I need the closing entry for the revenue accounts and the closing entry for the expense and loss accounts.

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 140,000 shares of common stock for $10 per share.
November	16		Purchase 14,000 shares of its own common stock (i.e., treasury stock) for $35 per share.
November	24		Resell 8,000 shares of treasury stock at $36 per share.
December	1		Declare a cash dividend on its common stock of $15,400 ($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 $900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

GREAT ADVENTURES, INC.
Trial Balance
December 31, 2022
Account Title	Debit	Credit
Cash	352,286
Accounts Receivable	54,000
Allowance for Uncollectible Accounts		2,800
Inventory	11,000
Prepaid Insurance	1,300
Land	900,000
Equipment	103,200
Accumulated Depreciation		29,250
Buildings	900,000
Accounts Payable		24,800
Interest Payable		1,750
Income Tax Payable		16,500
Deferred Revenue		9,000
Notes Payable (Long-term)		844,565
Notes Payable (Current)		88,424
Contingent Liability		16,000
Warranty Liability		8,000
Common Stock		160,000
Treasury Stock	210,000
Additional Paid-in Capital		1,268,000
Retained Earnings		20,050
Service Revenue		46,500
Sales Revenue		160,000
Sales Discounts	550
Interest Revenue		520
Cost of Goods Sold	40,500
Depreciation Expense	19,250
Supplies Expense	1,500
Salaries Expense	34,000
Bad Debt Expense	3,400
Interest Expense	11,773
Rent Expense	4,400
Income Tax Expense	16,500
Insurance Expense	7,700
Repairs and Maintenance Expense	800
Warranty Expense	8,000
Loss	16,000
Total	2,696,159	2,696,159

View transaction list Journal entry worksheet 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