accounting homework problem 384249
Aug 29, 2021 | Uncategorized
All watches are sold for $301 each.
| Jul. |
17 |
Purchased 57 watches for $8,151 ($143 per watch) on account. |
| Jul. |
31 |
Sold 42 watches for $12,642 cash. |
| Aug. |
12 |
Purchased 43 watches for $6,622 ($154 per watch) cash. |
| Aug. |
22 |
Sold 21 watches for $6,321 on account. |
| Sep. |
19 |
Paid for watches ordered on July 17. |
| Sep |
27 |
Received full payment for watches sold on account on August 22. |
| Oct. |
27 |
Purchased 88 watches for $14,784 ($168 per watch) cash. |
| Nov. |
20 |
Sold 115 watches for $34,615 cash. |
| Dec. |
4 |
Purchased 105 watches for $18,270 ($174 per watch) cash. |
| Dec. |
8 |
Sold 36 watches for $10,836 on account.
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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 market value of MU watches is only $114 per watch
Record any necessary entry on December 31, 2013, related to this information
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