RWP9-1 (Static) Great Adventures Continuing Case (GL) Tonys 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, Ive 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 (i.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, Theres something else I need to tell you. Im expecting!

Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Post-closing GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Revenues: Post-closing Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Post-closing GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Revenues: Post-closing