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 136,000 shares of common stock for $10 per share.
November	16		Purchase 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share.
November	24		Resell 7,600 shares of treasury stock at $34 per share.
December	1		Declare a cash dividend on its common stock of $15,000 ($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 $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

What am i missing?

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 136,800 shares of common stock for $10 per share. November 16 Purchase 13,680 shares of its own common stock (i.e., treasury stock) for $33 per share. November 24 Resell 7,680 shares of treasury stock at $34 per share. December 1 Declare a cash dividend on its common stock of $15,000 $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 $899,888 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. 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 Debit Credit Nov 05 1,360,000 General Journal Cash Common Stock Additional Paid-in Capital 136,000 1,224,000 Nov 16 448,800 Treasury Stock Cash 448,800 Nov 24 258,400 Cash Treasury Stock Additional Paid-in Capital 250.800 7,600 Dec 01 15,000 Dividends Dividends Payable 15,000 Dec 20 15,000 Dividends Payable Cash 15,000 olololol lol Dec 30 890,000 Buildings Cash 890.000 Dec 31 Service Revenue Sales Revenue Interest Revenue Sales Discounts Retained Earnings 46,300 158,000 480 OO 530 202.250 Dec 31 160.284 Retained Earnings 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 Cost of Goods Sold OOOOOOOOOOOOO 19,050 1.400 33,000 3.300 11,274 4,200 16,300 7.500 780 7,600 15,600 40,300 Dec 31 15,000 Retained Earnings Dividends 15,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement 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. Post-closing to: Dec 31 Dates: Nov 05 GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title $ Credit Debit 335.114 53,600 2,760 Cash Accounts Receivable Allowance for Uncollectible Accounts inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable Interest Payable 10,600 1,260 860,000 99,080 28,850 890,000 Deferred Revenue Notes Payable (Long-term) Notes Payable (Current) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital #Retained Earnings Total 24.400 1,850 18,300 8,600 807,695 84,383 15,600 7,600 158,000 198,000 1.231,600 62.216 2.447,654 S 2.447,6545 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. Post-closing Dates: Nov 05 to: Dec 31 - GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Sales Revenue Service Revenue Sales Discounts $ Net Sales Cost of Goods Sold Gross Profit Operating Expense Supplies Expense Bad Debt Expense Depreciation Expense Rent Expense Salaries Expense OOOOOOOO Insurance Expense Repairs and Maintenance Expense Warranty Expense TO Total Operating Expenses Operating Income (Loss) Interest Revenue Interest Expense Income Before Income Taxes Income Tax Expense Net Income X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection. Post-closing to: Dec 31 Assets Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Dates: Nov 05 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: 335.114 Accounts Payable 53,600 Interest Payable (2.760) Income Tax Payable 10,800 Notes Payable (Current) 1,260 Deferred Revenue Contingent Liability Warranty Liability 24,400 1,650 18,300 04,303 8,600 15,600 7,600 Total Current Liabilities Notes Payable (Long-term) 158,533 807,695 0 397,814 966,228 P Total Current Assets Long-term Assets Buildings Land Accumulated Depreciation Equipment Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings 890,000 860,000 (28.350) 99,080 O 156,000 1.231,600 (198,000) on 62.216 0 2.218,044 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1.251,816 $ 2.218,044 Total assets 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 136,800 shares of common stock for $10 per share. November 16 Purchase 13,680 shares of its own common stock (i.e., treasury stock) for $33 per share. November 24 Resell 7,680 shares of treasury stock at $34 per share. December 1 Declare a cash dividend on its common stock of $15,000 $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 $899,888 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. 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 Debit Credit Nov 05 1,360,000 General Journal Cash Common Stock Additional Paid-in Capital 136,000 1,224,000 Nov 16 448,800 Treasury Stock Cash 448,800 Nov 24 258,400 Cash Treasury Stock Additional Paid-in Capital 250.800 7,600 Dec 01 15,000 Dividends Dividends Payable 15,000 Dec 20 15,000 Dividends Payable Cash 15,000 olololol lol Dec 30 890,000 Buildings Cash 890.000 Dec 31 Service Revenue Sales Revenue Interest Revenue Sales Discounts Retained Earnings 46,300 158,000 480 OO 530 202.250 Dec 31 160.284 Retained Earnings 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 Cost of Goods Sold OOOOOOOOOOOOO 19,050 1.400 33,000 3.300 11,274 4,200 16,300 7.500 780 7,600 15,600 40,300 Dec 31 15,000 Retained Earnings Dividends 15,000 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement 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. Post-closing to: Dec 31 Dates: Nov 05 GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title $ Credit Debit 335.114 53,600 2,760 Cash Accounts Receivable Allowance for Uncollectible Accounts inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable Interest Payable 10,600 1,260 860,000 99,080 28,850 890,000 Deferred Revenue Notes Payable (Long-term) Notes Payable (Current) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital #Retained Earnings Total 24.400 1,850 18,300 8,600 807,695 84,383 15,600 7,600 158,000 198,000 1.231,600 62.216 2.447,654 S 2.447,6545 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. Post-closing Dates: Nov 05 to: Dec 31 - GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Sales Revenue Service Revenue Sales Discounts $ Net Sales Cost of Goods Sold Gross Profit Operating Expense Supplies Expense Bad Debt Expense Depreciation Expense Rent Expense Salaries Expense OOOOOOOO Insurance Expense Repairs and Maintenance Expense Warranty Expense TO Total Operating Expenses Operating Income (Loss) Interest Revenue Interest Expense Income Before Income Taxes Income Tax Expense Net Income X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, or post-closing balances will appear for each account, based on your selection. Post-closing to: Dec 31 Assets Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Dates: Nov 05 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: 335.114 Accounts Payable 53,600 Interest Payable (2.760) Income Tax Payable 10,800 Notes Payable (Current) 1,260 Deferred Revenue Contingent Liability Warranty Liability 24,400 1,650 18,300 04,303 8,600 15,600 7,600 Total Current Liabilities Notes Payable (Long-term) 158,533 807,695 0 397,814 966,228 P Total Current Assets Long-term Assets Buildings Land Accumulated Depreciation Equipment Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings 890,000 860,000 (28.350) 99,080 O 156,000 1.231,600 (198,000) on 62.216 0 2.218,044 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1.251,816 $ 2.218,044 Total assets