RWP10-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] 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, 2024, 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 2025: November 5 Issue an additional 138,000 shares of common stock for $10 per share. November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share. November 24 Resell 7,800 shares of treasury stock at $35 per share. December 1 December 20 December 30 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of record on December 15. Pay the cash dividend declared on December 1. Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. /P10-1 (Algo) Great Adventures Continuing Case Part 1 uired: ecord each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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RWP10-1 (Algo) Great Adventures Continuing Case
[The following information applies to the questions displayed below.]
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, 2024, 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 2025:
November 5 Issue an additional 138,000 shares of common stock for $10 per share.
November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share.
November 24 Resell 7,800 shares of treasury stock at $35 per share.
December 1
Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of
record on December 15.
December 20
December 30
RWP10-1 (Algo) Great Adventures Continuing Case Part 1
Pay the cash dividend declared on December 1.
Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.
Required:
1. Record each of these 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
<
1
2
3
Note: Enter debits before credits.
Date
November 05, 2025
Record entry
4
5
Record the issue of additional 138,000 shares of common stock for $10 per
share.
6
General Journal
Clear entry
7
Debit
Credit
View general journal
>
Transcribed Image Text:RWP10-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] 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, 2024, 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 2025: November 5 Issue an additional 138,000 shares of common stock for $10 per share. November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share. November 24 Resell 7,800 shares of treasury stock at $35 per share. December 1 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of record on December 15. December 20 December 30 RWP10-1 (Algo) Great Adventures Continuing Case Part 1 Pay the cash dividend declared on December 1. Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Required: 1. Record each of these 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 < 1 2 3 Note: Enter debits before credits. Date November 05, 2025 Record entry 4 5 Record the issue of additional 138,000 shares of common stock for $10 per share. 6 General Journal Clear entry 7 Debit Credit View general journal >
Required information
RWP10-1 (Algo) Great Adventures Continuing Case
[The following information applies to the questions displayed below.]
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, 2024, 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 2025:
November 5 Issue an additional 138,000 shares of common stock for $10 per share.
November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share.
November 24 Resell 7,800 shares of treasury stock at $35 per share.
December 1
December 20
December 30
Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of
record on December 15.
RWP10-1 (Algo) Great Adventures Continuing Case Part 2
2. Great Adventures has net income of $42,307 in 2025. Retained earnings at the beginning of 2025 was $35,350. Prepare the
stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2025. (Amounts to be deducted should be
indicated with a minus sign.)
Stockholders' Equity:
Pay the cash dividend declared on December 1.
Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is
recorded in the Buildings account.
GREAT ADVENTURES, INCORPORATED
Balance Sheet
(Stockholders' Equity Section)
December 31, 2025
Total Paid-in Capital
Total Stockholders' Equity
Transcribed Image Text:Required information RWP10-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] 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, 2024, 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 2025: November 5 Issue an additional 138,000 shares of common stock for $10 per share. November 16 Purchase 13,800 shares of its own common stock (i.e., treasury stock) for $34 per share. November 24 Resell 7,800 shares of treasury stock at $35 per share. December 1 December 20 December 30 Declare a cash dividend on its common stock of $15,200 ($0.10 per share) to all stockholders of record on December 15. RWP10-1 (Algo) Great Adventures Continuing Case Part 2 2. Great Adventures has net income of $42,307 in 2025. Retained earnings at the beginning of 2025 was $35,350. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2025. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity: Pay the cash dividend declared on December 1. Pay $895,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. GREAT ADVENTURES, INCORPORATED Balance Sheet (Stockholders' Equity Section) December 31, 2025 Total Paid-in Capital Total Stockholders' Equity
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