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 $imilion, 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 adeitional 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 122,000 shares of common stock for $10 per share. November 16 Purchase 12,200 shares of its own common stock (1.e., treasury stock) for $26 per share. November 24 Resell 6,200 shares of treasury stock at $27 per share December 1 Declare a cash dividend on its common stock of $13,600 (50.1e per share) to all stockholders of record on December 15 December 20 Pay the cash dividend declared on December 1 December 31 Pay $855,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 00 Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet 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 0 Total Operating Expenses Operating Income (Loss) 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 Total Liabilities 0 Total Current Assets Long-term Assets Stockholders' Equity 0 0 0 O Total Stockholders Equity Total Liabilities and Stockholders Equity 5 S Total assets View transaction list Journal entry worksheet Record the declaration of $13,600 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. Note: Enter debits before credits. Date General Journal Debit Credit Dec 01 Record entry Clear entry View general journal in the account: View transaction list Journal entry worksheet 2 3 4 5 6 7 B 8 Record the payment of cash dividend declared on Dec. 1. ces Note: Enter debits before credits Date General Journal Debit Credit Dec 20 View general journal Record entry Clear entry View transaction list Journal entry worksheet
