Record the closure of expense accounts. Note: Enter de” src=”https://files.transtutors.com/cdn/qimg/7ba0ff56362348c2ba07b5aec0a25cae.jpg” aria-describedby=”ala”> 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 $760 each. Jul. 17 Purchased 89 watches for $13,350 ($150 per watch) on account. Jul. 31 Sold 86 watches for $65,360 cash. Aug. 12 Purchased 66 watches for $10,560 ($160 per watch) cash. Aug. 22 Sold 56 watches for $42,560 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $25,536 for watches sold on account on August 22. Oct. 27 Purchased 145 watches for $24,650 ($170 per watch) cash. Nov. 20 Sold 116 watches for $88,160 cash. Dec. 4 Purchased 126 watches for $22,680 ($180 per watch) on account. Dec. 8 Sold 66 watches for $50, 160 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 $100 per watch. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab, assuming Suzie uses FIFO to account for inventory. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31, 2022, in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Requirement General Journal > View transaction list Journal entry worksheet Record the closure of revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal < Requirement General Ledger > View transaction list Journal entry worksheet < o .... @ ® ® ® ® ® » > Record the closure of expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues Sales Revenue *$ 246,240 246,240 61,040 Net Sales Cost of Goods Sold Gross Profit Operating Expense: $ 185,200 0 0 0 Total Operating Expenses Operating Income (Loss) 185,200 0 Income Before Income Taxes 185,200 $ 185,200 < Trial Balance 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 $ Assets Current Assets: Cash Accounts Receivable Inventory Allowance for Uncollectible Accounts 471 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities T Current Liabilities: $ 167,656 Accounts Payable 104,184 Interest Payable 10,200 Income Tax Payable (3,700) Total Current Liabilities Notes Payable 278,340 Total Liabilities Stockholders' Equity or Retained Earnings 58,000/ Common Stock 28,080 1,400 15,800 ble 0 1 45,280 56,000 101,280 Total Current Assets Long-term Assets: 221,900 25,655 Equipment 0 Total Stockholders' Equity 336,340 Total Liabilities and Stockholders' Equity 247,555 348,835 Total Assets $ $ Income Statement Balance Sheet
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