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, 2022, Great Adventures purchased the land by issuing a $520,000, 6%, 10-year installment note to the seller. Payments of $5,773 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,773 includes both interest expense and principal payments (ie., 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!" They decided right then, if it was a boy, they would name him Venture. Journal entry worksheet < 2 3 4 5 6 The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $39,534. Record the reclassification of this amount from long-term notes payable to current notes payable. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 Jim 6 Prepare the closing entry for revenue accounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit > Journal entry worksheet < 1 2 3 5 6 Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit