Looking for help with the journal entries, income statement, and balance sheet. Journal entries include the closing of revenue and expense accounts.

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 14 ). 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 31,2025, in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2025. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle 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 molsture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzle 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 2025 . All watches are sold for $580 each. July17July31August12August22September19September27October27November20December4December8Purchased62watchesfor$9,300($150perwatch)onaccount.Sold48watchesfor$27,840cash.Purchased48watchesfor$7,680($160perwatch)cash.Sold38watchesfor$22,040onaccount.PaidforwatchespurchasedonJuly17.Receivecashof$13,224forwatchessoldonaccountonAugust22.Purchased100watchesfor$17,400($174perwatch)cash.Sold98watchesfor$56,840cash.Purchased108watchesfor$19,872($184perwatch)onaccount.Sold48watchesfor$27,840onaccount. July 17 Purchased 62 watches for $9,300 ( $150 per watch) on account. July 31 Sold 48 watches for $27,840 cash. August 12 Purchased 48 watches for $7,680 ( $160 per watch) cash. August 22 Sold 38 watches for $22,040 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $13,224 for watches sold on account on August 22 . October 27 Purchased 100 watches for $17,400 ( $174 per watch) cash. November 20 Sold 98 watches for $56,840 cash. December 4 Purchased 108 watches for $19,872 ( $184 per watch) on account. December 8 Sold 48 watches for $27,840 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. Journal entry worksheet Record any necessary adjusting entry for lower of cost and net realizable value. Note: Enter debits before credits