I've been working on this for an hour now to no avail. my classmates havnt been any help either. please help if you have a big brain
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 132,000 shares of common stock for $10 per share. November 16 Purchase 13, 200 shares of its own common stock (1.e., treasury stock) for $31 per share. November 24 Resell 7,200 shares of treasury stock at $32 per share. December 1 Declare a cash dividend on its common stock of $14,608 (se.je per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. Pay $880,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. December 31 Journal entry worksneeu 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 Interest Expense Bad Debt Expenso No. Credit Debit Credit Debit - Date Nov 05 Balance 3,200 Date Nov 05 Balance 10,775 Rent Expense Debit Income Tax Expense Dobit Credit o. Credit No. Date Nov 05 Balance 4,000 Date Nov 05 Balance 16,100 Insurance expense Debit Credit No. No. Date Nov 05 Balance 7,300 Repairs and Maintenance Expense Date Debit Credit Nov 05 Balanco 720 W! ity Expense Loss No. Dobit Credit No. Debit Credit Date Nov 05 Balance 7,200 Date Nov 05 Balance 15,200 Trial Balance December 30, 2022 Credit Account Title $ Debit 71,342 53,200 2,720 10,200 1.220 820,000 94,960 Cash Accounts Receivable Allowance for Uncollectible Accounts inventory Prepaid Insurance Land Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payablo (Current) Nolos Payable (Long-term) Contingent Labrity Warranty Liability Common Stock Retained Earnings Ravina Ravn 28,450 24,000 1.550 16,100 8,200 80.342 770,825 15,200 7,200 20,000 35,050 4A 10 Prev 1 of 3 Next > 15,200 7,200 20,000 35,050 46,100 152,000 510 440 Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplos Expense salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense 40,100 18,850 1,300 32,000 3,200 10,775 4,000 16.100 7.300 720 7,200 15,200 1,208,177 $ LOSS Total $ 1,208,177
