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 $5,000 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 $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,000. 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 $4,000, 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 $7,500, 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 $6,000, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees 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 $24,000 to these groups, with payment due in July. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing - to: Jun 30 $ Assets Current Assets: Accounts Receivable Cash Interest Receivable Prepaid Rent Notes Receivable Dates: Jan 24 GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Liabilities Current Liabilities: 24,000 Accounts Payable 47,275 Deferred Revenue x 480 Allowance for Uncollectible Accounts 400 Total Current Liabilities 6,000 Accumulated Depreciation Interest Payable x Notes Payable 78,155 Total Liabilities Stockholders' Equity $ 45,000 Common Stock 0 Retained Earnings $ 2,800 375 2,400 5,575 16,000 1,650 30,000 53,225 0 Total Current Assets Long-term Assets: Equipment 20,000 50,655 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 70,655 123,880 Total Assets $ Service Revenue 4,000 5 Mar 27 Cash Sales Discounts Accounts Receivable 3,800 200 4,000 Apr 07 Cash Sales Discounts Deferred Revenue 7,125 375 7,500 Apr 14 7,125 X Deferred Revenue Service Revenue 7,125 X Apr 30 6,000 Accounts Receivable Service Revenue 6,000 9 May 31 6,000 Notes Receivable Accounts Receivable 6,000 Jun 15 24,000 Accounts Receivable Service Revenue 24,000 Jun 30 2,400 Bad Debt Expense Allowance for Uncollectible Accounts 2,400 12 Jun 30 480 X Interest Receivable Interest Revenue 480 13 Jun 30 Service Revenue Interest Revenue Retained Earnings 44,125 480 44,605 Drov 2 of 7 Nout Journal entry worksheet Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is scheduled for the following week. Note: Enter debits before credits. Account Title / Credit Date Apr 07 Cash Sales Discounts Debit 7,125 375 Deferred Revenue 7,500 Record entry Clear entry View general journal Journal entry worksheet The TEAM adventure is held for members of the Elks Lodge. Note: Enter debits before credits. / Credit Date Apr 14 Account Title Deferred Revenue | Service Revenue Debit 7,125 7,125 Record entry Clear entry View general journal Journal entry worksheet Record the accrued interest revenue. Note: Enter debits before credits. Date Credit Account Title Interest Receivable Interest Revenue Debit 480 Jun 30 480 Record entry Clear entry View general journal Journal entry worksheet Record the closure of revenue accounts. Note: Enter debits before credits. Credit Date Jun 30 Account Title Service Revenue Interest Revenue Retained Earnings Debit 44,125 480 44,605 Record entry Clear entry View general journal