3. Aug. 10 Twenty kayakers pay $3,800 (5190 each) for the kayak clinic on the day of the clinic. Tony conducts the first kayak clinic. 4. Aug. 12 Collected $2,000 on account from the July clinic. 5. Aug. 17 Tony conducts a second kayak clinic, and the company receives $10,500 cash. 6. Aug. 24 Paid for the supplies purchased on account on July 4 (Chapter 2 Homework) in full, S1,900. 7. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 (5200 per month) in advance. 8. Sep. 21 Tony conducts a rock-climbing clinic. The company bills the clients $13,200 for the provided clinic due in 30 days. 9. Oct. 17 Paid the local radio station $1.200 for advertising Great Adventures for the remainder of October. 10. Oct. 20 Collected 80% of the amount due from customers from the September 21 rock-climbing clinic. 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, 11. 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 will be $500. 12. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the 13. Dec. 8 The company pays $1,200 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 $2.800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and 14. drinks for participants, and field markers to prepare the racecourse. 15. Dec. 15 The company receives $20,000 cash from a total of forty teams for the adventure race, and the race is held. 16. Dec. 16 The company pays Victor's salary (ignore any taxes). 17. Dec. 31 The company pays a dividend of $4.000 (S2,000 to Tony and $2,000 to Suzie). 18. Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! NOTE: Use Good Journal Form to receive credit. Good form is debit(s) first, followed by credits, then one blank line. # Date Account Debit Credit E NI L SE 1. 1-Aug Cash 1- 32,000 32.000 6% loan 32,000 32,000 (Received from city Council) 2. 4-Aug Equipment (kayaks) 40,320 40,320 Cash 40,320 (40,320) Purchase of 14 Kayaks) 3. 10-Aug Cash 3,200 3,200 Deferred Revenue 3,200 3.200 R A