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can you please explain the general journal and the balance sheet. as well as the income statement with the answers.

OK 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 (1.6., treasury stock) for $5 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 daal dividend declared on December 1. pay $390,000 for construction of new cabine and other facilities. The entire expenditure de recorded in the Decemberdi Buildings account. it cos Statement Balance Sheet General Requirement General Journal Income Ledger 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 held.) View transaction list Journal entry worksheet 8 9 Record the issue of additional 136,000 shares of common stock for $10 per share. Note: Enter debits before credits General Journal Credit Dato Nov 05 Debit 1,360,000 Cash Common Stock 1,360,000 View transaction list Journal entry worksheet Record the purchase of 13,600 shares of its own common stock (1.e., treasury stock) for $33 per share. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 448,800 Treasury Stock Cash 448,800 Record entry Clear entry View general journal Journal entry worksheet Record the resale of 7,600 shares of treasury stock at $34 per share. Note: Enter debits before credits. General Journal Credit Date Nov 24 Debit 258,400 Cash Treasury Stock Additional Paid-in Capital 250,800 7,600 Record entry Clear entry View general Journal Journal entry worksheet Record the declaration of $15,000 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. Note: Enter debits before credits. Date Debit Credit Dec 01 General Journal Dividends Dividends Payable 15,000 15,000 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet 1 2 3 on 5 7 8 9 > Record the payment of $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Note: Enter debits before credits. Date Dec 30 Debit Credit General Journal Dividends Payable Cash 1,500 1,500 Record entry Clear entry View general journal View transaction list Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Date General Journal Credit Debit 890,000 Dec 31 Buildings Cash 890,000 Record entry Clear entry View general journal Journal entry worksheet Journal Ledger Statement Choose the appropriate accounts to be reported on the income statement. The unadje appear for each account, based on your selection. Post-closing Dates: + + GREAT ADVENTURES, INC Income Statement For the Period Ended December 31, 2022 $ OO 0 0 0 Net Sales 0 0 nces $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 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 sep the balance sheet. The unadjusted, or post-closing balances will appear for eacht account, based on your selection. Post-closing Dates: Nov 05 to: Dec GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 Cash 348,614 0 0 0 0 0 0 0 OIC 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 348,614 Total Current Assets Long-term Assets: Buildings Total Liabilities Stockholders' Equity Notes Payable (Long-term) 2 807,695 890,000 0 0 0 0 0 Total Stockholders' Equity $ 1,238,614 Total Liabilities and Stockholders' Equity 807,695 807,695 $ Total assets OK 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 (1.6., treasury stock) for $5 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 daal dividend declared on December 1. pay $390,000 for construction of new cabine and other facilities. The entire expenditure de recorded in the Decemberdi Buildings account. it cos Statement Balance Sheet General Requirement General Journal Income Ledger 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 held.) View transaction list Journal entry worksheet 8 9 Record the issue of additional 136,000 shares of common stock for $10 per share. Note: Enter debits before credits General Journal Credit Dato Nov 05 Debit 1,360,000 Cash Common Stock 1,360,000 View transaction list Journal entry worksheet Record the purchase of 13,600 shares of its own common stock (1.e., treasury stock) for $33 per share. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 448,800 Treasury Stock Cash 448,800 Record entry Clear entry View general journal Journal entry worksheet Record the resale of 7,600 shares of treasury stock at $34 per share. Note: Enter debits before credits. General Journal Credit Date Nov 24 Debit 258,400 Cash Treasury Stock Additional Paid-in Capital 250,800 7,600 Record entry Clear entry View general Journal Journal entry worksheet Record the declaration of $15,000 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. Note: Enter debits before credits. Date Debit Credit Dec 01 General Journal Dividends Dividends Payable 15,000 15,000 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet 1 2 3 on 5 7 8 9 > Record the payment of $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Note: Enter debits before credits. Date Dec 30 Debit Credit General Journal Dividends Payable Cash 1,500 1,500 Record entry Clear entry View general journal View transaction list Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Date General Journal Credit Debit 890,000 Dec 31 Buildings Cash 890,000 Record entry Clear entry View general journal Journal entry worksheet Journal Ledger Statement Choose the appropriate accounts to be reported on the income statement. The unadje appear for each account, based on your selection. Post-closing Dates: + + GREAT ADVENTURES, INC Income Statement For the Period Ended December 31, 2022 $ OO 0 0 0 Net Sales 0 0 nces $ 0 Gross Profit Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 $ 0 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 sep the balance sheet. The unadjusted, or post-closing balances will appear for eacht account, based on your selection. Post-closing Dates: Nov 05 to: Dec GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 Cash 348,614 0 0 0 0 0 0 0 OIC 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 348,614 Total Current Assets Long-term Assets: Buildings Total Liabilities Stockholders' Equity Notes Payable (Long-term) 2 807,695 890,000 0 0 0 0 0 Total Stockholders' Equity $ 1,238,614 Total Liabilities and Stockholders' Equity 807,695 807,695 $ Total assets

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