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. Require... Journal General General Trial Income Balance Journal Ledger Balance Statem... Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closi to: Dec 31 General Ledger Account Dates: Jul 17 Cash No. Date Debit Credit 59,040 9,920 12,450 2 Jul 31 4 Aug 12 7 Sep 19 # 8 Sep 27 9 Oct 27 10 Nov 20 Accounts Receivable Balance No. Date Debit Credit Balance 37.100 35,000 96,140 5 Aug 22 37,440 72,440 86,220 8 Sep 27 22,464 49,976 73,770 13 Dec 08 44,640 94,616 96,234 73,284 153.924 22,464 22,950 80,640 Allowance for Uncollectible Accounts Date Debit Credit Balance Jul 17 3,500 Inventory Debit Credit No. Balance 12,450 12.300 9.920 No. Date Jul 17 1 Jul 17 3 Jul 31 4 Aug 12 6 Aug 22 9 Oct 27 11 Nov 20 12 12 Dec 04 14 Dec 08 15 Dec 31 8.310 0 12,450 150 10,070 1.760 24,710 5.780 27.740 16,920 9,400 22,950 18,930 21,960 10,820 7,520 Equipment Debit Credit No. Date Jul 17 Balance 56,000 Accumulated Depreciation No. Date Debit Credit Balance Jul 17 29,500 No. Date Jul 17 Interest Payable Debit Credit Balance 1,300 Accounts Payable No. Date Debit Credit Jul 17 1 Jul 17 12,450 7 Sep 19 12,450 12 Dec 04 21,960 Balance 5,000 17,450 5,000 26,960 Notes Payable Debit Credit No. Income Tax Payable No. Date Debit Credit Balance Jul 17 15,600 16 Dec 31 221,760 237,360 17 Dec 31 57,880 179,480 Date Jul 17 Balance 52,000 Common Stock Debit Credit Retained Earnings Debit Credit No. Date Jul 17 Balance 24,785 No. Date Jul 17 Balance 36,200 Service Revenue Debit Credit Balance No Sales Revenue Debit Credit Ralance No Date Date Interest Payable Debit Credit No. Date Jul 17 Balance 1,300 Accounts Payable No. Date Debit Credit Jul 17 1 Jul 17 12,450 7 Sep 19 12,450 12 Dec 04 21,960 Balance 5,000 17,450 5,000 26,960 No. Date Notes Payable Debit Credit Balance Income Tax Payable No. Date Debit Credit Balance Jul 17 15,600 16 Dec 31 221,760 237,360 17 Dec 31 57,880 179,480 Jul 17 52,000 Common Stock Debit Credit No. Date Jul 17 Balance 24,785 No. Date Jul 17 Retained Earnings Debit Credit Balance 36,200 Service Revenue Debit Credit No. Date Jul 17 Balance 50,000 No. Date Jul 17 2 Jul 31 5 Aug 22 10 Nov 20 13 Dec 08 16 Dec 31 Sales Revenue Debit Credit Balance 0 59,040 59,040 37,440 96,480 80,640 177,120 44,640 221,760 221,760 0 Sales Discounts Debit Credit Interest Revenue Debit Credit No. Date Jul 17 Balance Balance 460 No. Date Jul 17 175 Cost of Goods Sold Debit Credit No. Date No. Depreciation Expense Date Debit Credit Balance Jul 17 21,500 3 Jul 31 # 6 Aug 22 11 Nov 20 14 Dec 08 15 Dec 31 17 Dec 31 12,300 8,310 18,930 10,820 7,520 Balance 0 12,300 20,610 39,540 50,360 57,880 0 57,880 Supplies Expense Debit Credit No. Date Jul 17 Balance 1,600 No. Date Salaries Expense Debit Credit Balance 35,000 Jul 17 No. Date Jul 17 Bad Debt Expense Debit Credit Balance 3,500 No. Date Jul 17 Interest Expense Debit Credit Balance 2,900 Rent Expense Debit No. Date Jul 17 Credit Balance 3,500 No. Income Tax Expense Date Debit Credit Balance Jul 17 15,600 No. Insurance Expense Date Debit Credit Jul 17 Balance 5,900 Interest Revenue 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 M watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... 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. Show less Post-closi GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit Cash 153,924 Accounts Receivable 94,616 Allowance for Uncollectible Accounts 3,500 Inventory 9,400 Equipment 56,000 Accumulated Depreciation 29,500 Account Accounts Payable 26,960 Interest Payable 1,300 Income ome Tax Payable 179,480 Notes Payable 52,000 Common Stock 24.785 Retained Earnings 36,200 Service Revenue 50,000 460 175 Depreciation Expense 21,500 Supplies Expense 1,600 Salaries Expense 35,000 Bad Debt Expense 3,500 Interest Expense 2,900 Rent Expense 3,500 Income Tax Expense 15,600 Insurance Expense 5,900 Total $ 403,900 $ 403,900 Sales Discounts Great Adventures Problem AP6-1 (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 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. 