Tony's favorite memorles 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 plece 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 $580,000, 6%, 10-year Installment note to the seller. Payments of $6,439 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $6,439 includes both interest expense and principal payments (le, 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, General General Income Requirement Journal Ledger Trial Balance Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal tab. Review the 'General Ledger' and the Thai 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 General Journal > Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $15,600. They expect to use the Suburban for five years and then sell the vehicle for $6,300. The following expenditures related to the vehicle were also made on July 1, 2022. The company pays $2,700 to GEICO for a one-year Insurance policy. The company spends on extra $6,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,900 is spent on a deluxe roof rack and a trailer hitch The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $2,200 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above 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. Record the adjusting entries in the 'General Journal tab. 3. Review the adjusted Trial balance as of December 31, 2022, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2022, in the Income Statement tab. 5. Prepare a classified balance sheet as of December 31, 2022 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal" tab. General Journal >
