B) Post journal entries to T-accounts

July-December Transactio 07/0 Sell S20,000 of common stock to invest 07/01 Purchased a one-year insurance policy for S4,800 (S400 per month) to cover injuries to participants during outdoor c 07/02 Pay legal fees ofsi,500 associated with incorporation (record legal fees as legal fees expense") 07/04 Purchased office supplies ofsi,800 on account. 07/07 Pay for advertising of S300 to a local newspaper for an upcoming mountain biking c nic to be held on July 15 Attendees will be charged S50 the day ofthe clinic. 07/08 Purchase 10 mountain bikes, paying S12,000 cash. 0715 on the day of the clinic, Great Adventures receives cash of S2,000 from 40 bikers. Tony conduss the mountain biking clinic. 07/22 Because of the success of the firs mountain biking clinic, Tony holds another mountain biking and the company receives S2.300. 07/24 Pay for advertising of S700 to a local radio station for a kayaking clinic to be held on August 10 Attendees can pay $100 in advance or $150 on the day of the clinic. 0730 Great Adventures receives cash ofS4,000 in advance from 40 kayakers for the upcoming kayak 08/01 Great Adventures obtains a S30,000 low-interest loan for the company from the city council which has recently passed an initiative encouraging business development related to outdoor wtisities. The loan is due in three years, and 6% annual interest is due each year on July 3 08/04 The Company purchases 14 kayaks, paying 528,000 in cash. 08/10 Twent ty additional kayakers pay S3,000 (si 50 each), in addition to the S4,000 that was paid in on July 30, on the day of the clinic. Tony conducts the first kayak clinic. 08/17 Tony conducts a second kaya k c nic and the Company receives S10,500 in cash. 08/24 Office supplies of si,800 purchased on J 4 are paid in full. 0901 To provide better storage of mountain bikes and kayaks when not n use, the company rents sprogAshed, purchasing a one-year rental policy for S2A00 (S200 per month 09/21 Tony conducts a rock climbing clini c. The company receives S13,200 in cash 10/17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical read an altimeter, use a compass, and orient through heavily wooded areas. The company UAAR, S 17,900 in cash 2/01 Tony decides to hold the company's first adventure ace on December 15. Four-person teams wil race from checkpoint to checkpoint using a combination of mountain biking, kayaking okiepseexipg, trail running, and rock-climbing skills. The first team in each category to complete checkpoints in order wins. The entry fee for each team is S500. 2/05 To he lp organize and promote the race, Tony hires his col e roommate Victor. Victor will be paid S50 in salary for each team that competes in the race. His salary will be paid after the race. 2/08 The company pays si 200 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense 2/12 The company purchases racing supplies for S2,800 on account due in 30 days. Suppl es include for the top finishing teams in each category, promotional shirts, snack foods and drinks participants, and field markers to prepare the racecourse. 2/15 The company receives S20,000 in cash from a total of forty teams, and the race is held 2/16 The company pays Victor's s of S2,000 in cash company pays a cash dividend of S4,000 to invest 2131 2131 Using his personal money, Tony purchases a diamond ring for S4,500. Tony sur rises Suzie