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General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Debit Credit Balance 76,312 Date Nov 05 Balance 50,800 Nov 05 1,080,000 Nov 05 Nov 16 205,200 96,000 TETTI ou WN- Nov 24 Dec 20 1,156,312 951,112 1,047,112 1,034,912 214,912 202,112 Dec 30 Dec 31 12,200 820,000 12,800 Allowance for Uncollectible Accounts Inventory Debit No. Date Debit Credit No. Date Credit Balance 2,480 Balance 7,800 Nov 05 Nov 05 Prepaid Insurance Land No. Date Debit Credit Balance No. Date Debit Credit Balance 580,000 Nov 05 980 Nov 05 Equipment Accumulated Depreciation No. Date Debit Credit No. Debit Credit Balance 70,240 Date Nov 05 Balance 26,050 Nov 05 Buildings Accounts Payable No. Date Debit Credit Balance No. Date Debit Credit Balance 21,600 Nov 05 6 Dec 30 820.000 820.000 Interest Payable Income Tax Payable No. Debit Credit Balance No. Debit Credit Date Nov 05 Date Nov 05 Balance 14,900 950 Dividends Payable Deferred Revenue No. Debit Credit Balance No. Date Debit Credit Balance 5,800 Nov 05 Date Nov 05 Dec 01 Dec 20 12,200 12,200 t 12,200 Notes Payable (Current) Notes Payable (Long-term) Debit Credit No. Date No. Debit Credit Balance 549,608 Date Nov 05 Balance 56,096 Nov 05 Contingent Liability Warranty Liability No. Debit Credit No. Date Debit Credit Date Nov 05 Balance 12,800 Balance 4,800 Nov 05 Common Stock Treasury Stock No. Date Debit Credit No. Debit Credit Balance Balance 20,000 128,000 Date Nov 05 Nov 16 Nov 24 Nov 05 108,000 2 205,200 205,200 114,000 91,200 Additional Paid-in Capital Retained Earnings Debit Credit No. Date Debit Credit Balance No. Date Nov 05 Nov 05 Dec 31 Balance 33,850 206,950 Nov 05 972,000 972,000 7 173,100 - 3 Nov 24 4,800 976,800 8 9 Dec 31 Dec 31 135,902 12,200 71,048 58,848 S Dividends Service Revenue No. Date Debit Credit Balance No. Debit Credit Date Nov 05 Dec 31 Balance 44,900 12,200 12,200 7 44,900 4 9 Dec 01 Dec 31 12,200 Sales Revenue Debit Credit Sales Discounts Debit Credit No. No. Date Nov 05 Dec 31 Balance 128,000 0 Date Nov 05 Dec 31 Balance 390 7 128,000 8 390 Cost of Goods Sold Interest Revenue Debit Credit No. No. Debit Credit Date Nov 05 Dec 31 Balance 200 0 Date Nov 05 Dec 31 Balance 38,900 0 7 2 00 8 38,900 Depreciation Expense Debit Credit No. No. Date Nov 05 Dec 31 Balance 17,650 0 Date Nov 05 Dec 31 Supplies Expense Debit Credit Balance 700 7000 - 8 17,650 8 Salaries Expense Debit Credit No. 1 No.1 Date Nov 05 Dec 31 Balance 26,000 0 Date Nov 05 Dec 31 Bad Debt Expense Debit Credit Balance 2,600 2,6000 8 26,000 8 Interest Expense Debit Credit Rent Expense Debit No. No. Credit Date Nov 05 Dec 31 Balance 7,782 Date Nov 05 Balance 2,800 7,782 Dec 31 2,800 Income Tax Expense Insurance Expense No. Date Debit Credit Balance No. Date Debit Credit Balance 6,100 Nov 05 14,900 Nov 05 Dec 31 Dec 31 14,900 8. 6,100 Repairs and Maintenance Expense Warranty Expense No. Date Debit Credit Balance No. Date Debit Credit Balance Nov 05 480 4,800 Nov 05 Dec 31 Dec 31 4800 - 8 4,800 Loss No. Date Debit Credit Balance Nov 05 12,800 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 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (i.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. Declare a cash dividend on its common stock of $12,200 ($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 $ 820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December 31 Buildings account. 