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$\text{'}$m expecting!"

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$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.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

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.

Note: Enter debits before credits REXORD ENTRY TO CLOSE EXPENSE AND REVENUE ACCOUNTS