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 51 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. Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,000 cash. 2 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. 3 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount. Reynold's Management has its employees participate in a one-day TEAM adventure Great Adventures provides Note: = - journal entry has been entered Apr. 07 Cash. 7 Paid for watches purchased on July 17. Record the payment of cash. 8 Receive cash of $9,000 for watches sold on account on August 22. Record the receipt of cash for the sale. 9 Purchased 80 watches for $13,600 ($170 per watch) cash. Record the purchase of inventory for cash. 10 Sold 90 watches for $45,000 cash. Record the sale of Inventory for cash. 11 Sold 90 watches for $45,000 cash. Record the cost of inventory sold. 17 d the Credit View transaction list 12 Purchased 100 watches for $18,000 ($180 per watch) on account. Record the purchase of inventory on account. 13 Sold 40 watches for $20,000 on account. Record the sale of inventory on account. 14 Sold 40 watches for $20,000 on account. Record the cost of inventory sold. 15 Record the write-down of inventory to net realizable value. 16 Record the closure of revenue accounts. 17 Record the closure of expense accounts. journal entry has been entered Note: Record entry 17 17 d the Credit Clear entry View general journal Unadjusted Revenues GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Net Sales Gross Profit Operating Expense: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes $ 0 0 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Trial Balasan Palassa Sh repare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Current Assets: 1 Liabilities Current Liabilities: $ $ 0 0 0 aces 0 0 Total Current Liabilities 0 0 0 Total Current Assets 0 Total Liabilities o Long-term Assets: Stockholders' Equity 0 0 0 Total Stockholders' Equity O Total Assets $ 0 Total Liabilities and Stockholders' Equity $