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HI EXPERTS!!!! COULD I PLEASE GET SOME HELP ON THIS QUESTION? *THIS IS AN ACCOUNTING QUESTION* begin{tabular}{|l|r|r|} hline Cost of Goods Sold & 40,400
HI EXPERTS!!!! COULD I PLEASE GET SOME HELP ON THIS QUESTION?
*THIS IS AN ACCOUNTING QUESTION*
\begin{tabular}{|l|r|r|} \hline Cost of Goods Sold & 40,400 \\ \hline Depreciation Expense & 19,150 \\ \hline Supplies Expense & 1,450 & \\ \hline Salaries Expense & 33,500 & \\ \hline Bad Debt Expense & 3,350 & \\ \hline Interest Expense & 2,750 & \\ \hline Rent Expense & 4,300 & \\ \hline Income Tax Expense & 16,400 & \\ \hline Reparance Expense & 7,600 & \\ \hline Warranty Expense & 780 & \\ \hline Loss & $ & 7,800 \\ \hline Total & 15,800 & \\ \hline \end{tabular} General Ledger Income Statement Prepare an income statement for the period ended December 31,2025. Choose the appropriate accounts to complete the company's income statement. The unadjusted or post-closing balances will appear for each account, based on your selection 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.) Journal entry worksheet 1 6 Record the second monthly payment on the long-term note payable, made on December 31, 2025. Note: Enter debits before credits. \begin{tabular}{|r|r|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2,750 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 4,300 \\ \hline \end{tabular} \begin{tabular}{|r|r|c|c|c|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 16,400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Insurance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 7.600 \\ \hline \end{tabular} \begin{tabular}{|r|r|c|c|c|} \hline \multicolumn{5}{|c|}{ Repairs and Maintenance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 780 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Warranty Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 7.800 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Loss } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 15,800 \\ \hline \end{tabular} Trial Balance Balance Sheet Unadjusted General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 89,640 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 53,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Allowance for Uncollectible Accounts: } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 2,780 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 10,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid Insurance } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 1,280 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 101,140 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 29,050 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Nvember 01 & & & 24,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 1,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Income Tax Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 16,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Deforred Rovenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 8,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (Current) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 19,500 \\ \hline \end{tabular} 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.) Journal entry worksheet (1) (2) 6 Record the entry to close the revenue accounts. Note: Enter debits before credits. GREAT ADVENTURES, INCORPORATED Balance Sheet December 31,2025 \begin{tabular}{|c|c|c|c|} \hline Assets & & Liabilities & \\ \hline Current Assets: & & Current Liabilities: & \\ \hline & & & \\ \hline & & ? & \\ \hline & & & \\ \hline & & ? & \\ \hline 5 & & 7 & \\ \hline & & & \\ \hline - & & F & \\ \hline & & & \\ \hline & & Total Current Liabilities & 0 \\ \hline 5 & & Long-term Liabilities: & \\ \hlineF & & ? & \\ \hlinep & & & \\ \hline Total Current Assets & 0 & Total Liabilities & 0 \\ \hline Long-Term Assets: & & Stockholders' Equity & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & Total Stockholders' Equity & 0 \\ \hline Total Assets & $ & Total Liabilities \& Stockholders' Equily & $ \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (Long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 23,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Contingent Liability } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 15,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Warranty Liability } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & November 01 & & & 7,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 20,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 35,350 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 46,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sals Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 158,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 540 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 40,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 19,150 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 1.450 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 33,500 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 3,350 \\ \hline \end{tabular} 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.) Journal entry worksheet 456 Record the issuance of the long-term note payable for the purchase of land on November 1, 2025. Note: Enter debits before credits. Unadjusted GREAT ADVENTURES, INCORPORATED Trial Balance December 31,2025 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.) Journal entry worksheet (1) 2 6 The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $66,904. Record the reclassification of this amount from long-term notes payable to current notes payable. Note: Enter debits before credits. 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.) Journal entry worksheet 56 Record the first monthly payment on the long-term note payable, made on November 30,2025 . Note: Enter debits before credits. Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful plece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place," On November 1, 2025, Great. Adventures purchased the land by issuing a $880,000,6%, 10 -year installment note to the seller. Payments of $9,770 are required at the end of each month over-the life of the 10-year loan, Each monthly payment of $9,770 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expectingl" 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 3. Prepare a classified balance sheet as of December 31,2025 in the 'Balance Sheet' tab. 4. Record the closing entries in the 'General Journal' tab. 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.) Journal entry worksheet (1) 2 (3) 45 Record the entry to close the expense accounts. Note: Enter debits before credits Step by Step Solution
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