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 wont 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 $720 each Jul 17 Purchased 83 watches for $12,450 ($150 per watch) on account Jul 31 Sold 82 watches for $59,040 cash Aug 12 Purchased 62 watches for $9,920 ($160 per watch) cash Aug 22 Sold 52 watches for $37,440 on account Sep 19 Paid for watches purchased on July 17 Sep 27 Receive cash of $22,464 for watches sold on account on August 22 Oct 27 Purchased 135 watches for $22,950 ($170 per watch) cash Nov 20 Sold 112 watches for $80,640 cash Dec 4 Purchased 122 watches for $21,960 ($180 per watch) on account Dec 8 Sold 62 watches for $44,640 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 Please answer these 16 Record the closure of revenue account 17 Record the closure of expense account 16 Dec 31 Sales Revenue Interest Revenue Service Revenue Sales Discounts Retained Earnings 17 Dec 31 Retained Earnings Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Income Tax Expense Interest Expense Depreciation Expense Cost of Goods Sold Supplies Expense

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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

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 wont 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 $720 each.

Jul.	17	Purchased 83 watches for $12,450 ($150 per watch) on account.
Jul.	31	Sold 82 watches for $59,040 cash.
Aug.	12	Purchased 62 watches for $9,920 ($160 per watch) cash.
Aug.	22	Sold 52 watches for $37,440 on account.
Sep.	19	Paid for watches purchased on July 17.
Sep.	27	Receive cash of $22,464 for watches sold on account on August 22.
Oct.	27	Purchased 135 watches for $22,950 ($170 per watch) cash.
Nov.	20	Sold 112 watches for $80,640 cash.
Dec.	4	Purchased 122 watches for $21,960 ($180 per watch) on account.
Dec.	8	Sold 62 watches for $44,640 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.

Please answer these.

16. Record the closure of revenue account.

17. Record the closure of expense account

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16 Dec 31 Sales Revenue Interest Revenue Service Revenue Sales Discounts Retained Earnings 17 Dec 31 Retained Earnings Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Income Tax Expense Interest Expense Depreciation Expense Cost of Goods Sold Supplies Expense