Need help with the general journal
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 $560 each. Jul. 17 Purchased 59 watches for $8,850 ($150 per watch) on account. Jul. 31 Sold 46 watches for $25,760 cash. Aug. 12 Purchased 46 watches for $7,360 ($160 per watch) cash. Aug. 22 Sold 36 watches for $20,160 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $12,096 for watches sold on account on August 22. Oct. 27 Purchased 95 watches for $16,150 ($170 per watch) cash. Nov. 20 Sold 96 watches for $53,760 cash. Dec. 4 Purchased 106 watches for $19,080 ($180 per watch) on account. Dec. 8 Sold 46 watches for $25,760 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. 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 "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date Jul 17 Debit 8,850 Inventory Accounts Payable 8,850 2 Jul 31 25,760 Cash Accounts Payable 25,760 3 Jul 31 25,760 Retained Earnings Inventory 25,760 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 $560 each. Jul. 17 Purchased 59 watches for $8,850 ($150 per watch) on account. Jul. 31 Sold 46 watches for $25,760 cash. Aug. 12 Purchased 46 watches for $7,360 ($160 per watch) cash. Aug. 22 Sold 36 watches for $20,160 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $12,096 for watches sold on account on August 22. Oct. 27 Purchased 95 watches for $16,150 ($170 per watch) cash. Nov. 20 Sold 96 watches for $53,760 cash. Dec. 4 Purchased 106 watches for $19,080 ($180 per watch) on account. Dec. 8 Sold 46 watches for $25,760 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. 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 "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date Jul 17 Debit 8,850 Inventory Accounts Payable 8,850 2 Jul 31 25,760 Cash Accounts Payable 25,760 3 Jul 31 25,760 Retained Earnings Inventory 25,760
