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 diventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,600 cash. February 25 kendall's Boys and Girls club partieipates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $3,100, but be wants to encourage kids to exercise nore and enjoy the outdoors se he charges the group only $2,600. Great Adventures provides these services on account. February 28 Great Adventures recoives payment from the Boys and Cirls club for the full amount owed, less tho 68 quiekMarch 19 Reynold's Management has its employees participate in a one-day TENM adventure. Great Adventures provides services on account for $3,600, and Roynold's agrees to pay within 30 daya. March 27 Great Adventures receives payment from Reynold's for the full amount owed, less the 61 quick-payment April 7 Several men from the Elks Lodge decide to participate in a TEAY adventure. Great Adventures receives $7,100 inmediately and the event is scheduled for the following veek. Apris 14 The TzNM adventure is held for members of the E1ks Lodge. April 30 Myera Manufacturing participates in a TRAM adventure. Great Adventures providea nervicen on account for May 31$36,000, and Myers agrees to pay within 30 days. month, 61 note receivable to replace the existing account recoivable. June 15 Several MBA groups porticipate in TEMM adventures. Great Adventures provides services on account for $22,000 Required: 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 recelvable from Mvers Manufacturina. quired: onsider 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 for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing. Note payable is due in 4 years. 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 30,2025 , in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended June 30, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of June 30, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Choose the appropriate accounts to complete the company's incorht statement. Select 'adjusted' from the dropdown, wh will then populate the balances in those accounts from the adjusted trial balance
