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Jul. 17 Purchased 77 watches for $11,550 ($150 per watch) on account. Jul. 31 Sold 58 watches for $39,440 cash. Aug. 12 Purchased 58 watches for $9,280 ($160 per watch) cash. Aug. 22 Sold 48 watches for $32,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $19,584 for watches sold on account on August 22. Oct. 27 Purchased 125 watches for $21,250 ($170 per watch) cash. Nov. 20 Sold 108 watches for $73,440 cash. Dec. 4 Purchased 118 watches for $21,240 ($180 per watch) on account. Dec. 8 Sold 58 watches for $39,440 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 an play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 3 the estimated net realizable value of MU watches is only $100 per watch. General General Trial Income Balance Journal Ledger Balance Statem... Sheet Require... 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 < Date Dec 31 10 Record the closure of revenue accounts. Note: Enter debits before credits. General Journal 12 13 14 Sales Revenue Interest Revenue Service Revenue Record entry Clear entry 15 16 17 > Debit Credit 165 49,000 View general journal

Jul. 17 Purchased 77 watches for $11,550 ($150 per watch) on account. Jul. 31 Sold 58 watches for $39,440 cash. Aug. 12 Purchased 58 watches for $9,280 ($160 per watch) cash. Aug. 22 Sold 48 watches for $32,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $19,584 for watches sold on account on August 22. Oct. 27 Purchased 125 watches for $21,250 ($170 per watch) cash. Nov. 20 Sold 108 watches for $73,440 cash. Dec. 4 Purchased 118 watches for $21,240 ($180 per watch) on account. Dec. 8 Sold 58 watches for $39,440 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 an play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 3 the estimated net realizable value of MU watches is only $100 per watch. General General Trial Income Balance Journal Ledger Balance Statem... Sheet Require... 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 < Date Dec 31 10 Record the closure of revenue accounts. Note: Enter debits before credits. General Journal 12 13 14 Sales Revenue Interest Revenue Service Revenue Record entry Clear entry 15 16 17 > Debit Credit 165 49,000 View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jul. 17 Purchased 77 watches for $11,550 ($150 per watch) on account. Jul. 31 Sold 58 watches for $39,440 cash. Aug. 12 Purchased 58 watches for $9,280 ($160 per watch) cash. Aug. 22 Sold 48 watches for $32,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $19,584 for watches sold on account on August 22. Oct. 27 Purchased 125 watches for $21,250 ($170 per watch) cash. Nov. 20 Sold 108 watches for $73,440 cash. Dec. 4 Purchased 118 watches for $21,240 ($180 per watch) on account. Dec. 8 Sold 58 watches for $39,440 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. General General Journal Ledger View transaction list Require... 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.) Journal entry worksheet < 1 Date Dec 31 Trial Income Balance Statem... 10 11 12 13 14 Record the closure of revenue accounts. Note: Enter debits before credits. General Journal Sales Revenue Interest Revenue Service Revenue Record entry Clear entry < Requirement 15 Balance Sheet 165 49,000 16 Debit Credit 17 > View general journal General Ledger >
Transcribed Image Text:Jul. 17 Purchased 77 watches for $11,550 ($150 per watch) on account. Jul. 31 Sold 58 watches for $39,440 cash. Aug. 12 Purchased 58 watches for $9,280 ($160 per watch) cash. Aug. 22 Sold 48 watches for $32,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $19,584 for watches sold on account on August 22. Oct. 27 Purchased 125 watches for $21,250 ($170 per watch) cash. Nov. 20 Sold 108 watches for $73,440 cash. Dec. 4 Purchased 118 watches for $21,240 ($180 per watch) on account. Dec. 8 Sold 58 watches for $39,440 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. General General Journal Ledger View transaction list Require... 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.) Journal entry worksheet < 1 Date Dec 31 Trial Income Balance Statem... 10 11 12 13 14 Record the closure of revenue accounts. Note: Enter debits before credits. General Journal Sales Revenue Interest Revenue Service Revenue Record entry Clear entry < Requirement 15 Balance Sheet 165 49,000 16 Debit Credit 17 > View general journal General Ledger >
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