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!"

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter9: Obtaining Affordable Housing

Section: Chapter Questions

Problem 2FPC

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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 $740,000, 6%, 10-year installment note to the seller. Payments of $8,216 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $8,216 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 name…
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…
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, 2025, Great Adventures purchased the land by issuing a $520,000, 6%, 10-year installment note to the seller. Payments of $5,773 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,773 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!" Requirement General Journal General Ledger Trial…
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, 2025, 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!" \table[[ Requirement, \table[[General],…
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, 2025, 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!" Required: 1. Complete the first three rows of an…
Required information [The following information applies to the questions displayed below.] Camp Rainbow offers overnight summer camp programs for children ages 10 to 14 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camp's resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. Following is the cost information for Camp Rainbow's operations last summer: Week 1 2 3 4 5 6 7 8 Number of Cost to Run Camp $8,630…
Required Information [The following information applies to the questions displayed below.] Camp Rainbow offers overnight summer camp programs for children ages 10 to 14 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camp's resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. Following is the cost Information for Camp Rainbow's operations last summer: Week 41234SG7O 5 6 Intercept X Variable 1 Number of…
Once upon a time, there was an amazing group of students who studied at Cronfwoman University. News had spread about how good these students were – both at school work, and at working with each other. They chit‐chatted with their neighbors in class, collaboratively worked with them and shared many a smiles with them. The amazing students were approached by an investor, Ms Finn Ance Major, who asked for their help. The investor was contemplating setting up a Sandwich Shop at the University and wondered if that was a good investment. What is your recommendation to Ms Finn Ance Major? Here is some information to get you started: 1. The Sandwich Shop will sell made‐to‐order cold and hot sandwiches, and non‐alcoholic beverages only 2. The University has an intake of 6,000 students for the 3‐year Undergraduate program and 1,000 students for the 2‐year Master’s Program per year 3. There are a 4 other food options on campus – but none of these offer sandwiches 4.…
Required information [The following information applies to the questions displayed below.] Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag, paintball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 5% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will…
Suppose that your grandparents are concerned about the fact that you have been driving an old car to and from campus. They know that you have had some repairs done recently, but they fear that you will have a mechanical breakdown and then who knows what could happen?? They believe that it is time for you to purchase a new car and they want to help. For the past 40 years, Grandma has played bridge with her friend, Dorothy Miller and Dorothy’s granddaughter has recently purchased a Honda Civic. Dorothy thinks that the Honda Civic is a perfect car for a young person ---- both reliable and economical. After speaking with Dorothy, Grandma is convinced. She and Grandpa want to help you buy a new Honda Civic. They will make a $2500 down payment and they will help you with the monthly payments until you graduate. They have requested that you find out how much a Honda Civic will cost, including any special incentives. Also, Grandpa and Grandma know that you are doing very well in your Applied…
Suppose that your grandparents are concerned about the fact that you have been driving an old car to and from campus. They know that you have had some repairs done recently, but they fear that you will have a mechanical breakdown and then who knows what could happen?? They believe that it is time for you to purchase a new car and they want to help. For the past 40 years, Grandma has played bridge with her friend, Dorothy Miller and Dorothy’s granddaughter has recently purchased a Honda Civic. Dorothy thinks that the Honda Civic is a perfect car for a young person ---- both reliable and economical. After speaking with Dorothy, Grandma is convinced. She and Grandpa want to help you buy a new Honda Civic. They will make a $2500 down payment and they will help you with the monthly payments until you graduate. They have requested that you find out how much a Honda Civic will cost, including any special incentives. Also, Grandpa and Grandma know that you are doing very well in your Applied…
Suppose that your grandparents are concerned about the fact that you have been driving an old car to and from campus. They know that you have had some repairs done recently, but they fear that you will have a mechanical breakdown and then who knows what could happen?? They believe that it is time for you to purchase a new car and they want to help. For the past 40 years, Grandma has played bridge with her friend, Dorothy Miller and Dorothy’s granddaughter has recently purchased a Honda Civic. Dorothy thinks that the Honda Civic is a perfect car for a young person ---- both reliable and economical. After speaking with Dorothy, Grandma is convinced. She and Grandpa want to help you buy a new Honda Civic. They will make a $2500 down payment and they will help you with the monthly payments until you graduate. They have requested that you find out how much a Honda Civic will cost, including any special incentives. Also, Grandpa and Grandma know that you are doing very well in your Applied…