The following information applies to the questlons dlisplayed below] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expanslon. 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 molsture from kayaking rain, fishing, or even diving up to 100 feet won't damage them. Suzle 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 $560 each Jul 17 Purchased 59 watches for $8,85e ($150 per watch) on account. Jul. 31 Sold 46 watches for $25,760 cash. Aug. 12 Purchased 46 watches for $7,36e ($160 per watch) cash Aug. 22 Sold 36 watches for $20,16e on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $12,096 for watches sold on account on August 22. Oct. 27 Purchased 95 watches for $16,158 ($170 per watch) cash Nov. 28 Sold 96 watches for $53,760 cash 4 Purchased 106 watches for $19,ese ($188 per watch) on account. 8 Sold 46 watches for $25,760 on account. Dec. Dec In addition to all of the features of the MU watch, th- Late in December, the next generation of multlus MU II watches are equipped with a global posltloning 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 (MU ll) watches Is releas General General Income Balance Sheet Requirement Trial Balance Journal Ledger Statement 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. The following information applies to the questlons dlisplayed below] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expanslon. 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 molsture from kayaking rain, fishing, or even diving up to 100 feet won't damage them. Suzle 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 $560 each Jul 17 Purchased 59 watches for $8,85e ($150 per watch) on account. Jul. 31 Sold 46 watches for $25,760 cash. Aug. 12 Purchased 46 watches for $7,36e ($160 per watch) cash Aug. 22 Sold 36 watches for $20,16e on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $12,096 for watches sold on account on August 22. Oct. 27 Purchased 95 watches for $16,158 ($170 per watch) cash Nov. 28 Sold 96 watches for $53,760 cash 4 Purchased 106 watches for $19,ese ($188 per watch) on account. 8 Sold 46 watches for $25,760 on account. Dec. Dec In addition to all of the features of the MU watch, th- Late in December, the next generation of multlus MU II watches are equipped with a global posltloning 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 (MU ll) watches Is releas General General Income Balance Sheet Requirement Trial Balance Journal Ledger Statement 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
