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, Tve always wanted to start a camp where familles 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 $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 (.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 evert" 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 General Requirement General Income Journal Ledger Trial Balance 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 > 2 Record the first monthly payment on the long-term note payable, made on November 30, 2022. land on 2 3 Record the second monthly payment on the long-term note payable, made on December 31, 2022. 4 The 12 monte payments in 2023 (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, Credit 5 Prepare the closing entry for revenue accounts 6 Prepare the closing entry for expense and loss accounts Note = journal entry has been entered Record entry Clear entry View general Journal General Ledger > December 31, 2022 Account Title Debit Credit Acash S 89,070 50,000 2.400 7.000 900 62.000 Account Reco Allowance for Uncollectile Accounts inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable interest Payable income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold 25,250 20.800 750 14,500 5.000 10.000 20.000 12.000 4,000 20,000 33.450 44,500 120,000 DDDDD 350 120 38,500 750 14 500 5.000 10.000 20.000 12.000 4,000 20.000 33.450 120,000 350 120 income Tax Payable Deferred Revenue Notes Payable current Notes Payable Long-term Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenge Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Total 38,500 17.250 500 24.000 2.400 1,800 2.400 14,500 5.700 400 4,000 12,000 332,770 S $ 332.770 Check income statement For the period ended December 31, 2022 Revenue 5 0 0 0 D Net sales 0 Gross profit Expense: 3 0 . 0 Total operating expenses Operating income 0 0 0 come before Income Taxes OOO 0 0 $ UVV to Dec 31 GREAT ADVENTURES, INC Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities 0 Total Current Liabilities Long-term Liabilities 0 0 Total Current Assets Long-term assets: Total liabilities Stockholders' Equity 0 Total Stockholders' Equity O Total Liabilities & Stockholders' Equity $ 0 $ Total Assets
