4 Part 1 of 8 6.25 points 02:01:01 Book 10 i Pint References Jul. 1 Sell $18,000 of common stock to Suzie. Jul. 1 Sell $18,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics.. Jul. 2 Pay legal fees of $1,600 associated with incorporation. Jul. 4 Purchase office supplies of $1,100 on account. Jul. 7 Pay for advertising of $310 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $70 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $13,700 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 50 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 $3,900. Jul. 24 Pay $900 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 68 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $39,000 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 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 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 $10,600 cash. Aug. 24 Office supplies of $1,100 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 one year, paying $4,080 ($340 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,800 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, $18,800 cash. read an altimeter, use a compass, and orient through heavily wooded areas. The company receives Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race fron 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 $660. 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 Dec. race. The company pays $1,300 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 $2,600 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 $26,400 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $3,100 ($1,550 to Tony and $1,550 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,800. Tony surprises Suzie by proposing that they get 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 $7,700. 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 $1300 of office supplies purchased on July 4, $400 remains e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. t of the $2.600 of racing supplies purchased on December 12, $190 remains 9. Suzie calculates that the company owes $13,000 in income taxes. 37 tes Chapters 1-6 1 Saved 5. 3333TION OF W Required information e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12, $190 remains. g. Suzie calculates that the company owes $13,800 in income taxes. Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journa required" in the first account field.) View transaction list Journal entry worksheet 10 11 12 13 14 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Record the appropriate journal entry. Note: Enter debits before credits. Date Aug 10, 2021 Cash 27 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select required" in the first account field.) View transaction list Journal entry worksheet < 1 15 16 17 18 19 20 27 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 Note: Enter debits before credits. Date Dec 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal 00:08 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, sele required" in the first account field.) ok int View transaction list Journal entry worksheet ences < 16 17 18 19 20 21 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 race. Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 05, 2021 General Journal 27 Debit Credit Record entry Clear entry View general journal 02:59:57 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, se required" in the first account field.) Book View transaction list Print ferences Journal entry worksheet 1 17 18 19 20 21 22 22 27 The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 08, 2021 General Journal Debit Credit Record entry Clear entry View general journal of 8 C. DEPICTION OF July nuyuna pum. Required information e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12, $190 remains. g. Suzie calculates that the company owes $13,800 in income taxes. 2:59:43 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No required" in the first account field.) Book Print View transaction list Journal entry worksheet erences 18 19 20 21 22 23 27 The company purchases racing supplies for $2,600 on account due in 30 days. Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 12, 2021 General Journal Debit Credit Record entry Clear entry View general journal 5 ces Required information e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12, $190 remains. g. Suzie calculates that the company owes $13,800 in income taxes. Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select " required" in the first account field.) View transaction list Journal entry worksheet 19 20 21 22 23 24 27 The company receives $26,400 cash from a total of forty teams, and the race is held. Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 15, 2021 General Journal Debit Credit View general journal Record entry Clear entry 4 art 1 of 8 3. septem Required information e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12, $190 remains. g. Suzie calculates that the company owes $13,800 in income taxes. 25 ints X3 02:59:23 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook Print View transaction list Journal entry worksheet References 20 21 22 23 24 25 27 The company pays Victor's salary of $2,000. Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 16, 2021 General Journal Debit Credit Record entry Clear entry View general journal 09 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ces View transaction list Journal entry worksheet 20 21 22 23 24 25 26 27 The company pays a dividend of $3,100 ($1,550 to Tony and $1,550 to Suzie). Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Required information e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12, $190 remains. g. Suzie calculates that the company owes $13,800 in income taxes. Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "Noj required" in the first account field.) View transaction list Journal entry worksheet 20 21 22 23 24 25 26 27 Using his personal money, Tony purchases a diamond ring for $4,800. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Record the appropriate journal entry. Note: Enter debits before credits. Date Dec 31, 2021 General Journal Debit Credit Clear entry View general journal Record entry