[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 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 $500 each. Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash. Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) cash. Aug. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $9,000 for watches sold on account on August 22. Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20 Sold 90 watches for $45,000 cash. Dec. Dec. 4 Purchased 100 watches for $18,000 ($180 per watch) on account. 8 Sold 40 watches for $20,000 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Requirement General General Journal Trial Balance Ledger. Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Cash Current Liabilities: $ 83,270 $ Inventory 7,000 0 Accounts Receivable 50,000 0 Show All Items 0 0 Total Current Liabilities 0 0 0 Total Current Assets Long-term Assets: 140,270 Total Liabilities 0 Stockholders' Equity 0 0 0 0 Total Stockholders' Equity. 0 0 0 0 Total Assets $ 140,270 Total Liabilities and Stockholders' Equity $ 0 Adjusted Revenues Sales Revenue GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Service Revenue Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expense: Depreciation Expense Insurance Expense Rent Expense Salaries Expense Supplies Expense Bad Debt Expense Total Operating Expenses Operating Income (Loss) Interest Revenue Interest Expense Income Before Income Taxes Income Tax Expense $ 100,000 44,500 (350) 0 144,150 38,500 $ 105,650 14 16,000 4,800 2,400 24,000 500 2,400 0 50,100 55,550 120 (1,800) 53,870 14,500 $ 39,370 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.) View transaction list Journal entry worksheet < 10 11 12 13 14 15 16 17 Record the closure of revenue accounts. Note: Enter debits before credits. Date: Dec 31 Inventory General Journal Debit Credit View transaction list Journal entry worksheet < 10 12 16 17 Record the closure of expense accounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit +