Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with making the general journal for this Great Adventures Problem AP10-1 (GL) Tony and Suzie have purchased land for a new camp.

image text in transcribed

i need help with making the general journal for this 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 $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: November 5 Issue an additional 116,000 shares of common stock for $10 per share. November 16 Purchase 11,600 shares of its own common stock (i.e., treasury stock) for $23 per share. November 24 Resell 5,600 shares of treasury stock at $24 per share. Declare a cash dividend on its common stock of $13,000 ($0.10 per share) to all stockholders of record on December 1 December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $840,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. X Answer not complete. Requirement General Journal General Ledger Trial Balance Income Statement 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. Post-closing Dates: Nov 05 to: Dec 31 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 0 Total Liabilities Stockholders' Equity Long-term Assets: 0 0 0 0 0 0 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total assets |$ $ 0 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: November 5 Issue an additional 116,000 shares of common stock for $10 per share. November 16 Purchase 11,600 shares of its own common stock (ie, treasury stock) for $23 per share. Movember 24 Resell 5.600 shares of treasury stock at $24 per share. December 1 Declare cash dividend on its common stock of $13,000 ($0.10 per share) to all stockholders of record on December 15. December 20 pay the cash dividend declared on December 1. December Pay 5840,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. General Journal General Ledger Trial Balance Income Statement Balance Sheet Requirement Prepare the journal entries for transactions. (Ir no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 6 9 Record the issue of additional 116,000 shares of common stock for $10 per share Note: Enter debits before credite Credit Date Debit 1.160,000 Nov 05 General Journal Cash Common Stock 116.000 Next

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 For Financial Instruments

Authors: Cormac Butler

1st Edition

0470699809, 978-0470699805

More Books

Students also viewed these Accounting questions