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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 ctaydreaming of those days a bit as he and Suzle jogged along a nature trall and came across a wonderful piece of property for sale. He furned to Suzie and said, Ilve. 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 $560,000, 6\%, 10-year instaliment note to the seller. Payments of $6,217 are requited 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 payments fie, reduction of the loan amount. Late that night Tony exclaimed, We now have land for our new camp; this has to bo the best news event? Strie siaid, "There's something else I need tp tell you. Im expectingl" They decided hight then, if it was a boy, they would name him Venture. Journal entry worksheet 56 Record the issuance of the long-term note payable for the purchase of land on November 1,2022. Note: Enter debits before credits. Journal entry worksheet 6 Record the first monthly payment on the long-term note payable, made on November 30,2022. Note: Enter debits before credits. Journal entry worksheet 1 6 Record the second monthly payment on the long-term note payable, made on December 31,2022. Note: Enter debits before credits. Journal entry worksheet The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $42,575. Record the reclassification of this amount from long-term notes payable to current notes payable. Note: Enter debits before credits. Journal entry worksheet 12 Prepare the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits