On September 30, 2012 JAC Watches Inc shipped Sun-Glass Hut 1,500 of the custom watches paid for in entry "8.)". [Hint1: this transaction will produce two journal entries; Hint2: The average selling price of these watches is a bit higher than normal due to the special requirements the bands require, as discussed ion "8.)" above]. {Be Careful - You will need to perform a few arithmetic calculations as well}

On July 31, 2012 Sun-Glass Hut Paid JAC Watches Inc $562,500 for 2,500 custom watches. As part of the order JAC Watches has promised to in-print Sun-Glass Hut's insignia on each watch band. JAC Watches Inc plans to have 1,500 of these watches ready for shipment no latter than the end of October 2012. The remainder will not be ready for shipment until January of the following year. Prepare the journal entry that JAC Watches would record on July 31, 2012

On July 31, 2012 JAC Watches was approved for a $1,500,000, 5 year term loan, bearing interest of 4.75% per annum. Interest payments are due on each July 31st for the next 5 years