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 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 orginal MU watches is greatly reduced. As of December 31, the estimated net realisable value of MU watches is only $100 per watch 14.28 sont General General Requirement Income Trial Balance Journal Balance Sheet Ledger Statement 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.) Print View transactions Journal entry worksheet rences 14 15 16 17 Record the dosure of expense accounts Norbit before credits General Journal Credit Dec 31 econdary Cis entry 5 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 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. 1428 General General Requirement Income Journal Trial Balance Ledger Balance Sheet Statement 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.) ook View transaction list Print Journal entry worksheet References 10 12 13 15 16 17 Record the closure of revenue accounts. Note Enter debits before credits General Journal Deti Credit Date Dec 31 Recordantry Clear entry View general Journal 5 Accounts Payable Debit Credit Interest Payable Debit Credit No. No Date Balance 750 Jul 17 128 1 Data Jul 17 Jul 17 Sep 19 Dec 04 7,500 Balance 2800 10.300 2.800 20.800 7.500 7 12 18,000 eBook Income Tax Payable Debit Credit Notes Payable Debit Credit No. Date No Balance 14.500 Date Jul 17 Balance 30,000 Jul 17 Print Common Stock Debit Credit Retained Eaming Debit Credit No. No. Balance References Data Jul 17 Balance 20,000 Date Jul 17 33,450 Service Revenue Debit Credit Sales Ravenue Debit Credit No No. Balance Date Jul 17 Balance 44,500 0 2 6 10 13 Date Jul 17 Jul 31 Aug 22 Nov 20 Des 08 20,000 15.000 45.000 20.000 20,000 35,000 80,000 100,000 Interest Revenue Sales Discounts Debit Credit No. Date No. Balance 350 Debit Credit Date Jul 17 Balance 120 Jul 17 Cost of Goods Sold Debit Credit Depreciation Expense Debit Credit No Date No. Date Jul 17 Balance 16.000 3 lo Aug 22 Nov 20 Dec 03 Dec 31 11 Balance 0 6,000 10,700 25,800 32,900 38,500 6,000 4,700 16,100 7.100 6,600 14 15 Dupplies Expono Galeries Lapente 5 5 10 13 Aug 22 Nav 20 Dec 08 15.000 45,000 20,000 35,000 80.000 100,000 14.28 points Sales Discounts Dobit Credit Interest Revenue Debit Credit No. No Date Jul 17 Balance 350 Date Jul 17 Balance 120 Cont of Goods Sold Debit Credit Depreciation Expense Debit Credit No. Date No. Date Jul 17 Balance 10.000 Punt 3 Jul 31 Aug 22 Nov 20 Dec 08 Dec 31 6 11 14 15 6,000 4,700 15,100 7.100 5.600 Balance 0 6.000 10.700 25,800 32,900 38,500 References Supplies Expanse Debit Credit Salaries Expense Debit Credit No. No. Date Jul 17 Balance 500 Date A 17 Balance 24,000 Bad Debt Expense Debit Credit Interest Expense Debit Credit No No. Date Date 17 Balance 2.400 Balance 1,800 13 Root Expense Debit Credit Income Tax Expense Debit Credit No No. Date Date Jul 17 Balance 2.400 Balance 14.500 Insurance Expense Debit Credit No. Date Balance 4,800 Jul 17 General Journal Trial Balance 5 5 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. 14.28 points Adjusted GREAT ADVENTURES, INC Trial Balance December 31, 2022 eBook Account Title Credit $ Debit 83,270 56,400 Pent 2,400 References 600 45.000 Cash Accounts Receivable Allowance for Uncolectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Ravenue Sales Revenue Sales Discounts interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expanse salaries Expense Bad Debt Expense interest Expense Rent Expense Income Tax Expense Insurance Expense Total 24,000 20.800 750 14,500 30,000 20,000 33,450 44,500 100.000 350 120 38,500 16.000 500 24.000 2.400 1,800 2.400 14,500 4.800 200,520 5 $ 290,520 5 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection 14.28 points eBook Print References Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Service Revenue 44,500 Sales Revenue 100,000 Sales Discounts (350) Interest Revenue 120 Net Sales 144,270 Cost of Goods Sold 38,500 Gross Profit Operating Expenso Depreciation Expense 16,000 Insurance Expense 4,800 Rent Expenso 2,400 Salaries Expense 24,000 Supplies Expense 500 Bad Debt Expense 2,400 0 $ 105,770 Total Operating Expenses Operating Income (Loss) interest Expenso 50,100 55,670 (1,800) 0 53,870 14,500 39,370 Income Before Income Taxes Income Tax Expense Net Income $ 07 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 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 14.28 points Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet eBook Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Prins References Ps Assets Current Assets Cash Accounts Receivable Inventory Nlowshoe for Uncollectible Accounts ana 20.800 750 14.500 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: 23,270 Accounts Payable 56.400 Interest Payable 600 Income Tax Payable (2.400) 0 Total Current Labrities Notes Payable 137.870 Total Liabilities Stockholders' Equity 45.000 Retained Earings (24.000) Common Stock 0 0 Total Stockholders' Equity $ 150,870 Total Liabilities and Stockholders' Equity 30.060 30,000 06,060 Total Current Assets Long-term Anet Equipment Accumulated Depreciation 72,120 20.000 D 92.820 158.870 Total Assets 3 (Income Statement BAND 5 14.28 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 $500 each eBook ib References Jul. 17 Purchased 50 watches for $7,500 5150 per vatch) on account. Jul. 31 fiola 40 watches for $20,000 cash. Aug. 12 Purchased 40 vatches for $6,400 ($160 por watch) cash. Aug. 22 Sold 30 watches for $15.000 on account. Sep. 19 Paid for watches purchased on July 17. Bep. 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. Dee. 4 Purchased 100 watches for $10,000 ($100 per watch) on account. Dec. Gold 40 watches for $20,000 on account. Late in December, the next generation of multiuse (MUI) 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. Please help me with the 16th and 17th journal entries