Boilermaker Unlimited specializes in building new homes and remodeling existing homes Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms Below is the year end adjusted trial balance of Boilermaker Unlimited BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2021 Accounts Debits Credits Cash $ 14,300 Accounts Receivable 25,700 Supplies 32,700 Prepaid Insurance 5,300 Equipment 412,500 Accumulated Depreciation $ 132,000 Accounts Payable 29,300 Salaries Payable 26,300 Utilities Payable 3,300 Notes Payable (due in 5 years) 120,000 Common Stock 115,000 Retained Earnings 38,700 Dividends 24,300 Service Revenuenew construction 365,000 Service Revenueremodeling 256,000 Salaries Expense 143,000 Supplies Expense 268,000 Depreciation Expense 33,000 Insurance Expense 23,300 Utilities Expense 40,300 Interest Expense 7,200 Service Fee Expense 56,000 Totals $ 1,085,600 $ 1,085,600 Tony and Suzie graduate from college in 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, theyll hold their first adventure races These races will involve four person teams that race from one checkpoint to the next using a 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 July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc The articles of incorporation state that the corporation will sell 29,000 shares of common stock for $1 each Each share of stock represents a unit of ownership Tony and Suzie will act as co presidents of the company The following transactions occur from July 1 through December 31 Jul 1 Sell $14,500 of common stock to Suzie Jul 1 Sell $14,500 of common stock to Tony Jul 1 Purchase a one year insurance policy for $4,560 ($380 per month) to cover injuries to participants during outdoor clinics Jul 2 Pay legal fees of $1,900 associated with incorporation Jul 4 Purchase office supplies of $1,100 on account Jul 7 Pay for advertising of $290 to a local newspaper for an upcoming mountain biking clinic to be held on July 15 Attendees will be charged $30 on the day of the clinic Jul 8 Purchase 10 mountain bikes, paying $12,300 cash Jul 15 On the day of the clinic, Great Adventures receives cash of $1,800 from 60 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 $2,200 Jul 24 Pay $820 to a local radio station for advertising to appear immediately A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic Jul 30 Great Adventures receives cash of $7,700 in advance from 70 kayakers for the upcoming kayak clinic Aug 1 Great Adventures obtains a $43,000 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 $14,300 cash Aug 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $7,700 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 $11,900 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 $4,200 ($350 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, read an altimeter, use a compass, and orient through heavily wooded areas The company receives $18,900 cash Dec 1 Tony decides to hold the companys 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 $520 Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor Victor will be paid $60 in salary for each team that competes in the race His salary will be paid after the race Dec 8 The company pays $1,800 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 $3,000 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 $20,800 cash from a total of forty teams, and the race is held Dec 16 The company pays Victors salary of $2,400 Dec 31 The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie) Dec 31 Using his personal money, Tony purchases a diamond ring for $4,700 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 Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,600 Six months of the one year insurance policy purchased on July 1 has expired Four months of the one year rental agreement purchased on September 1 has expired Of the $1,100 of office supplies purchased on July 4, $230 remains Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded Of the $3,000 of racing supplies purchased on December 12, $160 remains Suzie calculates that the company owes $14,500 in income taxes

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Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms.

Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited.

BOILERMAKER UNLIMITED
Adjusted Trial Balance
December 31, 2021
Accounts	Debits		Credits
Cash	$	14,300
Accounts Receivable		25,700
Supplies		32,700
Prepaid Insurance		5,300
Equipment		412,500
Accumulated Depreciation			$	132,000
Accounts Payable				29,300
Salaries Payable				26,300
Utilities Payable				3,300
Notes Payable (due in 5 years)				120,000
Common Stock				115,000
Retained Earnings				38,700
Dividends		24,300
Service Revenuenew construction				365,000
Service Revenueremodeling				256,000
Salaries Expense		143,000
Supplies Expense		268,000
Depreciation Expense		33,000
Insurance Expense		23,300
Utilities Expense		40,300
Interest Expense		7,200
Service Fee Expense		56,000
Totals	$	1,085,600	$	1,085,600

Tony and Suzie graduate from college in 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, theyll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a 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 July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 29,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31.

Jul.	1	Sell $14,500 of common stock to Suzie.
Jul.	1	Sell $14,500 of common stock to Tony.
Jul.	1	Purchase a one-year insurance policy for $4,560 ($380 per month) to cover injuries to participants during outdoor clinics.
Jul.	2	Pay legal fees of $1,900 associated with incorporation.
Jul.	4	Purchase office supplies of $1,100 on account.
Jul.	7	Pay for advertising of $290 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic.
Jul.	8	Purchase 10 mountain bikes, paying $12,300 cash.
Jul.	15	On the day of the clinic, Great Adventures receives cash of $1,800 from 60 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 $2,200.
Jul.	24	Pay $820 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic.
Jul.	30	Great Adventures receives cash of $7,700 in advance from 70 kayakers for the upcoming kayak clinic.
Aug.	1	Great Adventures obtains a $43,000 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 $14,300 cash.
Aug.	10	Twenty additional kayakers pay $3,200 ($160 each), in addition to the $7,700 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 $11,900 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 $4,200 ($350 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, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,900 cash.
Dec.	1	Tony decides to hold the companys 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 $520.
Dec.	5	To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race.
Dec.	8	The company pays $1,800 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 $3,000 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 $20,800 cash from a total of forty teams, and the race is held.
Dec.	16	The company pays Victors salary of $2,400.
Dec.	31	The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie).
Dec.	31	Using his personal money, Tony purchases a diamond ring for $4,700. 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.

Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,600.
Six months of the one-year insurance policy purchased on July 1 has expired.
Four months of the one-year rental agreement purchased on September 1 has expired.
Of the $1,100 of office supplies purchased on July 4, $230 remains.
Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded.
Of the $3,000 of racing supplies purchased on December 12, $160 remains.
Suzie calculates that the company owes $14,500 in income taxes.