Part 2-Journal Entries (10 Points) Page of 10 Analyze each transaction statement and prepare the appropriate journal entry(s) to account for KAT Watches Incorporated openting activities for Fiscal Year(January-December) 2013 1.) On January 1, 2013 Kai, Alyssa, and Toru invested $575,000 ch, land worth $300,000 and a Warehouse Facility worth $425,000 to form KAT W Incorporated. KAT Watches Ine will function as a retailer in the business of buying and selling custom watches 2) On January 1, 2013 KAT Watches Incorponed purchased 55,000 wrist watches on credit at a average wholesale price of $11.75 per watch Jamrock Inc is in the business of buying and selling watches; the company plans to re-sale the 55,000 watches purchased at retail prices 3) On March 1, 2013 KAT Watches Ine sold 9,600 wrist watches for cash, the average sale price per watch is $142.50. Hint: this traction will produce two journal entries On March 15, 2013 KAT Watches Incorporated purchases Office Equipment on account for $96,750 53 On April 30, 2013 KAT Watches Ine received a bill for utilities used in the amount of $7,500 (Be careful with this one folks think about what's going on in the traction 6) By May 31, 2013 KAT Watches Inc employees had worked a total of 11,350 hours, the average hourly rate of pay is $13.95 per hour 7) On June 30, 2013 KAT Watches Purchased a 3 Year Insurance Policy to Start on June 30, 2012 for $36,900 8.) On July 31, 2013 Sun-Glass Hut Paid KAT Watches Inc $3,170,062.50 for 21,750 custom watches. As part of the onder KAT Watches has promised to in-print Sun-Glass Huts insignia on each watch band. KAT Watches Ine plans to have the first batch of 10,000 watches ready for shipment to Sun-Class Huton October 31, 2013. The maining batch of watches will not be ready for shipment until January of the following year. Prepare the July 31st Journal Entry