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 $700,000, 6%, 10-year installment note to the seller. Payments of $7,771 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $7,771 includes both interest expense and principal payments (.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 everl" 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. Statement Balance Sheet General General Income Requirement Journal Ledger Trial Balance 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Prepare an income statement for the period ended December 31, 2022, in the "Income Statement' tab. 3. Prepare a classified balance sheet as of December 31, 2022 in the 'Balance Sheet' tab. 4. Record the closing entries in the 'General Journal' tab. Requirement General Journal > View transaction list Journal entry worksheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/e in the first account field.) View transaction list Journal entry worksheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event in the first account field.) View transaction list Journal entry worksheet Requiem Journal Ledger ces Prepare the journal entries for transactions. (If no entry is required for a particular transaction/even in the first account field.) View transaction list Journal entry worksheet Requirement Slalement Ledger Journal ces Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Prepare the closing entry for expense and loss accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
