2022 Revenues Sales Revenue $ (41,620) 0 0 0 Net Sales (41,620) 0 Gross Profit GA $ (41,620) 0 0 0 0 Operating Expense: Salaries Expense Bad Debt Expense Depreciation Expense Income Tax Expense Insurance Expense interest Expense Rent Expense Total Operating Expenses Operating Income (Loss) Cost of Goods Sold 0 0 0 (41 620) 206.480 0 Income Before Income Taxes 164 860 0 164 860 Net Income Post closing GREAT ADVENTURES, INC Balance Sheet December 31, 2022 Assets Liabilities Current Assets Cash Accounts Receivable Inventory Current Liabilities 160,686 Accounts Payable 99,344 69,260 0 27 520 0 0 0 Total Current Liabilities 0 27,520 0 0 329 200 27.520 Total Current Assets Long-term Assets Total Liabilities Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 329 290 Total Liabilities and Stockholders' Equity 0 Tota! Assets s S 27 520
