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 Suzle jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "Pve 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, 2025, Great Adventures purchased the land by issuing a $760,000,6%,10-year installment note to the seller. Payments of $8,438 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $8,438 includes both interest expense and principal payments (l.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" Suzle said, "There's something else I need to tell you, I'm expectingl" Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of the long-term note payable for the purchase of land on November 1, 2025. Note: Enter debets bufore credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, 5 in the first account fleld.) Journal entry worksheet Record the first monthly payment on the long-term note payable, made on November 30,2025. Note: Enter deblts before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, in the first account fleld.) Journal entry worksheet 6 Record the second monthly payment on the long-term note payable, made on December 31, 2025. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/evi in the first acoount field.) Journal entry worksheet The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $57,781. Record the reclassification of this amount from long-term notes payable to current notes payable. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, in the first account fleld.) Journal entry worksheet 6 Record the entry to close the revenue accounts. Note: Enter deblts before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, sele In the first account fleld.) Journal entry worksheet Record the entry to close the expense accounts. Nate: Enter deblts before credits
