Please check my work and fix an errors. Thanks!
ENTRY OPTIONS:
- Accounts Payable
- Accounts Receivable
- Accumulated Depreciation
- Advertising Expense
- Allowance for Uncollectible Accounts
- Bad Debt Expense
- Buildings
- Cash
- Common Stock
- Deferred Revenue
- Delivery Expense
- Depreciation Expense
- Entertainment Expense
- Equipment
- Income Tax Expense
- Insurance Expense
- Interest Expense
- Interest Payable
- Interest Receivable
- Interest Revenue
- Inventory
- Land
- Legal Fees Expense
- Notes Payable
- Notes Receivable
- Postage Expense
- Prepaid Advertising
- Prepaid Insurance
- Prepaid Rent
- Rent Expense
- Repairs and Maintenance Expense
- Retained Earnings
- Salaries Expense
- Salaries Payable
- Sales Allowances
- Sales Discounts
- Sales Returns
- Sales Revenue
- Service Fee Expense
- Service Revenue
- Supplies
- Supplies Expense
- Tour Revenue
- Utilities Expense
- Utilities Payable
Great Adventures Problem AP5-1 (GL) Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, 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 in the event before paying. He offers a 5% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount For the first six months of the year, the following activities occur for TEAM operations. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,600 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $4,100, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,600. Great Adventures provides these services on account. Feb. 29 The Boy Scout troop pays the full amount owed, less the 58 quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,600, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 58 quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $8,100, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for members of the Elks Lodge. Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $7,800, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three- month, 88 note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $27,000 to these groups, with payment due in July. Consider the following information as of June 30, 2022. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $7,800 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial Balance' as of June 30, 2022, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended June 30, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of June 30, 2022 in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Cep Llum Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Soumal Entry Required in the first account) Ne Account Tie Det Cred Jan 24 5.900 5.000 Accounce 2.000 Service Re 3.000 3 Fae a F2 Cash 3.420 10 3,000 OOOO OOO OO OOO OO 4 Mer 19 Account Receivable Service Revue 4.400 5 C 4370 230 Sas Discount Accounts Rece 1,500 4.500 her op 18.000 Account Receivable Service Ravne 18,000 7 Ar 14 Noormary Required Ar 7400 Receivable Service Revue olol 7,800 May 21 7.900 Nolas Receivable Account Rece OO 7,800 10 27.000 lolo Service Rowe 27.000 An Bad Det Experte Allowance for Uncle Accounts : 4.500 4.500 Interest Revenge A 30 Sonic Revenue 61.000 Dulmed Revenue 1OO OOO Oooo 61,052 An 30 Supplies Expense Sales Discounts 5.900 4100 4900 Depreciation Expanse 10,510 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Each joumal entry is posted automatically to the general ledger. Post-closing General Ledger Account Accounts Receivable Cash Debit No. Credit No. Data Debit Credit Balance 0 3,600 5,600 3,600 Date Jan 01 Jan 24 Feb 28 Mar 27 Apr 07 Balance 41,500 35,900 39,320 43,690 51,790 2 3 3 3,000 3,420 4,370 8,100 4 4,600 5 6 4,600 Feb 25 Feb 28 Mar 19 Mar 27 Apr 30 May 31 Jun 15 5 & 4,600 7,800 0 7,600 0 27,000 7,800 9 10 27,000 Allowance for Uncollectible Accounts Date Debit Credit Notes Receivable Debit Credit No. No. Date Balance 0 2,700 Balance 0 7,800 11 Jun 30 2.700 May 31 7,800 