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Problem 1: On July 31, 2012 Sun-Glass Hut Paid DTC Watches Inc $562,500 for 2,500 custom watches. As part of the order DTC Watches has promised to in-print Sun-Glass Hut's insignia on each watch band. DTC Watches Inc plans to have 1,500 of these watches ready for shipment no latter than the end of October 2012. The remainder will not be ready for shipment until January of the following year. Prepare the appropriate journal entry to account for DTC July 31, 2012 transaction
Financial Statement Analysis and Preparation
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