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Journal entry worksheet Prepare the closing entry for the expense and loss accounts. Note: Enter debits before credits. Date Debit Credit General Journal No Journal Entry Required Dec 31 Journal entry worksheet Prepare the closing entry for the dividend account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 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. 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. Nov 05 1,080,000 Cash Common Stock Additional Paid-in Capital 108,000 972,000 Nov 16 205,200 Treasury Stock Cash 205,200 Nov 24 Cash 96,000 Treasury Stock Additional Paid-in Capital 91,200 4,800 Dec 01 12,200 Dividends Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 Dec 31 No Journal Entry Required Dec 31 No Journal Entry Required Dec 31 No Transaction Recorded Trial Balance December 30, 2022 Account Title Debit Credit Cash 214,912 50,800 Accounts Receivable Allowance for Uncollectible Accounts 2,480 Inventory 7,800 980 580,000 70,240 26,050 820,000 21,600 950 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 14,900 5,800 549,608 56,096 12,800 4,800 128,000 114,000 976,800 33,850 12,200 44,900 128,000 390 200 38,900 17,650 700 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 26,000 2,600 7,782 2,800 14,900 6,100 480 4,800 12,800 2,006,834 $ Total 2,006,834 WOT $ 133,610 For the Period Ended December 31, 2022 Sales Discounts (390) Service Revenue O 44,900 Sales Revenue O 128,000 0 Net Sales 172,510 Cost of Goods Sold 38,900 Gross Profit Operating Expense Depreciation Expense 17,650 Supplies Expense 700 Salaries Expense 26,000 Bad Debt Expense $ 2,600 Salaries Expense 26,000 Rent Expense 2,800 Insurance Expense 6,100 Repairs and Maintenance Expense 480 Warranty Expense 4,800 Loss 12,800 Total Operating Expenses Operating Income (Loss) Interest Revenue Income Tax Payable Income Before Income Taxes Dividends Net Income 00000000000000 99,930 33,680 200 14,900 48,780 12,200 36,580 Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Cash 21,600 Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 214,912 50,800 (2,480) 7,800 980 Current Liabilities: Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Ooooo 950 14,900 5,800 56,096 DUO 0 0 Total Current Liabilities Notes Payable (Long-term) 99,346 549,608 0 Total Current Assets 272,012 648,954 Long-term Assets: Treasury Stock Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Dividends Payable Land O 114,000 580,000 70,240 820,000 (26,050) 128,000 976,800 58,230 0 Equipment Buildings Accumulated Depreciation - 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,163,030 1,811,984 Total assets $ 1,830,202 $