RWP9-1 (Static) Great Adventures Continuing Case (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, 2025, Great Adventures purchased the land by issuing a $500,000, 6%, 10-year installment note to the seller. Payments of $5,551 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,551 includes both interest expense and principal payments (.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!" View transaction list Journal entry worksheet < 2 3 5 6 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 5 6 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next > Unadjusted Revenues: GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Net Sales Gross Profit Expenses: Total Operating Expenses Operating Income Income Before Income Taxes $ 0 0 0 0 0 10 $ 0 0 0 0 0 0 $ 0 Trial Balance 0 Unadjusted. Current Assets: Assets GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Current Liabilities: Liabilities Total Current Liabilities Long-term Liabilities: Total Current Assets 0 Total Liabilities Long-Term Assets: Stockholders' Equity + 0 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ 0