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 $580 each Jul. 17 Purchased 62 watches for $9.500 (5159 per watch) on account. Jul 31 Sold 48 watches for $27,340 cash Aug. 12 Purchased 48 watches for 57.680 (5160 per watch) cash Aug 22 Sold 38 watches for $22,040 on account. Sep. 19. Pald for watches purchased on July 17. Sep. 27 Receive cash of $13,224 for watches sold on account on August 22 Oct. 27 Purchased 100 watches for $17,000 (5170 persatch) cash Dec. 4 Purchased 105 watches for $19,440 ($150 per watch on account Dec Sold watches for $27,340 on account. Late in December, the next generation of multiuse (MUI) 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 realizable value of MU watches is only $100 per watch Journal entry worksheet Sold 48 watches for $27,840 cash. Record the cost of inventory sold. Note: Enter debits before credits. Date Jul 31 Credit General Journal Cost of Goods Sold Inventory Debit 27,840 27,840 Record entry Clear entry View general journal Journal entry worksheet Sold 38 watches for $22,040 on account. Record the cost of the sale. Note: Enter debits before credits. Date Aug 22 Debit Credit General Journal Cost of Goods Sold Inventory Record entry Clear entry View general journal Journal entry worksheet Sold 48 watches for $27,840 on account. Record the cost of inventory sold. Note: Enter debits before credits. Date Dec 08 General Journal Cost of Goods Sold Inventory Credit Debit 27.840 27,840 Record entry Clear entry View general journal Journal entry worksheet 6 7 8 10 11 ... 17 Sold 98 watches for $56,840 cash. Record the cost of inventory sold. Note: Enter debits before credits Date Nov 20 Credit General Journal Cost of Goods Sold Inventory Debit 56,840 56,840 Record entry Clear entry View general journal