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. Nov 05 Cash 1,080,000 Common Stock 108,000 972,000 Additional Paid-in Capital Nov 16 205,200 Treasury Stock Cash 205,200 3 Nov 24 96,000 Cash Treasury Stock Additional Paid-in Capital 91,200 4,800 Dec 01 Dividends 12,200 Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 Dec 31 Interest Revenue Service Revenue Sales Revenue Retained Earnings 200 44,900 128,000 173,100 X Dec 31 135,902 X Retained Earnings Cost of Goods Sold Sales Discounts Depreciation Expense Supplies Expense Bad Debt Expense Salaries Expense 38,900 390 X 17,650 700 Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Cash 2,600 26,000 7,782 2,800 14,900 6,100 480 4,800 12,800 X Dec 31 Retained Earnings 12,200 Dividends 12,200 For the Period Ended December 31, 2022 $ Sales Discounts Service Revenue Sales Revenue Net Sales Cost of Goods Sold Gross Profit Operating Expense Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Total Operating Expenses Operating Income (Loss) Interest Revenue Income Tax Expense Income Before Income Taxes ******** 12,800 12,800 (12,800) (12,800) *** Net Income $ (12,800) Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ $ Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 202,112 50,800 (2,480) 7,800 980 Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) DIRIKK tttt 21,600 950 14,900 5,800 56,096 0 0 0 Total Current Liabilities Notes Payable (Long-term) 99,346 549,608 0 259,212 Total Liabilities 648,954 Stockholders' Equity Common Stock $ Total Current Assets Long-term Assets: Cash Land Equipment Buildings Accumulated Depreciation O O 202,112 580,000 70,240 820,000 (26,050) Additional Paid-in Capital Retained Earnings Treasury Stock 128,000 976,800 46,048 (114,000) $ 00 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,036,848 $ 1,685,802 Total assets $ 1,905,514 Tota Account Title Debit Credit Cash 202,112 50,800 Accounts Receivable Allowance for Uncollectible Accounts 2,480 7,800 980 580,000 70,240 26,050 820,000 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 Loss Total 21,600 950 14,900 5,800 549,608 56,096 12,800 4,800 128,000 114,000 976,800 58,848 12,800 1,858,732 $ $ 1,858,732 General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Debit Credit Balance 76,312 Date Nov 05 Balance 50,800 Nov 05 1,080,000 Nov 05 Nov 16 205,200 96,000 TETTI ou WN- Nov 24 Dec 20 1,156,312 951,112 1,047,112 1,034,912 214,912 202,112 Dec 30 Dec 31 12,200 820,000 12,800 Allowance for Uncollectible Accounts Inventory Debit No. Date Debit Credit No. Date Credit Balance 2,480 Balance 7,800 Nov 05 Nov 05 Prepaid Insurance Land No. Date Debit Credit Balance No. Date Debit Credit Balance 580,000 Nov 05 980 Nov 05 Equipment Accumulated Depreciation No. Date Debit Credit No. Debit Credit Balance 70,240 Date Nov 05 Balance 26,050 Nov 05 Buildings Accounts Payable No. Date Debit Credit Balance No. Date Debit Credit Balance 21,600 Nov 05 6 Dec 30 820.000 820.000 Interest Payable Income Tax Payable No. Debit Credit Balance No. Debit Credit Date Nov 05 Date Nov 05 Balance 14,900 950 Dividends Payable Deferred Revenue No. Debit Credit Balance No. Date Debit Credit Balance 5,800 Nov 05 Date Nov 05 Dec 01 Dec 20 12,200 12,200 t 12,200 Notes Payable (Current) Notes Payable (Long-term) Debit Credit No. Date No. Debit Credit Balance 549,608 Date Nov 05 Balance 56,096 Nov 05 Contingent Liability Warranty Liability No. Debit Credit No. Date Debit Credit Date Nov 05 Balance 12,800 Balance 4,800 Nov 05 Common Stock Treasury Stock No. Date Debit Credit No. Debit Credit Balance Balance 20,000 128,000 Date Nov 05 Nov 16 Nov 24 Nov 05 108,000 2 205,200 205,200 114,000 91,200 Additional Paid-in Capital Retained Earnings Debit Credit No. Date Debit Credit Balance No. Date Nov 05 Nov 05 Dec 31 Balance 33,850 206,950 Nov 05 972,000 972,000 7 173,100 - 3 Nov 24 4,800 976,800 8 9 Dec 31 Dec 31 135,902 12,200 71,048 58,848 S Dividends Service Revenue No. Date Debit Credit Balance No. Debit Credit Date Nov 05 Dec 31 Balance 44,900 12,200 12,200 7 44,900 4 9 Dec 01 Dec 31 12,200 Sales Revenue Debit Credit