Tony$$s favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, $$I$$ve always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place.$$ On November $1,2025,$ Great Adventures purchased the land by issuing a $$500,000,6\%,10-$year installment note to the seller. Payments of $$5,551$ are required at the end of each month over the life of the $10-$year loan. Each monthly payment of $$5,551$ includes both interest expense and principal payments $($i$.$e$.,$ reduction of the loan amount$).$

Late that night, Tony exclaimed, $$We now have land for our new camp; this has to be the best news ever!$$ Suzie said, $$There$$s something else I need to tell you. I$$m expecting!$$

journal entry $1$

Record the issuance of the long$-$term note payable for the purchase of land on November $1,2025.$

Record the first monthly payment on the long$-$term note payable, made on November $30,2025.$

Record the second monthly payment on the long$-$term note payable, made on December $31,2025.$

The $12$ monthly payments in $2026($following year$)$ will reduce the note's balance by an additional $$38,014.$ Record the reclassification of this amount from long$-$term notes payable to current notes payable.

Record the entry to close the revenue accounts.

Record the entry to close the expense accounts.

find the Trial balance

find the income statement

find the balance sheets