1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28-34).

3. Review the adjusted 'Trial Balance' as of December 31, 2021.

4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.

5. Prepare a statement of stockholder's equity for the period ended December 31, 2021, in the 'Statement of Stockholder's Equity' tab.

6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.

7. Record the closing entries in the 'General Journal' tab (these are shown as items 35-37).

2 ($) . $($)$, Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking. orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corporation. Great Adventures Inc. The articles of incorporation state that the corporation will sell 36,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31. Jul. 1 Sell $18,080 of common stock to Suzie. Jul. 1 Sell $18,000 of common stock to Tony. Jul, Jul, 2 of $2associated with incorporation. Jul. 4 Purchase office supplies of $1,980 on account. Jul, 7 Pay for advertising of $250 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $38 on the day of the clinic. Jul, 8 Purchase 10 mountain bikes, paying $11,888 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1,200 from 40 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 $1,680. Jul. 24 Pay $858 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 18, and attendees can pay $11e in advance or $168 on the day of the clinic. Jul. 30 Great Adventures receives cash of $8,8ee in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $31,280 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 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $18,000 cash. day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 cash. Aug. 24 Office supplies of $1,900 purchased on July 4 are paid in full. Sep. i to provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,120 ($268 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,900 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,700 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, 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 $680. Dec. 5 To help organize and promote the race, Tony hires his college roommate, 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. 8 The company pays $1,480 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,5ee 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 $24,eee cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,490. Dec. 31 The company pays a dividend of $4,380 ($2,150 to Tony and $2,15e to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,800. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction at Journal entry worksheet Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clear entry View general Journal Journal entry worksheet Prepare the adjusting entry for depreciation. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $5,960 Note: Enter bits before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clearanby View general Journal account Viewraction Journal entry worksheet 27 29 37 Prepare the adjusting entry for insurance. Six months of the one-year insurance policy purchased on July 1 has expired. 30 > Note: Enter before credits General Journal Debat Credit Dec 31, 2021 Marley General Journal Income General Requirement Statement of Ledger Trial Balance Balance Sheet Prepare the journal entries for transactions. (1f no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactional Journal entry worksheet 1 ... 25 26 27 29 30 37 > Prepare the adjusting entry for rent. Four months of the one year rental agreement purchased on September 1 has expired. Note: Carcasatorit General Journal Debit C Dec 31, 202 Record entry View general Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactions 31 37 Journal entry worksheet Prepare the closing entry for revenue. Nota: Enter debit before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clear entry View general Journal View trmaaction ist Journal entry worksheet 2 ($) . $($)$, Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking. orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corporation. Great Adventures Inc. The articles of incorporation state that the corporation will sell 36,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31. Jul. 1 Sell $18,080 of common stock to Suzie. Jul. 1 Sell $18,000 of common stock to Tony. Jul, Jul, 2 of $2associated with incorporation. Jul. 4 Purchase office supplies of $1,980 on account. Jul, 7 Pay for advertising of $250 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $38 on the day of the clinic. Jul, 8 Purchase 10 mountain bikes, paying $11,888 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1,200 from 40 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 $1,680. Jul. 24 Pay $858 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 18, and attendees can pay $11e in advance or $168 on the day of the clinic. Jul. 30 Great Adventures receives cash of $8,8ee in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $31,280 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 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $18,000 cash. day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 cash. Aug. 24 Office supplies of $1,900 purchased on July 4 are paid in full. Sep. i to provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,120 ($268 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,900 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,700 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, 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 $680. Dec. 5 To help organize and promote the race, Tony hires his college roommate, 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. 8 The company pays $1,480 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,5ee 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 $24,eee cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,490. Dec. 31 The company pays a dividend of $4,380 ($2,150 to Tony and $2,15e to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,800. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction at Journal entry worksheet Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clear entry View general Journal Journal entry worksheet Prepare the adjusting entry for depreciation. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $5,960 Note: Enter bits before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clearanby View general Journal account Viewraction Journal entry worksheet 27 29 37 Prepare the adjusting entry for insurance. Six months of the one-year insurance policy purchased on July 1 has expired. 30 > Note: Enter before credits General Journal Debat Credit Dec 31, 2021 Marley General Journal Income General Requirement Statement of Ledger Trial Balance Balance Sheet Prepare the journal entries for transactions. (1f no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactional Journal entry worksheet 1 ... 25 26 27 29 30 37 > Prepare the adjusting entry for rent. Four months of the one year rental agreement purchased on September 1 has expired. Note: Carcasatorit General Journal Debit C Dec 31, 202 Record entry View general Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactions 31 37 Journal entry worksheet Prepare the closing entry for revenue. Nota: Enter debit before credits General Journal Debit Credit Date Dec 31, 2021 Record entry Clear entry View general Journal View trmaaction ist Journal entry worksheet