QUESTION 1:

Journal entries asks (CAN YOU PLEASE DO 15,16, & 17 that i am missing AND please correct any of my journal entries that may seem wrong):

1.Purchased 82 watches for $12,300 ($150 per watch) on account. Record the purchase of inventory on account.

2.Sold 80 watches for $56,000 cash. Record the sale of inventory on account.

3.Sold 80 watches for $56,000 cash. Record the cost of inventory sold.

4.Purchased 60 watches for $9,600 ($160 per watch) cash. Record the purchase of inventory for cash.

5.Sold 50 watches for $35,000 on account. Record the sale.

6.Sold 50 watches for $35,000 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 $21,000 for watches sold on account on August 22. Record the receipt of cash for the sale.

9.Purchased 130 watches for $22,100 ($170 per watch) cash. Record the purchase of inventory for cash.

10.Sold 110 watches for $77,000 cash. Record the sale of inventory for cash.

11.Sold 110 watches for $77,000 cash. Record the cost of inventory sold.

12.Purchased 120 watches for $21,600 ($180 per watch) on account. Record the purchase of inventory on account.

13.Sold 60 watches for $42,000 on account. Record the sale of inventory on account.

14.Sold 60 watches for $42,000 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.

QUESTION 2:

Question 3:

5 [The following information applies to the questions displayed below.) 3.33 points 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 $700 each. eBook Print Jul. 17 Purchased 82 watches for $12,300 ($150 per watch) on account. Jul. 31 Sold 80 watches for $56,000 cash. Aug. 12 Purchased 60 watches for $9,600 ($160 per watch) cash. Aug. 22 Sold 50 watches for $35,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $21,000 for watches sold on account on August 22. Oct. 27 Purchased 130 watches for $22,100 ($170 per watch) cash. Nov. 20 Sold 110 watches for $77,000 cash. Dec. 4 Purchased 120 watches for $21,600 ($180 per watch) on account. Dec. 8 Sold 60 watches for $42,000 on account. References 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 5 U7 No Date General Journal Debit Credit 1 Jul 17 12.300 Purchases Accounts Payable 12.300 3.33 points 2 Jul 31 Cash 56,000 Sales Revenue 58,000 3 Jul 31 Cost of Goods Sold 12.000 eBook Inventory 12,000 Print 4 Aug 12 9.600 Inventory Cash 9.600 References 5 Aug 22 Accounts Receivable 35.000 Sales Revenue 35.000 Aug 22 7.800 Cost of Goods Sold Inventory 7,800 7 Sep 19 12.300 Accounts Payable Cash 12.300 8 Sep 27 21.000 Cash Accounts Receivable 21.000 9 Oct 27 22.100 Inventory Cash 22.100 10 Nov 20 Cash 77.000 Sales Revenue 77,000 11 Nov 20 Cost of Goods Sold 18.700 Inventory 18.700 12 Dec 04 21.600 Inventory Accounts Payable 21,600 13 Dec 08 42.000 Accounts Receivable Sales Revenue 42.000 14 Dec 08 10.600 Cost of Goods Sold Interest Receivable 10.600 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 3 ts Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjust balances will appear for each account, based on your selection. Unadjusted eBook GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Print Revenues $ ferences 0 0 0 Net Sales 0 Oo $ 0 Gross Profit Operating Expense: 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 Income Before Income Taxes 0 0 $ Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance shee The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 0 0 0 0 0 OO 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 Total Assets $ S 0