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 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.

Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,800 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 $4,300, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,800. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 6% 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 $4,800, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 6% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $8,300, 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 $8,400, 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 $28,000 to these groups, with payment due in July. Consider the following information as June 30, 2022. Suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $8,400 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. www. 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. Requirement 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted Trial Balance' as of June 30, 2022, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended June 30, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of June 30, 2022 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal" tab. General Journal > Requirement General Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Note: Enter debits before credits. Date Jan 24 Income Statement Record entry Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,800 cash. Account Title Clear entry Balance Sheet General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet Each journal entry is posted automatically to the general ledger. Unadjust No. No. No. No. No. No. No. No. Date Jan 01 Date Date Date Date Date Cash Prepaid Rent Debit Credit Balance No. Date Debit Credit Balance 42,500 1,200 Equipment Accumulated Depreciation Debit Credit Balance No. Date Debit Credit Balance 120,000 32,000 Accounts Payable Debit Credit Notes Payable Debit Credit Retained Earnings Debit Credit Supplies Expense Date Debit Credit General Ledger Account Interest Expense Debit Credit Balance 4,400 Balance 46,000 Balance 66,010 No. Date Insurance Expense Date Debit Credit Balance 4,000 No. Date Balance No. Date 1,300 Balance 52,000 Balance 9,600 Balance 20,000 Rent Expense Debit Credit Balance 2,800 Requirement Cash Prepaid Rent General Journal Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Common Stock Retained Earnings Depreciation Expense Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Supplies Expense Salaries Expense Interest Expense Rent Expense Insurance Expense Total General Ledger Trial Balance Income Statement Account Title Balance Sheet GREAT ADVENTURES, INC. Trial Balance June 15, 2022 $ Debit 42,500 1,200 120,000 9,600 1,300 20,000 1,060 2,800 4,000 202,460 $ Credit 32,000 4,400 2,050 46,000 52,000 66,010 202,460 Requirement Revenue: Total Revenue Expense: General Journal Total Expense General Ledger Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted Trial Balance GREAT ADVENTURES, INC. Income Statement For the Period Ended June 30, 2022 Income Statement Trial Balance Balance Sheet Balance Sheet > Requirement Current Assets: General Journal Total Assets Assets Total Current Assets Long-term Assets: General Ledger 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. Unadjusted Trial Balance Income Statement GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Balance Sheet Current Liabilities: Liabilities