Late in December, the next generation of multiuse $($MU II$)$ watches is released. In addition to all of the features

July $17$ Purchased $50$ watches for $$7,500($ $$150$ per watch$)$ on account.

July $31$ Sold $40$ watches for $$20,000$ cash.

August $12$ Purchased $40$ watches for $$6,400($ $$160$ per watch$)$ cash.

August $22$ Sold $30$ watches for $$15,000$ on account.

September $19$ Paid for watches purchased on July $17.$

September $27$ Receive cash of $$9,000$ for watches sold on account on August $22.$

October $27$ Purchased $80$ watches for $$13,600($ $$170$ per watch$)$ cash.

November $20$ Sold $90$ watches for $$45,000$ cash.

December $4$ Purchased $100$ watches for $$18,000($ $$180$ per watch$)$ on account.

December $8$ 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 II watches are equipped with a global positioning system $($GPS$)$ and have the ability to download and play songs Internet. The demand for the original MU watches is greatly reduced. As of December $31,$ the estimated net realizabl watches is only $$100$ per watch.

Requirement

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Journal

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Trial Balance

Income

Balance Sheet