6 Parts of DO Block Print Required information The following information applies to the questions displayed below! Tory and Suzie graduate from college 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 maces we welve four person beams that race from one checkpoint to the next using 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 Myt 2021, Tony and Suzie organize the new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sel 34000 shares of common stock for each. Each share of stock represents a unit of ownership Tony and Sure will act as co presidents of the company. The following transactions occur from July 1 through December 31 Jel. 11.00 cm 1 fall 17.000 af en stock to Top ul. 1 Purchase a one-year in policy for $5,046 142 per month to cover injuries to participants during outdoor clinics. Jal. 1 Pay legal fees of 116 slated with incorporation & Nehase office supplies of $1,10 on account . 7 Pay for advertising of $200 to a local newspaper for a proming mountais Milise to be held on July 15. Attendees will be charged on the day of the elite. # Purchase 18 mountain bike, paying $15,608 ch. Jul 15 on the day of the elinie, Crest Adventures receive cash of $3,400 from 10 bikers. Tony and the mountain biking alinie. l. 12 Because of the success of the first mountain biking clinic. Tony holds another mountain biking line and the company receives 12.750. Jul. 24 Pay 730 to a local radio station for ady thing to appear mediately. A kayaking else will held on August 10, and attendees can pay $120 is avance or $190 on day of the line Jol. 30 Great Adventures receives each of 87,200 in advance free & kayakers for the woning layak eliste. 1 Great Adventures obtain a 147,000 low-interest loan for the company from the city council, which has recently passed as initiative encouraging business development related to outdoor activities. The lean is due to three years, and annual interest la deesh year on July 31. Mug 4 The company purchases 14 kayak, paying $23,000 cash Aug. 10 Twenty additional kayakere pay $3.400 15170 sachi, in addition to the $7.200 that was paid in an mely 30, on the day of the elinie. Teny conducts the first kayak elinie. Aug. 17 Tony conducte a second hayak eliste, and the company receives $12,500 cash. Aug. 24 orice supplies of 11,100 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayake when not in use the company resta storage shed for one year. paying $3.480 (8210 per month) in advance Sep. 21 Tory conduct a rockenbing olie. The company receives $14.000 cash Oct. 17 Tony conducta mortering olinie. Participante practice how to understand topographical m. read an altimeter, we a compass, and orient through heavily wooded areas. The company receives 519.100 cash. Dec. 1 Tony deeldes to hold the company's first adventure race receber 15. Four-person tone will race from checkpoint to checkpoint wing a combination of mountain bikin. kayaking. rientering, trail running, and re-elimbing skills. The first team in each category to complete all checkpointe in order wins. The entry fee for each team is $500. Dee. 5 to help organize and promote the race, Tony Mies his colleperate. Vietor. Victor will be paid 4) in salary for each tean that competes in the race. Wie salary will be paid after the race. Dee. The company pay $1,500 to purchase peat from a state park where the race will be held. The amount to recorded as a miscellaneous expense. Dee. 12 The company purchases racing supplies for $2.500 on account due in 30 days. Pupplies include trophies for the top-fining teams in each category, promotional shirts, shack foods and drinks for participants, and field markers to prepare the racecours. Dec. 15 The company receives 420,000 cash from a total of forty team, and the race is held Dec. 16 The company paye Victor's salary of $1,200. Dec. 31 The company pays dividend of $3,200 ($1,600 to lay and 51.600 to Sute). Dec. 1 sing te personal money, Tony purchases a diamonding for 15,000. Tony was baie by proposing that they get married. Surie secepts 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 $7,600 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. $210 remains e. Interest expense on the $47.000 loan obtained from the city council on August 1 should be recorded. of the $2,300 of racing supplies purchased on December 12, $130 remains. 9. Suzie calculates that the company owes $4,100 in income taxes. 