FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

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.   4   Purchased 100 watches for $18,000 ($180 per watch) on account.
Dec.   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.

 

 

Make journal entrys for questions 1-17 

1) Purchased 50 watches for $7,500 ($150 per watch) on account. Record the purchase of inventory on account.

2)Sold 40 watches for $20,000 cash. Record the sale of inventory for cash.

Expert Solution
Check Mark
Still need help?
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

i need augest 22 entry

 

Solution
Bartleby Expert
by Bartleby Expert
SEE SOLUTION
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

i need augest 22 entry

 

Solution
Bartleby Expert
by Bartleby Expert
SEE SOLUTION
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education