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!"

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

Record the entry to close the expense accounts.

Note: Enter debits before credits.