UTEU TU werer uur De Jul 17 UUTE 7,500 1 Purchases Accounts Payable 7,500 2. 21,840 Jul 31 Cash Sales Revenue 21,840 Jul 31 21,840 Cost of Goods Sold Inventory 21,840 N 4 Aug 12 6,720 Inventory Cash 6,720 5 Aug 22 16,640 Accounts Receivable Sales Revenue 16,640 6 Aug 22 Cost of Goods Sold Inventory 7 Sep 19 Accounts Payable Cash /8 Sep 27 Cash Sales Revenue 9,984 9,984 9 Oct 27 inventory Cash 14,450 14,450 10 Nov 20 Cash Sales Revenue 474,840 47,840 711 Nov 20 Cost of Goods Sold Inventory 12 Dec 04 Inventory Accounts Payable 18,360 18,360 713 Dec 08 Accounts Receivable Sales Revenue 21,840 21,840 14 Dec 08 Cost of Goods Sold Inventory Inventory 15 Dec 31 Cost of Goods Sold Inventory 16 Dec 31 Sales Revenue Retained Eamings 717 Dec 31 Retained Earings Cost of Goods Sold [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 $520 each. Jul. 17 Purchased 53 watches for $7.950 ($150 per watch) on account. Jul. 31 Sold 42 watches for $21,840 cash. Aug. 12 Purchased 42 watches for $6,720 ($168 per watch) cash. Aug. 22 Sold 32 watches for $16,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $9,984 for watches sold on account on August 22. Oct. 27 Purchased 85 watches for $14,450 ($170 per watch) cash. Nov. 20 Sold 92 watches for $47,840 cash. Dec. 4 Purchased 102 watches for $18,360 ($188 per watch) on account. 8 Sold 42 watches for $21,840 on account. Late in December, the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch, the MU I 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 Dec. General General Trial Require Income Balance Journal Ledger Balance Statem 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 View journal entry worksheet No Date General Journal Debit Credit Jul 17 Purchases 7.500 Accounts Payable 7.500 1 2 Jul 31 Cash Sales Revenue 21.840 Jul 31 21,840 Cost of Goods Sold Inventory 21.840 21.840 Aug 12 Inventory Cash 6,720 75 6.720 Aug 22 Accounts Receivable Sales Revenue 16,640 7 6 Aug 22 16,640 Cost of Goods Sold Inventory 77 Sep 19 Accounts Payable Cash 8 Sep 27 Cash SAR
