record the closing wntry for expense accounts

fyi: income summary is not an option retained earnings bmust be used

[The following information applies to the questions displayed below.] Now that operations for outdoor cliniss and TEAM events are running smoothly, Suzie thinks of another area for business expansion. Stie notices that a few clinic participanis wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches ate able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so meisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches avaliable for sale at the start of each cilinic. The following transactlors relate to purchases and sales of watches during the second half of 2025 . All watches are soid for $860 each. July 17 Purchaned 104 watches for $15,600 (\$150 per wateb) on account. Adgust 12 Furchaned 76 watehen for $12,160 ( $160 Adgunt 22 Sold 66 watcheb for 556,760 on aceeunt. Sopte-ber 19 Paid for, watehen purchased on juiy 17. feptember 27 Recetve cant of of $34,056 cor satehes sold on account on sugust 22 . Ootober 22. Purchaned 170 watchee for $27,540 (5162 per watch) cash. Noyember. 20 fold 146 watehes for $125,560 cash. December 4. Purchaved 136 vatchen for $23,392 (\$172, per vatoh) on account. Degenber 8 : Cold 76 watehes for $65,360 on nocount. Greht Aaveaturen, Incorporated Trial inlance Crest Aatventires, Inoorporated Trial litalance Decentor 31 , 2025 Lote in Deconber, the next generation of mutivse (MU Ii) watehes is releaged, In adilion to all of the foatures of the Mu wateh, the Mull watchesare equippod witha ghobal positioning system (GPS) and have the ability to download and play songs and videos off the Intornot. The domand for the original Mu watches is greatly reduced. As of Deicember.31, the estimated net realizable yalue of Mu watches if only $100 petr watch