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I have included what I have come up with journal entries but I am still missing 3 entries. Your help would be appreciated. - -
I have included what I have come up with journal entries but I am still missing entries. Your help would be appreciated. PROBLEM: 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 trall and came across a wonderful piece 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 Great Adventures purchased the land by issuing a $ year installment note to the seller. Payments of $ are required at the end of eacin month over the life of the year loan. Each monthly payment of $ includes both interest expense and principal payments 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. Im expecting!" They decided right then, if it was a boy, they would name him Venture. My JOURNAL ENTRIES so far Land Notes Payable Interest Expense Notes payable Accounts payable Interest Expense Notes payable Accounts payable BUT I NEED HELP WITH THESE ENTRIES: The monthly payments in following year will reduce the note's balance by an additional $ Record the reclassification of this amount from longterm notes payable to current notes payable. Note: Enter debits before credits. Prepare the closing entry for revenue accounts. Note: Enter debits before credits. Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits.
I have included what I have come up with journal entries but I am still missing entries. Your help would be appreciated.
PROBLEM:
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 trall and came across a
wonderful piece 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 Great Adventures purchased
the land by issuing a $ year installment note to the seller. Payments of $ are
required at the end of eacin month over the life of the year loan. Each monthly payment of $
includes both interest expense and principal payments 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. Im expecting!" They decided right then, if it was a boy, they
would name him Venture.
My JOURNAL ENTRIES so far
Land
Notes Payable
Interest Expense
Notes payable
Accounts payable
Interest Expense
Notes payable
Accounts payable
BUT I NEED HELP WITH THESE ENTRIES:
The monthly payments in following year will reduce the note's balance by an additional $ Record the reclassification of this amount from longterm notes payable to current notes payable.
Note: Enter debits before credits.
Prepare the closing entry for revenue accounts.
Note: Enter debits before credits.
Prepare the closing entry for expense and loss accounts.
Note: Enter debits before credits.
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