7. Post the closing entries of retained earnings to the T-account Beg Ba Dec. 31 Dec. 31 Dec. 31 End. 6 Parts of DO Block Print Required information The following information applies to the questions displayed below! Tory and Suzie graduate from college 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 maces we welve four person beams that race from one checkpoint to the next using 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 Myt 2021, Tony and Suzie organize the new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sel 34000 shares of common stock for each. Each share of stock represents a unit of ownership Tony and Sure will act as co presidents of the company. The following transactions occur from July 1 through December 31 Jel. 11.00 cm 1 fall 17.000 af en stock to Top ul. 1 Purchase a one-year in policy for $5,046 142 per month to cover injuries to participants during outdoor clinics. Jal. 1 Pay legal fees of 116 slated with incorporation & Nehase office supplies of $1,10 on account . 7 Pay for advertising of $200 to a local newspaper for a proming mountais Milise to be held on July 15. Attendees will be charged on the day of the elite. # Purchase 18 mountain bike, paying $15,608 ch. Jul 15 on the day of the elinie, Crest Adventures receive cash of $3,400 from 10 bikers. Tony and the mountain biking alinie. l. 12 Because of the success of the first mountain biking clinic. Tony holds another mountain biking line and the company receives 12.750. Jul. 24 Pay 730 to a local radio station for ady thing to appear mediately. A kayaking else will held on August 10, and attendees can pay $120 is avance or $190 on day of the line Jol. 30 Great Adventures receives each of 87,200 in advance free & kayakers for the woning layak eliste. 1 Great Adventures obtain a 147,000 low-interest loan for the company from the city council, which has recently passed as initiative encouraging business development related to outdoor activities. The lean is due to three years, and annual interest la deesh year on July 31. Mug 4 The company purchases 14 kayak, paying $23,000 cash Aug. 10 Twenty additional kayakere pay $3.400 15170 sachi, in addition to the $7.200 that was paid in an mely 30, on the day of the elinie. Teny conducts the first kayak elinie. Aug. 17 Tony conducte a second hayak eliste, and the company receives $12,500 cash. Aug. 24 orice supplies of 11,100 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayake when not in use the company resta storage shed for one year. paying $3.480 (8210 per month) in advance Sep. 21 Tory conduct a rockenbing olie. The company receives $14.000 cash Oct. 17 Tony conducta mortering olinie. Participante practice how to understand topographical m. read an altimeter, we a compass, and orient through heavily wooded areas. The company receives 519.100 cash. Dec. 1 Tony deeldes to hold the company's first adventure race receber 15. Four-person tone will race from checkpoint to checkpoint wing a combination of mountain bikin. kayaking. rientering, trail running, and re-elimbing skills. The first team in each category to complete all checkpointe in order wins. The entry fee for each team is $500. Dee. 5 to help organize and promote the race, Tony Mies his colleperate. Vietor. Victor will be paid 4) in salary for each tean that competes in the race. Wie salary will be paid after the race. Dee. The company pay $1,500 to purchase peat from a state park where the race will be held. The amount to recorded as a miscellaneous expense. Dee. 12 The company purchases racing supplies for $2.500 on account due in 30 days. Pupplies include trophies for the top-fining teams in each category, promotional shirts, shack foods and drinks for participants, and field markers to prepare the racecours. Dec. 15 The company receives 420,000 cash from a total of forty team, and the race is held Dec. 16 The company paye Victor's salary of $1,200. Dec. 31 The company pays dividend of $3,200 ($1,600 to lay and 51.600 to Sute). Dec. 1 sing te personal money, Tony purchases a diamonding for 15,000. Tony was baie by proposing that they get married. Surie secepts 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 $7,600 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. $210 remains e. Interest expense on the $47.000 loan obtained from the city council on August 1 should be recorded. of the $2,300 of racing supplies purchased on December 12, $130 remains. 9. Suzie calculates that the company owes $4,100 in income taxes. 7. Post the closing entries of retained earnings to the T-account Beg Ba Dec. 31 Dec. 31 Dec. 31 End