Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Hey can I please get some help with this question?Thank you. Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the

Hey can I please get some help with this question?Thank you.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, whic will then populate the balances in those accounts from the adjusted trial balance. 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. ach journal entry is posted automatically to the general iedger. Tony and Suzie are ready to expand Great Adventures even further in 2025. Tony believes that many groups in the community (for example, Boys and Girls Clubs, 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). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate the event before paying. He offers a 6% quick-payment discount to those that pay within 10 days after the event. He aiso guarantees that at least eight hours of outdoor activities will be provided or the customer will recelve a 20% discount. For the first six months of the yeac, the following activities occur for TEAM operations. Jabuary 24 Creat Adventures purekasen outdoor gear stoh as ropes, helseth, harsessea, echpassen, and other niscellabeous equipeest 10r$4,600 cast. of this size $3,100, but be wahts to encourage kida to exereine more and enjoy the outdoors no he charges the group enly $2,600, creat Adventares provides these nervicen on account. March 19 Reynold is Management has iti enployees partieipate in a ene-day Trar advesture. Great Adventurea provides. Mareh 27 Apsili 7 Apr 1114 cervices on eceount for $3,606, and peynold's agrees to pay within 30 day. discoust. Seversi nen troe the Eike Lodge deeide to partieipate in a Trar adventure. Great Adveatures receivea 17 , 100 imediately abs tse event is seheduled for the following week. The TENA edventure is held for members of the rike todye. April 30 May 31 $36,600, and Myers agrees to pay within 30 days. June is Pequired: to chese groups, wish payesest due in juiy. Consider the following information as of June 30,2025. Required: Consider the following information as of June 30, 2025. - Suzie estimates uncollectible accounts to be 5% of accounts recelvable from the MBA groups on June 15, Record the adjusting entry for uncollectible accounts. - Accrue one month of interest on the note recelvable from Myers Manufacturing - Note poyable is due in 4 years. 1. Record each of the transactions listed above in the 'General Journar tab. Review the General Ledger' and the Trial Balasce' tabs to see the effect of the transactions on the occount balances. 2. Record the adjusting entries in the 'General journal' tab. 3. Review the adjusted 'Trial Balance' as of June 30, 2025, in the Trial Balance' tab. 4. Prepare an income statement for trie period ended June 30, 2025, in the 'Income Statement' tab. 5. Prepare a dassified balance sheet as of June 30,2025 in the 'Balance Sheet' tab. 6. Aecord the dosing entries in the 'General Journar tab. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started