Sales Discounts Debit Credit No. No. Date Nov 05 Dec 31 Balance 128,000 0 Date Nov 05 Dec 31 Balance 390 7 128,000 8 390 Cost of Goods Sold Interest Revenue Debit Credit No. No. Debit Credit Date Nov 05 Dec 31 Balance 200 0 Date Nov 05 Dec 31 Balance 38,900 0 7 2 00 8 38,900 Depreciation Expense Debit Credit No. No. Date Nov 05 Dec 31 Balance 17,650 0 Date Nov 05 Dec 31 Supplies Expense Debit Credit Balance 700 7000 - 8 17,650 8 Salaries Expense Debit Credit No. 1 No.1 Date Nov 05 Dec 31 Balance 26,000 0 Date Nov 05 Dec 31 Bad Debt Expense Debit Credit Balance 2,600 2,6000 8 26,000 8 Interest Expense Debit Credit Rent Expense Debit No. No. Credit Date Nov 05 Dec 31 Balance 7,782 Date Nov 05 Balance 2,800 7,782 Dec 31 2,800 Income Tax Expense Insurance Expense No. Date Debit Credit Balance No. Date Debit Credit Balance 6,100 Nov 05 14,900 Nov 05 Dec 31 Dec 31 14,900 8. 6,100 Repairs and Maintenance Expense Warranty Expense No. Date Debit Credit Balance No. Date Debit Credit Balance Nov 05 480 4,800 Nov 05 Dec 31 Dec 31 4800 - 8 4,800 Loss No. Date Debit Credit Balance Nov 05 12,800 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 108,000 shares of common stock for $10 per share. November 16 Purchase 10,800 shares of its own common stock (i.e., treasury stock) for $19 per share. November 24 Resell 4,800 shares of treasury stock at $20 per share. Declare a cash dividend on its common stock of $12,200 ($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 $ 820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December 31 Buildings account. 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. Nov 05 Cash 1,080,000 Common Stock 108,000 972,000 Additional Paid-in Capital Nov 16 205,200 Treasury Stock Cash 205,200 3 Nov 24 96,000 Cash Treasury Stock Additional Paid-in Capital 91,200 4,800 Dec 01 Dividends 12,200 Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 Dec 31 Interest Revenue Service Revenue Sales Revenue Retained Earnings 200 44,900 128,000 173,100 X Dec 31 135,902 X Retained Earnings Cost of Goods Sold Sales Discounts Depreciation Expense Supplies Expense Bad Debt Expense Salaries Expense 38,900 390 X 17,650 700 Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Cash 2,600 26,000 7,782 2,800 14,900 6,100 480 4,800 12,800 X Dec 31 Retained Earnings 12,200 Dividends 12,200 For the Period Ended December 31, 2022 $ Sales Discounts Service Revenue Sales Revenue Net Sales Cost of Goods Sold Gross Profit Operating Expense Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Total Operating Expenses Operating Income (Loss) Interest Revenue Income Tax Expense Income Before Income Taxes ******** 12,800 12,800 (12,800) (12,800) *** Net Income $ (12,800) Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ $ Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 202,112 50,800 (2,480) 7,800 980 Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) DIRIKK tttt 21,600 950 14,900 5,800 56,096 0 0 0 Total Current Liabilities Notes Payable (Long-term) 99,346 549,608 0 259,212 Total Liabilities 648,954 Stockholders' Equity Common Stock $ Total Current Assets Long-term Assets: Cash Land Equipment Buildings Accumulated Depreciation O O 202,112 580,000 70,240 820,000 (26,050) Additional Paid-in Capital Retained Earnings Treasury Stock 128,000 976,800 46,048 (114,000) $ 00 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,036,848 $ 1,685,802 Total assets $ 1,905,514 Tota Account Title Debit Credit Cash 202,112 50,800 Accounts Receivable Allowance for Uncollectible Accounts 2,480 7,800 980 580,000 70,240 26,050 820,000 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 Loss Total 21,600 950 14,900 5,800 549,608 56,096 12,800 4,800 128,000 114,000 976,800 58,848 12,800 1,858,732 $ $ 1,858,732