i need help with the closing entry for the revenue accounts, closing entry for expense and loss accounts, and closing entry for dividends
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 (1.6., treasury stock) for $23 per share. December 1 Declare a cash dividend on its common stock of $13,000 ($0.10 per share) to a11 stockholders of record an December 20 Pay the cash dividend declared on December 1. December 31 Pay $940,000 for construction of new cabins and other facilities. The entire expenditure io recorded in the Buildings account. 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 Required" In the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 CO 9 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 View transaction list Journal entry worksheet View transaction list Journal entry worksheet