4 Jul. 1 Sell $10.000 of corn stock to Susie. Jul. 1 Sell $10,000 of conan stock to Tony. Jul. 1 Purchase a one year insurance policy for $4.000 ($400 per month) to cover injuries to participante during outdoor clinics Jul. 2 Pay legal fees of $1.500 associated with incorporation. Jul 4 Purchase office mupplies of $1,800 on account. Jul. 7 Pay for advertising of $100 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul B Purchase 10 mountain bikes, paying $12.000 cash Jul. 15 On the day of the clinic. Great Adventures receives cash of $2.000 from 40 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first Rountain biking clinic. Tomy holds another mountain biking clinic and the company receives $2.300. Jul. 24 Pay $700 to a local radio station for advertising to appear inaediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Jul. 30 Grest Adventures receives cash of $4.000 in advance fron 40 kayakers for the upcoming kayak clinic. ku . 1 Great Adventures obtains $30,000 lov-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 0% annual interest is due bach year on July 31. Aug. The company purchases 14 kayaks. paying $28.000 cash. Aug 10 Twenty additional kayakers pay $3.000 (3150 each), in addition to the 14.000 that was paid in advance on July 30. on the day of the clinic. Tong condata the first kayak clinic. sug. 17 Tony conducte a second kayak clinic, and the company receives $10,000 cash. Aug. 24 Office supplier of 31.800 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayaks when not in we, the company rents a storage shed for one year. paying $2.400 (5200 per month) in advance. Sep. 21 Tony conduct a rock-climbing clinic. The company receives $13. 200 cash. Oct. 17 Tony conducts orienteering clinic. Participants practice how to understand a topographical map. read an altimeter, we a compass, and orient through heavily wooded areas. The company receives $17.900 cash. 1 Tony decides to hold the company' first adventure race on Decenber 15. Four-person tes will race from checkpoint to checkpoint using a combination of Mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in sach category to complete all checkpoints in order wins. The entry tee for each tea is $500. 5 To help organize and promote the race. Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each to that competes in the race. His salary will be paid after the race. Dec. The company pays $1.200 to purchase a permit from a state park where the race will be held. The amount 13 recorded as a miscellaneous expense. Dee. 12 The company purchases racing rupplies for $2.800 on account due in 30 days. Supplies include trophies for the top finishing tans in each category, promotional shirts. mack foods and drinks for participants and field marker to prepare the racecourse. Dee. 15 The company receives $20.000 cash from a total of forty teas. and the race is held. Dee. 16 The company Days Victor'lary of $2.000. Dec. 31 The company pa dividend of 14.000 ($2,000 to Tony and $2.000 to Suxie). Dec. 31 Ueing hir personal money, Tony purchases a dicond ring for $4.500. Tony surprises Suzie by proposing that they et married. Sutie accepts and they get married! The following information relates to year-end adjusting entries as of December 2021 Sep Dec a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000 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 $1.800 of office supplies purchased on July 4, $300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f of the $2.800 of racing supplies purchased on December 12, $200 remains g. Suzie calculates that the company owes $14.000 in income taxes 7. Post the closing entries of retained earnings to the T-account. Retained Earnings Beg Bal End Bal 4 Jul. 1 Sell $10.000 of corn stock to Susie. Jul. 1 Sell $10,000 of conan stock to Tony. Jul. 1 Purchase a one year insurance policy for $4.000 ($400 per month) to cover injuries to participante during outdoor clinics Jul. 2 Pay legal fees of $1.500 associated with incorporation. Jul 4 Purchase office mupplies of $1,800 on account. Jul. 7 Pay for advertising of $100 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul B Purchase 10 mountain bikes, paying $12.000 cash Jul. 15 On the day of the clinic. Great Adventures receives cash of $2.000 from 40 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first Rountain biking clinic. Tomy holds another mountain biking clinic and the company receives $2.300. Jul. 24 Pay $700 to a local radio station for advertising to appear inaediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Jul. 30 Grest Adventures receives cash of $4.000 in advance fron 40 kayakers for the upcoming kayak clinic. ku . 1 Great Adventures obtains $30,000 lov-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 0% annual interest is due bach year on July 31. Aug. The company purchases 14 kayaks. paying $28.000 cash. Aug 10 Twenty additional kayakers pay $3.000 (3150 each), in addition to the 14.000 that was paid in advance on July 30. on the day of the clinic. Tong condata the first kayak clinic. sug. 17 Tony conducte a second kayak clinic, and the company receives $10,000 cash. Aug. 24 Office supplier of 31.800 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayaks when not in we, the company rents a storage shed for one year. paying $2.400 (5200 per month) in advance. Sep. 21 Tony conduct a rock-climbing clinic. The company receives $13. 200 cash. Oct. 17 Tony conducts orienteering clinic. Participants practice how to understand a topographical map. read an altimeter, we a compass, and orient through heavily wooded areas. The company receives $17.900 cash. 1 Tony decides to hold the company' first adventure race on Decenber 15. Four-person tes will race from checkpoint to checkpoint using a combination of Mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in sach category to complete all checkpoints in order wins. The entry tee for each tea is $500. 5 To help organize and promote the race. Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each to that competes in the race. His salary will be paid after the race. Dec. The company pays $1.200 to purchase a permit from a state park where the race will be held. The amount 13 recorded as a miscellaneous expense. Dee. 12 The company purchases racing rupplies for $2.800 on account due in 30 days. Supplies include trophies for the top finishing tans in each category, promotional shirts. mack foods and drinks for participants and field marker to prepare the racecourse. Dee. 15 The company receives $20.000 cash from a total of forty teas. and the race is held. Dee. 16 The company Days Victor'lary of $2.000. Dec. 31 The company pa dividend of 14.000 ($2,000 to Tony and $2.000 to Suxie). Dec. 31 Ueing hir personal money, Tony purchases a dicond ring for $4.500. Tony surprises Suzie by proposing that they et married. Sutie accepts and they get married! The following information relates to year-end adjusting entries as of December 2021 Sep Dec a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000 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 $1.800 of office supplies purchased on July 4, $300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f of the $2.800 of racing supplies purchased on December 12, $200 remains g. Suzie calculates that the company owes $14.000 in income taxes 7. Post the closing entries of retained earnings to the T-account. Retained Earnings Beg Bal End Bal