Aug. 1 Great Adventures obtains a $30,000 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 $28,000 cash Aug. 10 Twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 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 $10,500 cash Aug. 24 Office supplies of $1,800 purchased on July 4 are paid in ful Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $2,400 ($200 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,200 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 $17,900 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 $500 To help organize and promote the race, Tony hires Dec. 5 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 Aug. 1 Great Adventures obtains a $30,000 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 $28,000 cash Aug. 10 Twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 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 $10,500 cash Aug. 24 Office supplies of $1,800 purchased on July 4 are paid in ful Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $2,400 ($200 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,200 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 $17,900 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 $500 To help organize and promote the race, Tony hires Dec. 5 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