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My answers are most likely wrong so please help me by filling this out thank you! Also make sure I am able to see the
My answers are most likely wrong so please help me by filling this out thank you! Also make sure I am able to see the whole document answer.
[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. Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash. Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) cash. Aug. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 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. Dec. 4. Purchased 100 watches for $18,000 ($180 per watch) on account. Dec. 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 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 1 @ .... 17 > Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account. Note: Enter debits before credits. Date General Journal Credit Debit 7,500 Jul 17 Inventory Accounts Payable 7,500 Record entry Clear entry View general journal Journal entry worksheet .......... Sold 40 watches for $20,000 cash. Record the sale of inventory for cash. Note: Enter debits before credits. Date General Journal Credit Debit 20,000 Jul 31 Cash Inventory 20,000 Record entry Clear entry View general journal Journal entry worksheet Sold 30 watches for $15,000 on account. Record the sale. Note: Enter debits before credits. Credit Date Aug 22 General Journal Accounts Receivable Sales Revenue Debit 15,000 15,000 Record entry Clear entry View general journal Journal entry worksheet ......... Sold 30 watches for $15,000 on account. Record the cost of the sale. Note: Enter debits before credits. Date Credit Aug 22 General Journal Accounts Receivable Sales Revenue I Debit 15,000 [ 15,000 Record entry Clear entry View general journal Journal entry worksheet Sold 90 watches for $45,000 cash. Record the cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit Nov 20 Cash 45,000 Inventory 45,000 Record entry Clear entry View general journal Journal entry worksheet Purchased 100 watches for $18,000 ($180 per watch) on account. Record the purchase of inventory on account. Note: Enter debits before credits. Date Credit General Journal Purchases Accounts Payable | Debit 18,000 Dec 04 18,000 Record entry Clear entry View general journal Journal entry worksheet Sold 40 watches for $20,000 on account. Record the sale of inventory on account. Note: Enter debits before credits. Date Credit General Journal Accounts Receivable Sales Revenue Debit 20,000 Dec 08 20,000 Record entry Clear entry View general journal Journal entry worksheet Sold 40 watches for $20,000 on account. Record the cost of inventory sold. Note: Enter debits before credits. Date Credit General Journal PAccounts Receivable Inventory Debit 20,000 Dec 08 20,000 Record entry Clear entry View general journal Journal entry worksheet Record the write-down of inventory to net realizable value. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 ( Record entry Clear entry View general journal Journal entry worksheet Record the closure of revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheetStep by Step Solution
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