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 instaliment 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!" Journal entry worksheet 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. Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense 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, "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 instaliment 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!" Journal entry worksheet 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. Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits
