I need help with the journal entries.
Great Adventures Problem AP9-1 (GL) 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 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 1, 2022, Great Adventures purchased the land by issuing a $600,000, 6%, 10-year installment note to the seller. Payments of $6,661 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,661 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 expecting!" They decided right then, if it was a boy, they would name him Venture. 1 Record the issuance of the long-term note payable for the purchase of land on November 1, 2022. wil 5. g-te 2 Record the first monthly payment on the long-term note payable, made on November 30, 2022. 3 Record the second monthly payment on the long-term note payable, made on December 31, 2022. Cre 4 The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $45,616. Record Li -CILI - - -LC- 3 Recora the second montniy payment on the long-term note payable, made on December 31, 2022. 4 The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $45,616. Record the reclassification of this amount from long-term notes payable to current notes payable. 5 Prepare the closing entry for revenue accounts. 6 Prepare the closing entry for expense and loss accounts. Note : = journal entry has been entered Great Adventures Problem AP9-1 (GL) 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 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 1, 2022, Great Adventures purchased the land by issuing a $600,000, 6%, 10-year installment note to the seller. Payments of $6,661 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,661 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 expecting!" They decided right then, if it was a boy, they would name him Venture. 1 Record the issuance of the long-term note payable for the purchase of land on November 1, 2022. wil 5. g-te 2 Record the first monthly payment on the long-term note payable, made on November 30, 2022. 3 Record the second monthly payment on the long-term note payable, made on December 31, 2022. Cre 4 The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $45,616. Record Li -CILI - - -LC- 3 Recora the second montniy payment on the long-term note payable, made on December 31, 2022. 4 The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $45,616. Record the reclassification of this amount from long-term notes payable to current notes payable. 5 Prepare the closing entry for revenue accounts. 6 Prepare the closing entry for expense and loss accounts. Note : = journal entry has been entered
