Great Adventures Problem AP10-1 (GL) 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 Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzle 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 November 5 Issue an additional 112.000 shares of common stock for $10 per share. November 16 Purchase 11,200 shares of its own common stock (1.e., treasury stock) for $21 per share. November 24 Resell 5,200 shares of treasury stock at $22 per share. December 1 Declare a cash dividend on its common stock of $12,600 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Trial Balance Balance Sheet General General Requirement Income Journal Ledger Statement 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 Credit Nov 05 General Journal Cash Common Stock Additional Paid-in Capital Debit 1,120,000 112,000 1,008,000 November 5 Issue an additional 112,000 shares of common stock for $10 per share. November 16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share. November 24 Resell 5,200 shares of treasury stock at $22 per share. December 1 Declare a cash dividend on its common stock of $12,600 ($0.10 per share) to all stockholders December 15. December20 Pay the cash dividend declared on December 1. December 31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure is re Buildings account. Requirement General General Income Journal Ledger Trial Balance Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal E in the first account field.) View transaction list Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 unaujusceu GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 O 0 0 Net Sales 0 $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 + 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 to: Dec 30 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash 232,084 $ 0 0 0 0 0 0 0 0 0 0 0 0 40 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Current Assets Long-term Assets 7 232,084 Total Liabilities Stockholders' Equity 0 Common Stock 0 Additional Paid-in Capital 0 Treasury Stock 0 Retained Earnings 0 0 Total Stockholders' Equity 232,084 Total Liabilities and Stockholders' Equity 132,000 1,013,200 (126,000) 21.450 Total assets $ 1,040,650 1,040,650 $ Required in the trst account neid.) No Dato General Journal Debit Credit 1 Nov 05 1,120,000 Cash Common Stock Additional Paid-in Capital 112,000 1,008,000 2 2 Nov 16 235,200 Treasury Stock Cash 235,200 3 Nov 24 114,400 Cash Treasury Stock Additional Paid-in Capital 00 109,200 5,200 4 Dec 01 12,600 Dividends Dividends Payable 12,600 >> ls 5 Dec 20 12,600 Dividends Payable Cash 12,600 6 Dec 30 > 830,000 Buildings Cash 830,000 7 Dec 31 Retained Earnings X 8 B Dec 31 No Transaction Recorded Post-closing Dates: Nov 05 to: Dec 31 GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit $ 51,200 Credit 597,916 2,520 8,200 1,020 620,000 74,360 26,450 fos 830,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable interest Payable income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payablo (Long-term) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends 3 22,000 1,050 15,100 6,200 60,137 586,478 13,200 5,200 132,000 126,000 1,013,200 1,085,950 12,600 164 1,050 15,100 6.200 60,137 585,478 13.200 5.200 132.000 126,000 1,013,200 1,085,950 12,600 45,100 132,000 Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends Service Revenue Sales Revenue Sales Discounts interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense LOSS 410 240 39,100 17.850 800 27,000 2.700 8.281 3,000 15,100 6,300 520 5,200 13,200 2,948,7915 30 $ 2,658,791 Total Great Adventures Problem AP10-1 (GL) 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 Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzle 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 November 5 Issue an additional 112.000 shares of common stock for $10 per share. November 16 Purchase 11,200 shares of its own common stock (1.e., treasury stock) for $21 per share. November 24 Resell 5,200 shares of treasury stock at $22 per share. December 1 Declare a cash dividend on its common stock of $12,600 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Trial Balance Balance Sheet General General Requirement Income Journal Ledger Statement 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 Credit Nov 05 General Journal Cash Common Stock Additional Paid-in Capital Debit 1,120,000 112,000 1,008,000 November 5 Issue an additional 112,000 shares of common stock for $10 per share. November 16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share. November 24 Resell 5,200 shares of treasury stock at $22 per share. December 1 Declare a cash dividend on its common stock of $12,600 ($0.10 per share) to all stockholders December 15. December20 Pay the cash dividend declared on December 1. December 31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure is re Buildings account. Requirement General General Income Journal Ledger Trial Balance Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal E in the first account field.) View transaction list Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 unaujusceu GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 O 0 0 Net Sales 0 $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 + 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 to: Dec 30 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Cash 232,084 $ 0 0 0 0 0 0 0 0 0 0 0 0 40 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Current Assets Long-term Assets 7 232,084 Total Liabilities Stockholders' Equity 0 Common Stock 0 Additional Paid-in Capital 0 Treasury Stock 0 Retained Earnings 0 0 Total Stockholders' Equity 232,084 Total Liabilities and Stockholders' Equity 132,000 1,013,200 (126,000) 21.450 Total assets $ 1,040,650 1,040,650 $ Required in the trst account neid.) No Dato General Journal Debit Credit 1 Nov 05 1,120,000 Cash Common Stock Additional Paid-in Capital 112,000 1,008,000 2 2 Nov 16 235,200 Treasury Stock Cash 235,200 3 Nov 24 114,400 Cash Treasury Stock Additional Paid-in Capital 00 109,200 5,200 4 Dec 01 12,600 Dividends Dividends Payable 12,600 >> ls 5 Dec 20 12,600 Dividends Payable Cash 12,600 6 Dec 30 > 830,000 Buildings Cash 830,000 7 Dec 31 Retained Earnings X 8 B Dec 31 No Transaction Recorded Post-closing Dates: Nov 05 to: Dec 31 GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit $ 51,200 Credit 597,916 2,520 8,200 1,020 620,000 74,360 26,450 fos 830,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable interest Payable income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payablo (Long-term) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends 3 22,000 1,050 15,100 6,200 60,137 586,478 13,200 5,200 132,000 126,000 1,013,200 1,085,950 12,600 164 1,050 15,100 6.200 60,137 585,478 13.200 5.200 132.000 126,000 1,013,200 1,085,950 12,600 45,100 132,000 Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends Service Revenue Sales Revenue Sales Discounts interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense LOSS 410 240 39,100 17.850 800 27,000 2.700 8.281 3,000 15,100 6,300 520 5,200 13,200 2,948,7915 30 $ 2,658,791 Total