Adjusted GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Credit $ Debit 55.700 19,000 950 72,000 480 2,400 244,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Discounts Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Insurance Expense Total 56,000 6,800 3,130 70,000 100,000 114,850 102,500 3001 12,000 2,500 32,000 950 1,300 5,200 6,400 454,230 $ $ 454,230 Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 6% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount. For the first six months of the year, the following activities occur for TEAM operations. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,000 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $2,5ee, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,000. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 6% quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $3,000, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 6% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $6,500, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for members of the Elks Lodge. Apr. 38 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $72,000, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 8% note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $19,000 to these groups, with payment due in July. Consider the following information as of June 30, 2022. Suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $72,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Assets Current Assets Cash Liabilities Current Liabilities: Interest Payable Accounts Payable $ 3,130 55,700 0 6,800 0 0 non 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 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,000 cash. Note: Enter debits before credits. Date Account Title Debit Credit Jan 24 Equipment 4,000 Cash 4,000 Record entry Clear entry View general journal Journal entry worksheet 1 8 9 10 11 12 13 14 > Record the closing entry for the revenue accounts. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Service Revenue 102,500 Retained Earnings 102,500 Record entry Clear entry View general journal