Record the closing entry for the revenue accounts

07 Cash 8,400 Deferred Revenue 8,400 14 8,400 Deferred Revenue Service Revenue 8,400 30 8,700 Accounts Receivable Service Revenue 8,700 31 8,700 Notes Receivable Accounts Receivable 8,700 15 28,500 Accounts Receivable Service Revenue 28,500 30 2,850 Bad Debt Expense Allowance for Uncollectible Accounts 2,850 30 58 Interest Receivable Interest Revenue 58 30 Service Revenue Interest Revenue Retained Earnings 54,400 58 54,342 30 3,290 X Retained Earnings Sales Discounts Bad Debt Expense 440 2,850 Journal entry worksheet Record the closing entry for the revenue accounts. Note: Enter debits before credits. Debit Credit Date Jun 30 Account Title Service Revenue Interest Revenue Retained Earnings 54,400 58 54,342 Journal entry worksheet 1 7 8 9 10 11 12 13 14 Record the closing entry for the expense accounts. Note: Enter debits before credits. Credit Date Jun 30 Account Title Retained Earnings Sales Discounts Bad Debt Expense Debit 3,290 440 2,850 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or 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 Credit S Debit 53,860 28,500 2,850 8,700 58 1,300 135,900 Cash Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Common Stock Retained Earnings Sales Discounts Depreciation Expense Supplies Expense Salaries Expense Interest Expense Rent Expense Insurance Expense Total 34,000 4,600 2.100 48,000 56,000 121,132 880 9,800 1,400 21,000 1,080 3,000 4,200 269,678 S S 268,682 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 $5,900 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 $4,400, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,900. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% 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 $4,900, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $8,400, 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 $8,700, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to ay the amount owed within the specified period and agree to sign a three-month, 8% note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $28,500 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 $8,700 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing