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 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: Novenber 5 Issue an additional 136,000 shares of common stock for $10 per share. Novenber16 Purchase 13,600 shares of its own common stock (i... treasury stock) for $33 per share. November 24 Resell 7,600 shares of treasury stock at $34 per share. December 1 Declare a cash dividend on its common stock of $15,000 ($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 $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal tab. Review the General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the Trial Balance as of December 31, 2022, in the Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the Balance Sheet' tab 5. Record the closing entries in the 'General Journal" tab. 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 in the first account field.) View transaction list View journal entry worksheet No Date Debit Credit 1 Nov 05 General Journal Cash Common Stock Additional Pald-in Capital Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 to: Dec 30 General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Date Nov 05 Date Nov 05 Balance 53,600 70,514 Allowance for Uncollectible Accounts Inventory No. Debit Credit No. Debit Credit Date Nov 05 Balance 2,760 Date Nov 05 Balance 10,600 Land Prepaid Insurance Debit Credit No Date No. Debit Credit Balance 1,260 Date Nov 05 Balance 860,000 Nov 05 Equipment Accumulated Depreciation Debit Credit No. Debit Credit No. Date Nov 05 Balance 99,080 Date Nov 05 Balance 28,850 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 20 The ending balance values from the General Ledger tab flows through to the Trial Balance below. 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 Trial Balance December 30, 2022 Account Title Debit Credit Cash $ 70,514 Accounts Receivable 53,600 Allowance for Uncollectible Accounts 2,760 Inventory 10.600 Prepaid Insurance 1.260 Land 860,000 Equipment 99,080 Accumulated Depreciation 28,850 Accounts Payable 24,400 Interest Payable 1,650 Income Tax Payable 16,300 Deferred Revenue 8,600 Notes Payable (Long-term) 807,695 DDDDD Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. 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. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 0 Net Sales 0 0 $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 0 General Joumal General Ledger Trial Balance Income Statement Requirement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection, Dates: Nov 05 to: Dec 30 Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: $ $ 0 ODO 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Liabilities 0 Total Current Assets Long-term Assets Stockholders' Equity Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the Trial Balance as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step Income statement for the period ended December 31, 2022, in the "Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal tab. Regulament General Journal 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 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: Novenber 5 Issue an additional 136,000 shares of common stock for $10 per share. Novenber16 Purchase 13,600 shares of its own common stock (i... treasury stock) for $33 per share. November 24 Resell 7,600 shares of treasury stock at $34 per share. December 1 Declare a cash dividend on its common stock of $15,000 ($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 $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal tab. Review the General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the Trial Balance as of December 31, 2022, in the Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the Balance Sheet' tab 5. Record the closing entries in the 'General Journal" tab. 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 in the first account field.) View transaction list View journal entry worksheet No Date Debit Credit 1 Nov 05 General Journal Cash Common Stock Additional Pald-in Capital Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 to: Dec 30 General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Date Nov 05 Date Nov 05 Balance 53,600 70,514 Allowance for Uncollectible Accounts Inventory No. Debit Credit No. Debit Credit Date Nov 05 Balance 2,760 Date Nov 05 Balance 10,600 Land Prepaid Insurance Debit Credit No Date No. Debit Credit Balance 1,260 Date Nov 05 Balance 860,000 Nov 05 Equipment Accumulated Depreciation Debit Credit No. Debit Credit No. Date Nov 05 Balance 99,080 Date Nov 05 Balance 28,850 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 20 The ending balance values from the General Ledger tab flows through to the Trial Balance below. 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 Trial Balance December 30, 2022 Account Title Debit Credit Cash $ 70,514 Accounts Receivable 53,600 Allowance for Uncollectible Accounts 2,760 Inventory 10.600 Prepaid Insurance 1.260 Land 860,000 Equipment 99,080 Accumulated Depreciation 28,850 Accounts Payable 24,400 Interest Payable 1,650 Income Tax Payable 16,300 Deferred Revenue 8,600 Notes Payable (Long-term) 807,695 DDDDD Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. 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. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 0 Net Sales 0 0 $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 0 General Joumal General Ledger Trial Balance Income Statement Requirement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection, Dates: Nov 05 to: Dec 30 Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: $ $ 0 ODO 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 0 Total Liabilities 0 Total Current Assets Long-term Assets Stockholders' Equity Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the Trial Balance as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step Income statement for the period ended December 31, 2022, in the "Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal tab. Regulament General Journal