Great Adventures Problem AP10-1 (GL) ony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an utdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but nfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through e outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds r the camp. reat Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each urchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect ockholders' equity during the remainder of 2022: ovember 5 Issue an additional 114,000 shares of common stock for $10 per share. ovember 16 Purchase 11,400 shares of its own common stock (i.e., treasury stock) for $22 per share. ovember24 Resell 5,400 shares of treasury stock at $23 per share. ecember 1 Declare a cash dividend on its common stock of $12,800 ($0.10 per share) to all stockholders of record an December 15. ecember 20 Pay the cash dividend declared on December 1. cember 31 Pay $835,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger View transaction list Journal entry worksheet < Trial Balance 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.) Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Income Statement Balance Sheet 8 9 < Prev 1 of 1 # KAR Next >
Great Adventures Problem AP10-1 (GL) ony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an utdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but nfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through e outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds r the camp. reat Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each urchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect ockholders' equity during the remainder of 2022: ovember 5 Issue an additional 114,000 shares of common stock for $10 per share. ovember 16 Purchase 11,400 shares of its own common stock (i.e., treasury stock) for $22 per share. ovember24 Resell 5,400 shares of treasury stock at $23 per share. ecember 1 Declare a cash dividend on its common stock of $12,800 ($0.10 per share) to all stockholders of record an December 15. ecember 20 Pay the cash dividend declared on December 1. cember 31 Pay $835,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger View transaction list Journal entry worksheet < Trial Balance 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.) Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Income Statement Balance Sheet 8 9 < Prev 1 of 1 # KAR Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 114,000 shares of common stock for $10 per share.
November 16 Purchase 11,400 shares of its own common stock (i.e., treasury stock) for $22 per share.
November24 Resell 5,400 shares of treasury stock at $23 per share.
December 1
Declare a cash dividend on its common stock of $12,800 ($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 $835,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the
Buildings account.
Requirement
General
Journal
General
Ledger
View transaction list
Journal entry worksheet
3
Trial Balance
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.)
Note: Enter debits before credits.
5
6
Prepare the closing entry for the revenue accounts.
Income
Statement
Balance Sheet
7
8
9
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