Great Adventures Problem AP5-1 (GL) 1 Tony and Suzle are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag, paintball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). 11 points eBook 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. References Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,300 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 $2,8ee, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,300. 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 $3,300, 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 $6,880, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for members of the Elks Lodge. Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $54, eee, 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 $20,500 to these groups, with payment due in July. Consider the following Information as of June 30, 2022. Suzle estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $54,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of Interest on the note receivable from Myers Manufacturing. Accrue one month of Interest on the note receivable from Myers Manufacturing. eBook Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet References Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Adjusted GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Debit Credit Cash S 54,764 20,500 54,000 360 2,100 214,300 Accounts Receivable Notes Receivable Interest Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Service Revenue 50.000 6.2001 2.500 1.025 64.000 88,000 102.640 86.900 360 338 11,400 Interest Revenue Sales Discounts Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense 2,200 29,000 1,025 1.240 Rent Expense Insurance Expense Total 4,600 5,800 401,625 $ S 401.625 Journal Ledger Statement References Choose the appropriate accounts to complete the company's income statement. Select 'adjusted from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing GREAT ADVENTURES, INC. Income Statement For the Period Ended June 30, 2022 Revenue: S 0 Service Revenue Sales Discounts 0 0 0 Total Revenue S 0 Expense: Interest Revenue Service Revenue 0 0 Bad Debt Expense 0 0 0 0 0 0 Total Expense 0 Net Loss $ 0 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. Post-closing Assets GREAT ADVENTURES, INC. , Balance Sheet June 30, 2022 , Liabilities Current Liabilities ' 54,764 Deferred Revenue (65.399) Current Assets Cash $ 1.025 0 0 0 Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable 54,000 Total Current Liabilities 1.025 360 Retained Earnings 102.640 0 0 0 0 103.665 Total Current Assets Long-term Assets Equipment 43.725 Total Liabilities Stockholders' Equity 214,300 0 01 0 0 0 0 0 Total Stockholders' Equity 258,025 Total Liabilities and Stockholders' Equity 0 103.665 Total Assets $ $ 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. Post-closing Assets GREAT ADVENTURES, INC. , Balance Sheet June 30, 2022 , Liabilities Current Liabilities ' 54,764 Deferred Revenue (65.399) Current Assets Cash $ 1.025 0 0 0 Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable 54,000 Total Current Liabilities 1.025 360 Retained Earnings 102.640 0 0 0 0 103.665 Total Current Assets Long-term Assets Equipment 43.725 Total Liabilities Stockholders' Equity 214,300 0 01 0 0 0 0 0 Total Stockholders' Equity 258,025 Total Liabilities and Stockholders' Equity 0 103.665 Total Assets $ $