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, "'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, 2022, Great Adventures purchased the land by issuing a $560,000,6%,10-year instaliment note to the seller. Payments of $1,217 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,217 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 everl" Suzie said, "There's something else I need to tell you. Im expecting!" They decided right then, if it was a boy, they would name him Venture. 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.) Journal entry worksheet 1 2 3 Prepare the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits. 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, "'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, 2022, Great Adventures purchased the land by issuing a $560,000,6%,10-year instaliment note to the seller. Payments of $1,217 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,217 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 everl" Suzie said, "There's something else I need to tell you. Im expecting!" They decided right then, if it was a boy, they would name him Venture. 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.) Journal entry worksheet 1 2 3 Prepare the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits
