Need all 17 Journal entries
[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 wateh) on account. Jul. 31 Sold 40 watches for $20,000 cash. Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) canh. 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. 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 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 realizabte value of MU watches is only $100 per watch Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account. Note: Enter debits before credits General Journal Debit Credit Date Jul 17 Record entry Clear entry View general Journal Recure ournal General General Thal Income Place Ledger Balance Statem Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, er post-clasing balances will appear for each account, based on your selection Unadjust Date: Jul 17 to Dec 08 - AR Dete Debit Credit No Date De C red Na Range 36 770 Balance 24,000 Allowance for Uncollectible Accounts Dale Debit Credit Balance 17 2.400 Equipment Debit Credit Date 17 Balance 45.000 Accumulated Depreciation Date Debit Credes Accounts Payable Debit Credit Balance No 24.000 Date Jul 17 Balance 28001 17 Interest Payable Debit Credit Date Balance 750 Date Jul 17 Income Tax Payable Debit Credit | Balance 14.500 M17 Notes Payable Debit Credit Common Stock Debit Credit No. Date Jul 17 Balance 30,000 Date Jul 17 Balance 20,000 Retained Earnings Debit Credit Service Revenue Debit Credit No Date JV 17 Balance 33,450 Date Jul 17 Balance 44.500 Sales Discounts Debit Credit Interest Revenue Debit Credit No. No Date Jul 17 Balance 350 Date Jul 17 Balance 120 Depreciation Expense Date Debit Credit Jul 17 Supplies Expense Debit Credit No No. Balance 16,000 Date Jul 17 Balance 500 Bad Debt Expense Debit Credit No Salaries Expense Debit Credit 2 Date Jul 17 No. Balance 4.000 No. 24.000 Date Jul 17 Dat Balance 2.400 interest Expense Debit Credit Rent Expense Debit Credit No. No Date Jul 17 Balance 1,800 Date Jul 17 Balance 2400 Insurance Expense Debit No No. Income Tax Expense Date Debit Credit Balance J 17 14,500 Cash Require... General General Trial Income Balance Journal Ledger Balance Statem. Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-dosing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Show less Unadjust GREAT ADVENTURES, INC. Trial Balance December 08, 2022 Account Title Debit Credit R $ 36,770 Accounts Receivable 24.000 Allowance for Uncollectible Accounts 2,400 Equipment 45,000 Accumulated Depreciation 24,000 Accounts Payable 2.800 Interest Payable 750 Income Tax Payable 14,500 Notes Payable 30,000 Common Stock 20,000 Retained Earnings 33,450 Service Revenue 44,500 Sales Discounts 350 Interest Revenue 120 Depreciation Expense 16,000 Supplies Expense 500 Salaries Expense 24,000 Bad Debt Expense 2,400 Interest Expense 1,800 Rent Expense 2.400 Income Tax Expense 14,500 Insurance Expense 4,800 Total $ 172,520 S 172,520 Require General General Trial Income Balance Journal Ledger Balance Statem... 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. Show less Unadjust GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues 0 Net Sales 0 0 01 $ Gross Profit Operating Expense: 11 Total Operating Expenses Operating Income (Loss) ooooooo Income Before Income Taxes Require... General General Trial Income Balance Journal Ledger | Balance Statem... Sheet 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. Show less Unadjust GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: SHOP TOPBE Total Current Assets Long-term Assets: 0 0 Total Current Liabilities OP Total Liabilities Stockholders' Equity OP OP O 0 Total Stockholders' Equity Total Liabilities and Stockholders Equity Total Assets