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Id like some help with the numbers in the general journal and then the income statement please and thank you! Tony's favorite memories of his
Id like some help with the numbers in the general journal and then the income statement please and thank you!
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, 2025, Great Adventures purchased the land by issuing a $560,000,6%,10-year installment note to the seller. Payments of $6,217 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,217 includes both interest expense and principal poyments (.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 everl" Suzie said, "There's something else I need to tell you, I'm expectingl" Prepare the journal entries for transactions. (If no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field.) \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ For the Period Ended December 31, 2025} \\ \hline Revenues: & & \\ \hline & $ & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline Net Sales & 0 & \\ \hline Gross Profit & & $ \\ \hline Expenses: & & \\ \hline Interest Expense & A 1,950 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & 1,950 \\ \hline Operating Income & & (1,950) \\ \hline & & 0 \\ \hline & & 0 \\ \hline Income Before Income Taxes & & (1,950) \\ \hline & & 0 \\ \hline & & (1,950) \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & November 01 & Land & 560,000 & \\ \hline & & & Notes Payable (Long-term) & & 560,000 \\ \hline \multirow[t]{3}{*}{>} & 2 & November 30 & Interest Expense & & \\ \hline & & & Notes Payable (Long-term) & & \\ \hline & & & Cash & & 8 \\ \hline & 3 & December 31 & Interest Expense & & \\ \hline & & & Notes Payable (Long-term) & & \\ \hline & & & Cash & & \\ \hline & 4 & December 31 & Notes Payable (Long-term) & & \\ \hline & & & Notes Payable (Current) & & \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{>} & 5 & December 31 & Service Revenue & a & - \\ \hline & & & Sales Revenue & & \\ \hline & & & Interest Revenue & & \\ \hline \multirow[t]{3}{*}{7} & 6 & December 31 & Interest Expense & & \\ \hline & & & Notes Payable (Current) & & \\ \hline & & & Cash & & \\ \hline \end{tabular} Requirement General Ledger 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, 2025, Great Adventures purchased the land by issuing a $560,000,6%,10-year installment note to the seller. Payments of $6,217 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,217 includes both interest expense and principal poyments (.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 everl" Suzie said, "There's something else I need to tell you, I'm expectingl" Prepare the journal entries for transactions. (If no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field.) \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ For the Period Ended December 31, 2025} \\ \hline Revenues: & & \\ \hline & $ & \\ \hline & 0 & \\ \hline & 0 & \\ \hline & 0 & \\ \hline Net Sales & 0 & \\ \hline Gross Profit & & $ \\ \hline Expenses: & & \\ \hline Interest Expense & A 1,950 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & 1,950 \\ \hline Operating Income & & (1,950) \\ \hline & & 0 \\ \hline & & 0 \\ \hline Income Before Income Taxes & & (1,950) \\ \hline & & 0 \\ \hline & & (1,950) \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & November 01 & Land & 560,000 & \\ \hline & & & Notes Payable (Long-term) & & 560,000 \\ \hline \multirow[t]{3}{*}{>} & 2 & November 30 & Interest Expense & & \\ \hline & & & Notes Payable (Long-term) & & \\ \hline & & & Cash & & 8 \\ \hline & 3 & December 31 & Interest Expense & & \\ \hline & & & Notes Payable (Long-term) & & \\ \hline & & & Cash & & \\ \hline & 4 & December 31 & Notes Payable (Long-term) & & \\ \hline & & & Notes Payable (Current) & & \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{>} & 5 & December 31 & Service Revenue & a & - \\ \hline & & & Sales Revenue & & \\ \hline & & & Interest Revenue & & \\ \hline \multirow[t]{3}{*}{7} & 6 & December 31 & Interest Expense & & \\ \hline & & & Notes Payable (Current) & & \\ \hline & & & Cash & & \\ \hline \end{tabular} Requirement General Ledger Step by Step Solution
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