Check my work 1 General Ledger Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. 35 points Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2022: eBook 7 Print November 5 Issue an additional 128,000 shares of common stock for $10 per share. November 16 Purchase 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share. November 24 Resell 6,800 shares of treasury stock at $30 per share. December 1 Declare a cash dividend on its common stock of $14,200 ($0.10 per share) to all stockholders of record on December 15. December20 Pay the cash dividend declared on December 1. December31 pay $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. References Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare 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 list View journal entry worksheet No Date General Journal Debit Credit 1 Nov 05 Cash 128,000 Common Stock 128.000 Additional Paid-in Capital 900,000 2 Nov 16 371,200 Treasury Stock Cash 371,200 MAC 1 Prepare the journal entries for transactions. (If no entry is required for a particular transaction/ in the first account field.) View transaction list View journal entry worksheet 35 points EX Debit 128 eBook Record the issue of additional 128,000 shares of common stock for $10 per share. 37 Record the purchase of 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share. Print Record the resale of 6,800 shares of treasury stock at $30 per share. 204 References Record the declaration of $14,200 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. 12 Record the payment of cash dividend declared on Dec. 1. Dorord thongmont of to7n nnn for canctration of now 14 Note : = journal entry has been entered 6 Dec 30 Buildings 870 1 in the first account field.) View transaction list View journal entry worksheet :X: Debit Credit 35 points 128,000 128,000 dividend on its common stock to all stockholders of record on December 15. 900,000 eBook Record the payment of cash dividend declared on Dec. 1. 371,200 371,200 Print Record the payment of $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. 204,000 197,200 References Prepare the closing entry for the revenue accounts. 6,800 8 Prepare the closing entry for the expense and loss accounts. 14,200 14,200 9 Prepare the closing entry for the dividend account. 14,200 Note : = journal entry has been entered 14,200 6 Dec 30 870,000 Buildings Cash 870,000 7 Dec 31 Service Revenue Interest Revenue 45,900 400 Sales Revenue 148,000 GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 0 Net Sales 0 0 Gross Profit $ 0 Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total assets $ $ 0 Check my work 1 General Ledger Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. 35 points Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2022: eBook 7 Print November 5 Issue an additional 128,000 shares of common stock for $10 per share. November 16 Purchase 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share. November 24 Resell 6,800 shares of treasury stock at $30 per share. December 1 Declare a cash dividend on its common stock of $14,200 ($0.10 per share) to all stockholders of record on December 15. December20 Pay the cash dividend declared on December 1. December31 pay $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. References Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare 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 list View journal entry worksheet No Date General Journal Debit Credit 1 Nov 05 Cash 128,000 Common Stock 128.000 Additional Paid-in Capital 900,000 2 Nov 16 371,200 Treasury Stock Cash 371,200 MAC 1 Prepare the journal entries for transactions. (If no entry is required for a particular transaction/ in the first account field.) View transaction list View journal entry worksheet 35 points EX Debit 128 eBook Record the issue of additional 128,000 shares of common stock for $10 per share. 37 Record the purchase of 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share. Print Record the resale of 6,800 shares of treasury stock at $30 per share. 204 References Record the declaration of $14,200 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. 12 Record the payment of cash dividend declared on Dec. 1. Dorord thongmont of to7n nnn for canctration of now 14 Note : = journal entry has been entered 6 Dec 30 Buildings 870 1 in the first account field.) View transaction list View journal entry worksheet :X: Debit Credit 35 points 128,000 128,000 dividend on its common stock to all stockholders of record on December 15. 900,000 eBook Record the payment of cash dividend declared on Dec. 1. 371,200 371,200 Print Record the payment of $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. 204,000 197,200 References Prepare the closing entry for the revenue accounts. 6,800 8 Prepare the closing entry for the expense and loss accounts. 14,200 14,200 9 Prepare the closing entry for the dividend account. 14,200 Note : = journal entry has been entered 14,200 6 Dec 30 870,000 Buildings Cash 870,000 7 Dec 31 Service Revenue Interest Revenue 45,900 400 Sales Revenue 148,000 GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 0 Net Sales 0 0 Gross Profit $ 0 Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total assets $ $ 0