Tonys 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, Ive 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 $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).

1) Record the issuance of note payable in entry. I tried Notes receivable as well, but it was incorrect.

Please correct the following..

The 12 monthly payments in 2023 (following year) will reduce the notes balance by an additional $38,014. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022?

Balance 4. The 12 monthly payments in 2023 (following year) will reduc balance of the note payable be reported in the balance sheet Answer is complete but not entirely correct. $ Current liability Long-term liability Total 493,883 (38,014) 455,869 $ e here to search n.com/flow/connect.html Saved Check my work mode: This shows what is correct or incorrect for the work you have complet Answer is complete but not entirely correct. General Journal Credit Date November 01, 202 Cash Notes Payable Debit 500,000 500,000 3.051 2,500 November 30, 202 Notes Payable Interest Expense Cash 5,551 3,066 2,485 December 31, 202 Notes Payable Interest Expense Cash 5.551 Oi em 9 %