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!" 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 "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 > Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 21 Retained Farninne Journal entry worksheet < 2 3 4 5 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Retained Earnings Cost of Goods Sold 38,500 2,400 24,000 17,250 400 5,700 6,785 Bad Debt Expense 2,400 Supplies Expense 500 Warranty Expense 4,000 Income Tax Expense 14,500 Record entry Clear entry View general journal