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 $700 each. Jul. 17 Purchased 82 watches for $12,300 ($150 per watch) on account. Jul. 31 Sold 80 watches for $56,000 cash. Aug. 12 Purchased 60 watches for $9,600 ($160 per watch) cash. Aug. 22 Sold 50 watches for $35,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $21,000 for watches sold on account on August 22. Oct. 27 Purchased 130 watches for $22,100 ($170 per watch) cash. Nov. 20 Sold 110 watches for $77,000 cash. Dec. 4 Purchased 120 watches for $21,600 ($180 per watch) on account. Dec. 8 Sold 60 watches for $42,000 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. 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 Jourr Required" in the first account field.) No Date General Journal Debit Credit 1 Jul 17 12,300 Inventory Accounts Payable 12,300 2 Jul 31 Cash 56,000 Sales Revenue 56,000 3 Jul 31 Cost of Goods Sold 12,000 Inventory 12,000 4 Aug 12 9,600 > Inventory Cash 9,600 5 Aug 22 Accounts Receivable 35,000 Sales Revenue 35,000 6 Aug 22 Cost of Goods Sold 27,000 X Inventory 27,000 X 7 Sep 19 Accounts Payable 12,300 Cach 12 200 7 Sep 19 Accounts Payable 12,300 Cash 12,300 8 Sep 27 Cash 21,000 Accounts Receivable 21,000 9 Oct 27 22,100 > Inventory Cash 22,100 10 Nov 20 Cash 77,000 Sales Revenue 77,000 11 Nov 20 Cost of Goods Sold 77,000 X Inventory 77,000 X 12 Dec 04 21,600 > Inventory Accounts Payable 21,600 13 Dec 08 Accounts Receivable 42,000 > Sales Revenue 42,000 14 Dec 08 Cost of Goods Sold 42,000 X Inventory 42,000 15 Dec 31 Cost of Goods Sold 7,360 Inventory 7,360 Sales Revenue 42,000 14 Dec 08 Cost of Goods Sold 42,000 Inventory 42,000 15 Dec 31 Cost of Goods Sold 7,360 Inventory 7,360 16 Dec 31 Cost of Goods Sold Inventory 17 Dec 31 Sales Discounts 170 X Cost of Goods Sold 165,360 21,000 1,500 3,400 34,000 Depreciation Expense Supplies Expense Bad Debt Expense Salaries Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense 2,800 3,400 15,500 5,800 GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues 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 Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's ba The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 Total Current Assets 0 0 Total Liabilities Stockholders' Equity Long-term Assets: 0 0 0 0 0 0 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ 0