Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is one multi-part problem I need help with please. It is a lot but it is one single problem and I need all the

image text in transcribedThis is one multi-part problem I need help with please. It is a lot but it is one single problem and I need all the help I can get thanks in advance.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

General Ledger Account Cash Debit Accounts Receivable Debit Credit No. Credit No. Balance Date Nov 01 50,000 # - 2 3 Date Nov 01 Nov 30 Dec 31 Balance 89,070 83,519 77,968 5,551 5,551 Allowance for Uncollectible Accounts Date Debit Credit Nov 01 Inventory Debit No. Balance No. Credit Date Nov 01 2,400 Balance 7,000 Prepaid Insurance Land No. Debit Credit No. Date Debit Credit Balance Date Nov 01 Balance 900 1 Nov 01 500,000 500,000 Equipment Accumulated Depreciation Debit Credit No. Debit Credit No. Date Nov 01 Balance 62,000 Date Nov 01 Balance 25,250 Accounts Payable Debit Credit Interest Payable Debit Credit No. No. Date Nov 01 Balance 20,800 Date Nov 01 Balance 750 Income Tax Payable Debit Credit Deferred Revenue Debit Credit No. No. Date Nov 01 Balance 14,500 Date Nov 01 Balance 5,000 Notes Payable (Current) Debit Credit Notes Payable (Long-term) Debit Credit No. Date No. Date Balance 10,000 500,000 Balance 20,000 520,000 516,949 513,883 Nov 01 Nov 30 Dec 31 2 3 3,051 3,066 Contingent Liability Debit Credit Warranty Liability Debit Credit No. No. Date Nov 01 Balance 12,000 Date Nov 01 Balance 4.000 Common Stock Debit Credit Retained Earnings Debit Credit No. Date No. Date Balance 20,000 Balance 33,450 Sales Revenue Service Revenue Debit Credit No. Date No. Date Debit Credit Balance 44,500 Balance 120,000 Sales Discounts Debit Credit Interest Revenue Debit Credit No. Date No. Date Balance 350 Balance 120 Depreciation Expense Cost of Goods Sold Debit Credit No. Date No. Date Debit Credit Balance Balance 38,500 17,250 Supplies Expense Debit Credit Salaries Expense Debit Credit No. Date No. Date Balance 500 Balance 24,000 Interest Expense Bad Debt Expense Debit Credit No. Date No. Date Debit Credit Balance 2,400 Balance 1,800 4,300 6,785 Nov 30 Dec 31 2,500 2,485 3 Rent Expense Debit Credit Income Tax Expense Debit Credit No. Date No. Date Balance 2,100 Balance 11,500 Insurance Expense Debit Credit Repairs and Maintenance Expense Dale Debit Credit No. Dale No. Balance 5,700 Balance 100 Loss Warranty Cxpense Debil Credit No. Dale No. Dale Debit Credit Dale Debit Credit Balance 4,000 Balance 12,000 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, 2022, 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, "There's something else I need to tell you. I'm expecting! They decided right then, if it was a boy, they would name him Venture. 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. Prepare an income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 3. Prepare a classified balance sheet as of December 31, 2022 in the 'Balance Sheet' tab. 4. Record the closing entries in the 'General Journal' tab. GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: V Net sales o l Gross profit Expense: Total operating expenses Operating income Income before Income Taxes GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities 0 Total Current Assets Long-term assets: Total liabilities Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets $ $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

6th edition

978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343

More Books

Students also viewed these Accounting questions

Question

What was the first HR error to be made?

Answered: 1 week ago