Tony and Suzie are ready to expand Great Adventures even further in $2025.$ Tony believes that many groups in the community $($for

example, Boys and Girls Clubs, 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 $6\%$ 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.

January $24$ Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other

miscellaneous equipment for $$4,900$ cash.

February $25$ Kendall's Boys and Girls Club participates in a one$-$day TEAM adventure. Normally, Tony would charge a group

of this size $$3,400,$ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges

the group only $$2,900.$ Great Adventures provides these services on account.

February $28$ Great Adventures receives payment from the Boys and Girls Club for the full amount owed, less the $6\%$ quick$-$

payment discount.

March $19$ Reynold's Management has its employees participate in a one$-$day TEAM adventure. Great Adventures provides

services on account for $$3,900,$ and Reynold's agrees to pay within $30$ days.

March $27$ Great Adventures receives payment from Reynold's for the full amount owed, less the $6\%$ quick$-$payment

discount.

April $7$ Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $$7,400$

April $14$ The TEAM adventure is held for members of the Elks Lodge.

April $30$ Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for

$$18,000,$ 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$-$

Junth, $8\%$ note receivable to replace the existing account receivable.

Required:

Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $$23,500$

to these groups, with payment due in July.

Consider the following information as of June $30,2025.$

Suzie estimates uncollectible accounts to be $5\%$ of accounts receivable from the MBA groups on June $15.$ Record the adjusting entry

for uncollectible accounts.

Accrue one month of interest on the note receivable from Myers Manufacturing.

Note payable is due in $4$ years.

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.

Record the adjusting entries in the 'General Journal' tab.

Review the adjusted 'Trial Balance' as of June $30,2025,$ in the 'Trial Balance' tab.

Prepare an income statement for the period ended June $30,2025,$ in the 'Income Statement' tab.

Prepare a classified balance sheet as of June $30,2025$ in the 'Balance Sheet' tab.

Record the closing entries in the 'General Journal' tab.