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 130,000 shares of common stock for $10 per share. November16 Purchase 13,000 shares of its own common stock (i.e., treasury stock) for $30 per share. November 24 Resell 7,000 shares of treasury stock at $31 per share. Declare a cash dividend on its common stock of $14,400 ($0.10 per share) to all stockholders of record on December 1 December 15. December 20 Pay the cash dividend declared on December 1. Pay $875,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December 31 Buildings account. Answer is not complete. 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.) No Date General Journal Debit Credit 1 Nov 05 Cash 1,300,000 Common Stock OOO 130,000 1,170,000 Additional Paid-in Capital 2 Nov 16 390,000 Treasury Stock Cash olol 390,000 3 Nov 24 217,000 Cash Treasury Stock Additional Paid-in Capital 210,000 7,000 4 4 Dec 01 15,000 X Dividends Dividends Payable olol 15,000 x 5 Dec 20 ol 15,000 X Dividends Payable Cash 15,000 X 6 Dec 30 Buildings 875,000 Oo Cash 875,000 General Requirement General Ledger Trial Balance Income Statement Journal Balance Sheet The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, or post- closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 to: Dec 30 GREAT ADVENTURES, INC. Trial Balance December 30, 2022 Account Title Debit Credit $ 308,756 53,000 2,700 10,000 1,200 800,000 92,900 28,250 875,000 23,800 1,500 16,000 8,000 752,391 78,321 15,000 7,000 150,000 180,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Notes Payable (Current) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Total 1,177,000 34,950 15,000 46,000 150,000 500 420 40,000 18,750 1,250 31,500 3,150 10,526 3,900 16,000 7,200 700 7,000 15,000 2,491,332 $ $ 2,491,332 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Nov 05 : to: Dec 30 GREAT ADVENTURES, INC. Income Statement Service Revenue Sales Revenue Interest Revenue For the Period Ended December 31, 2022 46,000 150,000 X 420 0 0 Net Sales 196,420 40,000 Cost of Goods Sold Gross Profit $ 156,420 18,750 1,250 x Operating Expense Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Allowance for Uncollectible Accounts Insurance Expense Repairs and Maintenance Expense Warranty Expense Total Operating Expenses Operating Income (Loss) Income Tax Expense 31,500 3,150 10,526 3,900 2,700 7,200 700 7,000 86,676 69,744 16,000 0 85,744 15,000 70.744 Loss Net Loss $ View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the declaration of $14,400 ($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 15,000 Dividends Dividends Payable 15,000 Record entry Clear entry View general journal Requirement General ledger View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the payment of cash dividend declared on Dec. 1. Note: Enter debits before credits. Date General Journal Debit Credit Dec 20 Dividends Payable 15,000 Cash 15,000 Record entry Clear entry View general journal th the first account field.) 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 Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Prepare the closing entry for the expense and loss accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 View transaction list Journal entry worksheet