Interest Receivable Debit Credit Prepaid Rent Debit No. Date No. Date Credit Balance 0 52 Balance 1,000 12 Jun 30 52 Equipment Debit Accumulated Depreciation Debit Credit No. Date Credit No. Date Balance 100,000 105,600 Balance 28,000 Jan 24 5,600 Accounts Payable Debit Credit Interest Payable Debit Credit No. Data No. Date Balance 4,000 Balance 1,950 Notes Payable Debit Credit Common Stock Debit Credit No. Durg No. Date Balance 42,000 Balance 44,000 Retained Earnings Debit Credit Service Ravenue Debi Credit No. Date Date Balance 01 3,600 ADO & 100 7 Sa. 6.100 4,600 Balance No. 57,870 65,970 P2 57,870 P4 109,022 7 60,980 10 13 Feb 25 Mar 19 Apr 14 Apr 14 Jun 30 Jun 30 13 14 51,152 8,200 16,300 24,100 51,100 48,042 &,100 7,800 27,000 Ar 30 Jun 15 Jun 30 51,100 Interest Revenue Debit Credit Sales Discounts Debit Credit No. Date Balance No. 52 52 12 13 Jun 30 Jun 30 Balance 0 180 410 0 52 Feb 20 Mar 27 Jun 30 5 14 230 410 Depreciation Expense Debit Credit No. Date No. Supplies Expense Debit Credit Date Balance 9.200 (1,3101 Balance 1,100 4,210 14 Jun 30 10,510 14 Jun 30 2.110 Salaries Expense Debit Credit Bad Debt Expense Debit Credit No. No. Date Balance Balance 18,000 11 14 2,700 Jun 30 Jun 30 2,700 2,700 Interest Expense Debit Credit Rent Expense Debit Credit No. Date Ne Date Balance 1,020 Balance 2,400 No. Insurance Expertise Credit Date Debit Balance 3,600 Requirement General Joumal General Ledger Trial Balance Income Statement Balance Sheet CE Notice the dropdown below that gives the options to select the unadjusted, adjusted of post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Post-closing GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Debit Cash 51,790 Accounts Receivable 27,000 Allowance for Uncollectible Accounts 2,700 Notes Receivable 7.800 interest Receivable 52 Prepaid Rent 1,000 Equipment 105,600 Accumulated Depreciation 28,000 Accounts Payable 4,000 interest Payable 1,960 Nos Payable 42,000 Commen Stock 44,000 Retained Emings 60,90 Depreciation Expense 1,310 Supplies Expense 4,2101 Salaries Experts 18.000 interest Expense 1,020 Rent Expense 2.400 insurance Experte 3,600 222.4725 184,940 Answer is not complete General Income Tral Balance Balance Sheet Choose the appropriate accounts to complete the company's income statement. Select adjusted from the dropdown, which will then populate the balances in these accounts from the adjusted trial balance Post-closing GREAT ADVENTURES, INC. Income Statement For the Peried Endedne 30, 2012 Service Raven Duled Revenue al Revenue . Total S105 6.700 Supplies Expanse Sales Discount Bad Date 0 . Top 16.520 Requirement General Joumal General Ledger Trial Balance Income Statement Balance Sheet CE Notice the dropdown below that gives the options to select the unadjusted, adjusted of post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Post-closing GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Debit Cash 51,790 Accounts Receivable 27,000 Allowance for Uncollectible Accounts 2,700 Notes Receivable 7.800 interest Receivable 52 Prepaid Rent 1,000 Equipment 105,600 Accumulated Depreciation 28,000 Accounts Payable 4,000 interest Payable 1,960 Nos Payable 42,000 Commen Stock 44,000 Retained Emings 60,90 Depreciation Expense 1,310 Supplies Expense 4,2101 Salaries Experts 18.000 interest Expense 1,020 Rent Expense 2.400 insurance Experte 3,600 222.4725 184,940 Answer is not complete General Income Tral Balance Balance Sheet Choose the appropriate accounts to complete the company's income statement. Select adjusted from the dropdown, which will then populate the balances in these accounts from the adjusted trial balance Post-closing GREAT ADVENTURES, INC. Income Statement For the Peried Endedne 30, 2012 Service Raven Duled Revenue al Revenue . Total S105 6.700 Supplies Expanse Sales Discount Bad Date 0 . Top 16.520
