Tony and Suzle 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 activitieslso 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 sile 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 wiscellaneo for $4,500 cash. viment February 25 Kendall's Boys and Girls Club participates in a one-day TEAM adventure. Normally, Tony wild charge age of this size $3,000, but he wants to encourage kids to exercise more and enjoy the outdoors su be charges the gre ly $2,500. Great Adventures provides these services on account. payment Reynald's Management has its employees participate in a one-day TEAM adventure, Great Adventures provides services account for $3,500, and Reynold's agrees to pay within 30 days. February 28 Great Adventures receives payment from the Boys and Girls Club for the full amount nt, Jess the discount. March 19 March 27) April 7 April 14 April 30 May 31 June 15 Required: Great Adventures receives payment from Heynold's for the full amount owed, less the 5% quick-peyet discount Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $1,aly and the event is scheduled for the following week. The TEAM adventure is held for members of the Elks Lodge. Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for 10, Myers agrees to pay within 30 days. Myers Manufacturing falls to pay the amount owed within the specified period and agrees to sign a threath, receivable to replace the existing account receivable. and t Several MBA groups participate in TEAR adventures. Great Adventures provides services account for 21, to e groups, with payment due in July. Consider the following information as of June 30, 2025 Help Save & Exit Check my w March 27 April 7 Book April 14 April 30 May 31 ences June 15 Required: and Meynold's agrees to pay within 30 days. -wy stan adventure. Great Adventures provides services Great Adventures receives payment from Reynald's for the full amount oved, less the 5% quick-paymt dist Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $2,000 immediately and the event is scheduled for the following week. The TEAM adventure is held for members of the Elks Lodge. Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $42,000, and Myers agrees to pay within 30 days. 4 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-th, receivable to replace the existing account receivable. te Several MBA groups participate in TEAM adventures. Great Adventures provides services on accmant for $25,500 to these groups, with payment due in July. Consider the following information as of June 30, 2025 Suzie estimates uncollectible accounts to be 10% 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 2 years. C raw Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "Nu Journal Entry ho in the first account field.) View transaction list Journal entry worksheet < Prev 2 of 3 Next >> ces Journal entry worksheet < 8 9 10 11 13 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date Account Title: Debit Credit June 30 Service Revenue Interest Revenue 280 Retained Earnings View general journal Clear entry Record entry 7 8 9 10 11 12 13 14 Record the closing entry for expense accounts. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Retained Earnings Bad Debt Expense ices WELT LIGHT popisane IC DUIGI IN UR V te saja u velence Post-closing Revenue Service Revenue Interest Revenue Net revenues Expenses GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended June 30, 2025 $ 77,000 0 0 0 $ 77,000 Interest Expense 1,200 Depreciation Expense 11,000 Supplies Expense 2,000 Salaries Expense 27,000 Rent Expense 4,200 Insurance Expense 5,400 0 0 Total Expenses Net Income 50,800 $ 26,200 < Trial Balance Balance Sheet> GREAT ADVENTURES, INCORPORATED Balance Sheet June 30, 2025 Assets Current Assets Cash Liabilities Current Liabilities 54,675 Accounts Payable 5,800 0 D 0 0 Allowance for Uncollectible Accounts (2,150) Total Current Liabilities 5.000 Notes Receivable 42,000 0 0 B 0 Total Current Assets 5,800 Long-term Assets Equipment Total Assets 04,525 Total Liabilities Stockholders' Equity 194,500) Retained Earnings 120,700 0 Common Stock 00,000 0 0 Total Stockholders' Equity 200 700 $ 289,025 Total Liabilities and Stockholders' Equity $ 206,500