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 112,000 shares of common stock for $10 per share.
November	16		Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share.
November	24		Resell 5,200 shares of treasury stock at $22 per share.
December	1		Declare a cash dividend on its common stock of $12,600 ($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 $830,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

Project #4 alternate Saved Help Save & Exit Submit Check my work 1 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. 35 points Skipped 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: eBook Print References November 5 Issue an additional 112,000 shares of common stock for $10 per share. November 16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share. November 24 Resell 5,200 shares of treasury stock at $22 per share. December 1 Declare a cash dividend on its common stock of $12,600 ($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 $830,000 for construction of new cabins and other facilities. The entire expenditure is 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 Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the issue of additional 112,000 shares of common stock for $10 per share. Note: Enter debits before credits. General Journal Debit Credit Date Nov 05 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the resale of 5,200 shares of treasury stock at $22 per share. Note: Enter debits before credits. General Journal Debit Credit Date Nov 24 Record entry Clear entry View general journal Journal entry worksheet Record the payment of cash dividend declared on Dec. 1. Note: Enter debits before credits. General Journal Debit Credit Date Dec 20 Record entry Clear entry View general journal Journal entry worksheet Record the payment of $830,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 30 Record entry Clear entry View general journal Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Date Ge ral Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet N Prepare the closing entry for the expense and loss accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Prepare the closing entry for the dividend account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit No. Date Nov 05 Balance 75,484 Date Nov 05 Balance 51,200 Allowance for Uncollectible Accounts Date Debit Credit Nov 05 Inventory Debit No. No. Credit Balance 2,520 Date Nov 05 Balance 8,200 Land Prepaid Insurance Debit Credit No. No. Debit Credit Date Nov 05 Balance 1,020 Date Nov 05 Balance 620,000 Equipment Debit Accumulated Depreciation Debit Credit No. Credit No. Date Nov 05 Balance 74,360 Date Nov 05 Balance 26,450 Accounts Payable Debit Credit Interest Payable Debit Credit No. Date No. Date Balance 22,000 Balance 1,050 Nov 05 Nov 05 Income Tax Payable Debit Credit Deferred Revenue Debit Credit No. No. Date Nov 05 Balance 15,100 Date Nov 05 Balance 6,200 Notes Payable (Current) Debit Credit Notes Payable (Long-term) Debit Credit No. Date No. Date Balance 60,137 Balance 586,478 Contingent Liability Debit Credit Warranty Liability Debit Credit No. No. Date Nov 05 Balance 13,200 Date Nov 05 Balance 5,200 Common Stock Debit Credit Retained Earnings Debit Credit No. Date No. Balance 20,000 Date Nov 05 Balance 34,050 Service Revenue Debit Credit Sales Revenue Debit Credit No. No. Date Nov 05 Balance 45,100 Date Nov 05 Balance 132,000 Sales Discounts Interest Revenue No. Debit Credit No. Debit Credit Date Nov 05 Balance 410 Date Nov 05 Balance 240 Cost of Goods Sold Debit Credit Depreciation Expense Debit Credit No. Date No. Date Balance 39,100 Balance 17,850 Nov 05 Nov 05 Supplies Expense Debit Credit Salaries Expense Debit Credit No. No. Date Nov 05 Balance 800 Date Nov 05 Balance 27,000 Bad Debt Expense Interest Expense Debit Credit No. Debit Credit No. Date Nov 05 Balance 2,700 Date Nov 05 Balance 8,281 Rent Expense Debit Income Tax Expense Debit Cre No. Credit Balance No. Date Nov 05 Date Nov 05 Balance 15,100 3,000 Insurance Expense Debit Credit No. No. Date Nov 05 Balance 6,300 Repairs and Maintenance Expense Date Debit Credit Nov 05 Balance 520 Loss Warranty Expense Debit Credit No. No. Debit Credit Date Nov 05 Balance 5,200 Date Nov 05 Balance 13,200 GREAT ADVENTURES, INC. Trial Balance December 30, 2022 Account Title Credit S S Debit 75,484 51,200 2,520 8,200 1,020 620,000 74,360 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue 26,450 22,000 1,050 15,100 6,200 60,137 586,478 13,200 5,200 20,000 34,050 45,100 132,000 6 TI 410 240 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 39,100 17,850 800 27,000 2,700 8,281 3,000 15,100 6,300 520 5,200 13,200 969,725 S 969,725 Income Statement For the Period Ended December 31, 2022 $ 0 0 0 Net Sales 0 0 $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 Unaajustea Dales: NOV 05 LO: Dec 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 Total Current Liabilities 0 0 0 0 0 Total Liabilities Total Current Assets Long-term Assets Stockholders' Equity 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 Total assets $ Nrnu 03 Nout