1 10,5 taste 10 actory 1 cha Jul 2 Pay 150 per month to je to participating . MU corati TI Jul 2 30 Yoring a bit din to be held on July 15. Att WE 5. the way of the land Jul airca 10 aying 319.300 tash Jul 15 on the day of the Adventurecalves ash of $3.500 from a bitar. Tony conduct the I INNE 2 Because of the act of the First Wontain likingine, Tony holds another outin Dining into $4,050 1:24 Pay to local rotation for advertising to spear neately, ayaking cline will be held at wende any in advance or $100 on the day of the inte Tul 30 Great ventures receive cash of 50,100 in advance from 70 kyk for the coming kayak linte 1 Great Adventure cains $10,000 low interest Town for the company for the city council, which has an itive encouraine business development related to outdoor activities. The town is due to three years, and an interest durch on July 31 ME 4 They purchase 14 kayaks, paying $14,400 cash A 10 Twenty additional kayakers $3.500 ($100 ach), in sadition to the 39.100 that was all in advance to the day of the clinic Tony conducts the first kayak clinic Aug 12 Tony conducts second kayak Clinis, and the company receives $13,100 cash Aug 24 orice les of $1,400 purchased on July 4 are paid in full Sep. 1 To provide storage of mountain bikes and kayaks when not in the company rents storhed for one ye paying 32.45020 per month) in advance Sep 21 Tony co Tubing clinic. The company receives $13,700 cash Oct 17 Tony conduce orienteering clinic. Participants practice how to understand topographical map, read inaltimeter compass and ient through heavily wooded areas. The company receives $19,200 cash Dee I Tony decides to hold the company fiest adventure race on December 15. Four person and will race from checkpoint to ches Watson of mountain biking, hayaking, orienteering, trail running and rock chain is the First ory to complete all checkpoints in order wins the entry Fee for each ten is $530 Deco the ace, Tony his college roomate, Victor, Victor will be paid 560 in salary for each team that comes in the race Mary will be paid after the race De The company pays $1900 to purchase pereit from a state park where the race will be held. The mount is recorded iScalous Dec 12 The company purchase vacang pepplles for $2,100 on account doe in a days Supplies include trophies for the top finishing tin chi category, promotional shock foods and drinks for participants, and field markers to prepare the Pacecourse Dec 15 The company receives 21,200, Cash from total of Forty teas and the race is bald Dec 16 The concev s victory of $2.400 Dec. 15 The company receives $21,200 cash from a total of Forty tens, and the race is held Dec. 16 The company pays Victor's salary of $2,400 Dec. 31 The company pays a dividend of $3,700 ($1.850 to Tony and $1,850 to Suzie) Dec.31 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Sure by proposing that they wat married. Suzie accepts and they got arried! The following information relates to year end adjusting entries as of December 31, 2021 a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,840. b. Six months of the one year Insurance policy purchased on July 1 has expired. c. Four months of the one year rental agreement purchased on September 1 has expired. d of the $1.400 of office supplies purchased on July 4, $250 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded f. Of the $2,100 of racing supplies purchased on December 12, $270 remains g. Suzie calculates that the company owes $13,100 in income taxes, Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Statement of SE The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Unadjusted GREAT ADVENTURES, Inc., Balance Sheet December 31, 2021 Liabilities Assets Current Liabilities Current Assets Prey 1 of 1 Next Unadjusted GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities Total Curtant Liabilities 0 0 Total Current Assets Long-term assets Total Liabilities Stockholders' Equity 0 0 0 0 Total Stockholders' Equity Total Liabilities and Stockholders Equity 0 0 $ 0 Total Assets Jul 1 Sell $1,500 of common stock to Surie. Jul. 1 Sell $10,560 of common stock to Tony. Jul. 1 Purchase one-year insurance policy for $5,200 (5440 per month) to cover injuries to participants during outdoor clinic Jol. 2 Pay legal fees of $1,500 associated with incorporation Dul 4 Purchase office supplies of $1,400 on account Jul 7 Pay for advertising of $290 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged sse on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $19,800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 70 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,050 Jul. 24 Pay $740 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $138 in advance or $180 on the day of the clinic. Jul. Great Adventures receives cash of $9,100 in advance from 70 kayakers for the upcoming Kayak clinic Aug. 1 Great Adventures obtains a $30,000 low interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 65 annual interest is due each year on July 31. Aug 4 The company purchases 14 kayaks, paying $14,400 cash Aug. 10 Twenty additional kayakers pay $3,600 (5180 each), in addition to the 59,100 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,100 cash. Aug 24 office supplies of $1,400 purchased on July 4 are paid in full. Sep 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for a year paying $3,840 ($320 per month) in advance. Sep. z Tony conducts a rock climbing clinic. The company receives $13,700 cash Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map read an altimeter use concernewconnect.meducation.com 252F/activity/que Saved Aug. 24 office supplies of $1,400 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rants a storage shed for one year, paying $3,840 ($320 per month) in advance. Sep. 21 Tony conduct a rock climbing dini. The company receives $13,700 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use compass, and orient through heavily wooded areas. The company receives $19,200 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four person tears will race from checkpoint to checkpoint using a combination of mountain biking, kayakin, orienteering, trail running, and rock climbing skills. The first team in each category to complete all checkpoints in order wins the entry fee for each team is $50. Dec. 5 To help organize and promote the race, Tony hires his college roomnate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. Dec . * The company pays $1,900 to purchase a permit from a state park where the race will be held. The nount is recorded miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,100 on account due in 30 days, Supplies include trophies for the top finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse Dec. 15 The company receives $21,200 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,400. Dec. 31 The company pays a dividend of 53,700 ($1,850 to Tony and $1,850 to Suzie) Dec. 31 Using his personal money. Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that they wet married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021 a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6.840. b. Six months of the one year Insurance policy purchased on July 1 has expired, c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,400 of office supplies purchased on July 4, $250 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2.100 of racing supplies purchased on December 12. $270 remains. g. Suzie calculates that the company owes $13,100 in income taxes. Unadjusted GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities Total Current Liabilities 0 0 0 Total Current Assets Long-term assets Total Liabilities Stockholders' Equity 0 0 0 0 0 0 Total Stockholders Equity Total Liabilities and Stockholders Equity $ Total Assets