Question

1 Approved Answer

Posted on Jul 26, 2024

Please create a General Journal, Income Statement, and Balance Sheet based on the number information below. Translation List: 1. Purchased 74 watches for $11,100 ($150

Please create a General Journal, Income Statement, and Balance Sheet based on the number information below.

Translation List:

1. Purchased 74 watches for $11,100 ($150 per watch) on account. Record the purchase of inventory on account.

2. Sold 56 watches for $36,960 cash. Record the sale of inventory for cash.

3. Sold 56 watches for $36,960 cash. Record the cost of inventory sold.

4. Purchased 56 watches for $8,960 ($160 per watch) cash. Record the purchase of inventory for cash.

5. Sold 46 watches for $30,360 on account. Record the sale.

6. Sold 46 watches for $30,360 on account. Record the cost of the sale.

7. Paid for watches purchased on July 17. Record the payment of cash.

8. Receive cash of $18,216 for watches sold on account on August 22. Record the receipt of cash for the sale.

9. Purchased 120 watches for $20,400 ($170 per watch) cash. Record the purchase of inventory for cash.

10. Sold 106 watches for $69,960 cash. Record the sale of inventory for cash.

11. Sold 106 watches for $69,960 cash. Record the cost of inventory sold.

12. Purchased 116 watches for $20,880 ($180 per watch) on account. Record the purchase of inventory on account.

13. Sold 56 watches for $36,960 on account. Record the sale of inventory on account.

14. Sold 56 watches for $36,960 on account. Record the cost of inventory sold.

15. Record the write-down of inventory to net realizable value.

16. Record the closure of revenue accounts.

17. Record the closure of expense accounts.

[The following information applies to the questions displayed below.] 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 avallable 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 $660 each. Ju1. 17 Purchased 74 watches for $11,100 ( $150 per watch) on account. Jul. 31 sold 56 watches for $36,960 cash. Aug. 12 Purchased 56 watches for $8,960 ( $160 per watch) cash. Aug. 22 Sold 46 watches for $3,360 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $18,216 for watches sold on account on August 22. Oct. 27 Purchased 12 watches for $2,400 ( $170 per watch) cash. Nov. 20 sold 106 watches for $69,960 cash. Dec. 4 Purchased 116 watches for $20,880 ( $180 per watch) on account. Dec. 8 Sold $6 watches for $36,960 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. Jul. 17 purchased 74 watches for $11,169 ( $150 per watch) on account. Jul. 31 Sold $6 watches for $36,960 cash. Aug. 12 Purchased 56 watches for $8,960 ( $160 per watch) cash. Aug. 22 sold 46 watches for $30,360 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Recelve cash of $18,216 for watches sold on account on August 22 . oct. 27 Purchased 120 watches for $20,400 ( $170 per watch) cash. Nov. 20 Sold 106 watches for $69,960 cash. Dec. 4 Purchased 116 watches for $20,880 ( $180 per watch) on account. Dec. 8 Sold $6 watches for $36,969 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. (8) Answer is not complete. 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31,2022 , in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31,2022 , in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31,2022 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal En Required" in the first account field.) [The following information applies to the questions displayed below.] 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 avallable 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 $660 each. Ju1. 17 Purchased 74 watches for $11,100 ( $150 per watch) on account. Jul. 31 sold 56 watches for $36,960 cash. Aug. 12 Purchased 56 watches for $8,960 ( $160 per watch) cash. Aug. 22 Sold 46 watches for $3,360 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $18,216 for watches sold on account on August 22. Oct. 27 Purchased 12 watches for $2,400 ( $170 per watch) cash. Nov. 20 sold 106 watches for $69,960 cash. Dec. 4 Purchased 116 watches for $20,880 ( $180 per watch) on account. Dec. 8 Sold $6 watches for $36,960 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. Jul. 17 purchased 74 watches for $11,169 ( $150 per watch) on account. Jul. 31 Sold $6 watches for $36,960 cash. Aug. 12 Purchased 56 watches for $8,960 ( $160 per watch) cash. Aug. 22 sold 46 watches for $30,360 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Recelve cash of $18,216 for watches sold on account on August 22 . oct. 27 Purchased 120 watches for $20,400 ( $170 per watch) cash. Nov. 20 Sold 106 watches for $69,960 cash. Dec. 4 Purchased 116 watches for $20,880 ( $180 per watch) on account. Dec. 8 Sold $6 watches for $36,969 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. (8) Answer is not complete. 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31,2022 , in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31,2022 , in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31,2022 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal En Required" in the first account field.)