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 2025. All watches are sold for $560 each.

July 17 Purchased 59 watches for $8,850 ($150 per watch) on account.

July 31 Sold 46 watches for $25,760 cash.

August 12 Purchased 46 watches for $7,360 ($160 per watch) cash.

August 22 Sold 36 watches for $20,160 on account.

September 19 Paid for watches purchased on July 17.

September 27 Receive cash of $12,096 for watches sold on account on August 22.

October 27 Purchased 95 watches for $16,435 ($173 per watch) cash.

November 20 Sold 96 watches for $53,760 cash.

December 4 Purchased 106 watches for $19,398 ($183 per watch) on account.

December 8 Sold 46 watches for $25,760 on account.

Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. 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 2025 . All watches are sold for $560 each. July 17 Purchased $9 watches for $8,850 ( $150 per watch) on account. July 31 Sold 46 watches for $25,760 cash. August 12 Purchased 46 watches for $7,360 ( $160 per watch) cash. August 22 Sold 36 watches for $20,160 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $12,096 for watches sold on account on August 22. october 27 Purchased 95 watches for $16,435 ( $173 per watch) cash. November 20 Sold 96 watches for $53,760 cash. December 4 Purchased 106 watches for $19,39& ( $183 per watch) on account. December 8 Sold 46 watches for $25,760 on account. Late in December, the next generation of multiuse (MU II) watches is released. In adaruon 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 th 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. GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 \begin{tabular}{|l|l|l|} \hline Revenues & & \\ \hline & & \\ \hline Net Sales & & \\ \hline & & \\ \hline Gross Profit & & \\ \hline Operating Expense: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income (Loss) & & \\ \hline & & \\ \hline \end{tabular} Prepare a classified balance sheet as of December 31,2025. 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. Journal entry worksheet 110 17 Record any necessary adjusting entry for lower of cost and net realizable value. Note: Enter debits before credits. Journal entry worksheet 110 Record the closing entry for expense accounts. Note: Enter debits before credits. Journal entry worksheet Sold 46 watches for $25,760 on account. Record the cost of inventory sold. Note: Enter debits before credits