Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 S1 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 $t 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 St per share. The following transactions affect stockholders equity during the remainder of 2022 November 5 true an additional 120.000 shares of Contock for $10 per shite November to Puchare 12.000 shares of its om common stock treatury tool for $20 per the November 26 Rosell 6.300 shares of try stock at $30 per share December 1 Declare a cash dividend on its can tork of $14,200 (50.19 per shared to all stockholders of record on December 16. December 20 Pay the cash dividend declared on December 1 Par $070, odo fue construction of new cabane and other facilities. The entire expenditure is recorded in the Medine December 31 Secot General General Requirement Income Journal Trial Balance Ledger Statement Balance Shout Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Joumat Entry Required In the first account field.) View transaction list Journal entry worksheet 2 Record the issue of additional 128,000 shares of common stock for $10 per share Note: Enter debits before credits Date General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Ultimate Guide To Accounting Principles

Authors: Greg Shields

1st Edition

1722964839, 978-1722964832

More Books

Students also viewed these Accounting questions