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. General General Trial 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.) View transaction list View journal entry worksheet Credit No 1 Date Jul 17 General Journal Inventory Accounts Payable Debit 12,450 12,450 2 Jul 31 59,040 Cash Sales Revenue 59,040 3 Jul 31 12,300 Cost of Goods Sold Inventory 12,300 4 Aug 12 9,920 Inventory Cash 9,920 N 5 Aug 22 37,440 Accounts Receivable Sales Revenue 37,440 6 Aug 22 8,310 Cost of Goods Sold Inventory 8,310 7 Sep 19 12,450 Accounts Payable Cash 12,450 8 Sep 27 22,464 Cash Accounts Receivable 22,464 N 9 Oct 27 22,950 Inventory Cash 22,950 K 10 Nov 20 80,640 Cash Sales Revenue 80,640 11 Nov 20 18,930 Cost of Goods Sold Inventory 18,930 12 Dec 04 21,960 Inventory Accounts Payable 21,960 13 Dec 08 44,640 Accounts Receivable Sales Revenue 44,640 114 Dec 08 10,820 Cost of Goods Sold Inventory 10,820 15 Dec 31 7,520 Cost of Goods Sold Inventory 7,520 16 Dec 31 221,760 Sales Revenue Income Tax Payable 22,760 17 Dec 31 57,880 Income Tax Payable Cost of Goods Sold 57,880 1 MIU II Watches are equipped win a giopal positioning system (GPS) and have me Internet. The demand for the original MU watches is greatly reduced. As of Dece watches is only $100 per watch. Requirement General Journal General Ledger Trial Balance Income Statement Balance She Choose the appropriate accounts to complete the company's income statement. T balances will appear for each account, based on your selection. ook Post-closing Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 ences Adjusted Post-closing $ 0 0 0 0 Net Sales 0 0 Gross Profit $ 0 Operating Expense: 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 Income Before Income Taxes 0 0 $ 0 Interest Revenue 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 M watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. General General Trial Require... Income Balance Journal Ledger Balance Statem... 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. Show less Post-closi GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit Cash 153,924 Accounts Receivable 94,616 Allowance for Uncollectible Accounts 3,500 Inventory 9,400 Equipment 56,000 Accumulated Depreciation 29,500 Account Accounts Payable 26,960 Interest Payable 1,300 Income ome Tax Payable 179,480 Notes Payable 52,000 Common Stock 24.785 Retained Earnings 36,200 Service Revenue 50,000 460 175 Depreciation Expense 21,500 Supplies Expense 1,600 Salaries Expense 35,000 Bad Debt Expense 3,500 Interest Expense 2,900 Rent Expense 3,500 Income Tax Expense 15,600 Insurance Expense 5,900 Total $ 403,900 $ 403,900 Sales Discounts Great Adventures Problem AP6-1 (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 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. 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. General General Trial 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.) View transaction list View journal entry worksheet Credit No 1 Date Jul 17 General Journal Inventory Accounts Payable Debit 12,450 12,450 2 Jul 31 59,040 Cash Sales Revenue 59,040 3 Jul 31 12,300 Cost of Goods Sold Inventory 12,300 4 Aug 12 9,920 Inventory Cash 9,920 N 5 Aug 22 37,440 Accounts Receivable Sales Revenue 37,440 6 Aug 22 8,310 Cost of Goods Sold Inventory 8,310 7 Sep 19 12,450 Accounts Payable Cash 12,450 8 Sep 27 22,464 Cash Accounts Receivable 22,464 N 9 Oct 27 22,950 Inventory Cash 22,950 K 10 Nov 20 80,640 Cash Sales Revenue 80,640 11 Nov 20 18,930 Cost of Goods Sold Inventory 18,930 12 Dec 04 21,960 Inventory Accounts Payable 21,960 13 Dec 08 44,640 Accounts Receivable Sales Revenue 44,640 114 Dec 08 10,820 Cost of Goods Sold Inventory 10,820 15 Dec 31 7,520 Cost of Goods Sold Inventory 7,520 16 Dec 31 221,760 Sales Revenue Income Tax Payable 22,760 17 Dec 31 57,880 Income Tax Payable Cost of Goods Sold 57,880 1 MIU II Watches are equipped win a giopal positioning system (GPS) and have me Internet. The demand for the original MU watches is greatly reduced. As of Dece watches is only $100 per watch. Requirement General Journal General Ledger Trial Balance Income Statement Balance She Choose the appropriate accounts to complete the company's income statement. T balances will appear for each account, based on your selection. ook Post-closing Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 ences Adjusted Post-closing $ 0 0 0 0 Net Sales 0 0 Gross Profit $ 0 Operating Expense: 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 Income Before Income Taxes 0 0 $ 0