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 $4,000 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 $2,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,eee. 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 $3,000, 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 $6,500, 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 $72,000, 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 $19,000 to these groups, with payment due in July. Consider the following information as of June 30, 2022. . Suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $72,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. 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. 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. Adjusted GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Debit Credit Cash $ 55,700 19.000 950 72,000 480 2,400 Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Common Stock 244,000 56,000 6,800 2,650 70,000 100,000 114,850 102,500 480 Retained Earnings Service Revenue 300 12,000 Interest Revenue Sales Discounts Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Insurance Expense Total 2,500 32,000 950 1,300 5,200 6,400 454,230 $ 454,230 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended June 30, 2022 Revenue: $ 0 0 0 0 Total Revenue $ 0 Expense: ololololo 0 0 0 Total Expense Oo Net Income $ 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. Adjusted GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash $ 62,200 $ 3,130 Interest Payable Accounts Payable Prepaid Rent 2,400 6,800 0 0 0 Total Current Liabilities 9,930 70,000 0 Notes Payable 0 0 0 Total Current Assets 64,600 Total Liabilities 79,930 Stockholders' Equity Long-term Assets: Equipment 244,000 Common Stock 100,000 0 Retained Earnings 114,850 0 0 0 Total Stockholders' Equity 308,600 Total Liabilities and Stockholders' Equity 214,850 294,780 Total Assets $ $ 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 $4,000 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 $2,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,eee. 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 $3,000, 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 $6,500, 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 $72,000, 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 $19,000 to these groups, with payment due in July. Consider the following information as of June 30, 2022. . Suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $72,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. 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. 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. Adjusted GREAT ADVENTURES, INC. Trial Balance June 30, 2022 Account Title Debit Credit Cash $ 55,700 19.000 950 72,000 480 2,400 Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable Interest Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Notes Payable Common Stock 244,000 56,000 6,800 2,650 70,000 100,000 114,850 102,500 480 Retained Earnings Service Revenue 300 12,000 Interest Revenue Sales Discounts Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Insurance Expense Total 2,500 32,000 950 1,300 5,200 6,400 454,230 $ 454,230 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended June 30, 2022 Revenue: $ 0 0 0 0 Total Revenue $ 0 Expense: ololololo 0 0 0 Total Expense Oo Net Income $ 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. Adjusted GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash $ 62,200 $ 3,130 Interest Payable Accounts Payable Prepaid Rent 2,400 6,800 0 0 0 Total Current Liabilities 9,930 70,000 0 Notes Payable 0 0 0 Total Current Assets 64,600 Total Liabilities 79,930 Stockholders' Equity Long-term Assets: Equipment 244,000 Common Stock 100,000 0 Retained Earnings 114,850 0 0 0 Total Stockholders' Equity 308,600 Total Liabilities and Stockholders' Equity 214,850 294,780 Total Assets $ $