KWPY-1 (Algo) Great Adventures Continuing Case (GL)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 ashe and Suzie jogged along a nature trail and came across a wonderful plece of property for sale. He turned to Suzie and said, "I'vealways wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I knowthis would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $880,000, 6%, 10-yearinstallment note to the seller. Payments of $9,770 are required at the end of each month over the life of the 10-year loan. Each monthlypayment of $9,770 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 ever!" Suzie said, "There'ssomething else I need to tell you. I'm expecting!"RequirementGeneralJournalGeneralLedgerTrial BalanceIncomeStatementBalance SheetPrepare 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 listView journal entry worksheetNo1DateNovember 01General JournalLandNotes Payable (Long-term)2November 30Notes Payable (Long-term)Interest ExpenseCashDebitCredit880,000880,0003704,4009,7703December 31Notes Payable (Long-term)5,397Interest Expense4,373Cash9,7704December 31Notes Payable (Long-term)66,904Notes Payable (Current)66,9045December 31Interest RevenueService RevenueSales RevenueDeferred Revenue50046,400158,000204,9006December 31Depreciation ExpenseSupplies ExpenseSalaries Expense19,1501,45033,500Bad Debt Expense3,350Insurance Expense7,600Rent Expense4,300Repairs and Maintenance Expense780Warranty Expense7,800

A journal entry is a written record of a person's thoughts, feelings, and experiences, usually…

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 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, 2025, Great Adventures purchased the land by issuing a $880,000, 6%, 10-year installment note to the seller. Payments of $9,770 are required at the end of each month over the life of the 10-year loan. Each monthl payment of $9,770 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 ever!" Suzie said, "There's something else I need to tell you. I'm expecting!"

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 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, 2025, Great Adventures purchased the land by issuing a $880,000, 6%, 10-year installment note to the seller. Payments of $9,770 are required at the end of each month over the life of the 10-year loan. Each monthl payment of $9,770 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 ever!" Suzie said, "There's something else I need to tell you. I'm expecting!"

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $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). Late that night Tony exclaimed, “We now have land for our new camp; this has to be the best news ever!” 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…