Complete requirements 1-7

Yes this is all the information provided.

Interest is due each year en July 31. Rugust 4 heost io The cospaoy purchases 14 kayaks, paying 124 , boe caul. fony and Suzie conduct the first kryak clinic. In adition to the 15,50 e that was received in advance froe kayakera co july 39. the concany receives additienal cash of 33.290 froe twety nev kavakers on the day of the clinic. August 17 Tomy and Surie conducts a second kayak clinic, and the caepary Aupust 24 office supplies of 31,600 purchased on July 4 are paid in fuL. Septenber 1 To provide better storage of mountain bikes and kayaks wen not in use, the conpany rents a storage shed for one year, paring \$4,68e (s39e per sonth) in advance. Septeeber 21 Tony and Suzie conduct a rock-clinbing clinic. The conpany receives $13,300 cash. October 17 Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical aap, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,500 cash. Deceaber 1 Tony and Suzie decide to hold the company's first adventure race on Decenber 15. Four-person teans will race fron checkpoint to checkpoint using a combination of mountain biking, kayaking. orienteering. trail running, and rock-clinbing skills. The first team in each category to conplete all checkpoints in order wins. The entry fee for each tean is $610. Decenber 5 To help organize and promote the race, Tony hires his college roomate, Victor. Victor will be paid $50 in salary for each tean that competes in the race. His salary with be paid after the race. December 8 The conpany pays 51,300 to purchase a permit from a state park where the race will be held. The anount is recorded as a aiscetlaneous expense. Deceaber 12 The cospany purchases racing supplies for $2,300 on account due in 38 days. Supplies include trophies for the top-finishing teans in each category, promotionat shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Oeceaber 15 The company receives $24,400 cash from a total of forty teans, and the race is heid. Deceaber 16 The company pays Victor's salary of $2,000. Decenber 31 The cospany pays a dividend of $4,500152,250 to Tony and $2,250 to suzie). December 31 Using his personal noney, Tony purchases a diasond ring for \$4,5ee. Tony surprises Suzie by proposing that they get narried. Suzie accepts and they get narried! The following information relotes to year-end adjusting entries as of December 34 . 2024 a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on Augurt 4 totais $6,980 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 evpired. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Joumal' tab (these are shown as items 28 to 34 ). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 ). The following information relates to year-end adjusting entries as of December 31 . 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,980. 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 $1,600 of office supplies purchased on July 4,$310 remains. e. Interest expense on the $50,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12,$140 remains. g. Suzie calculates that the company owes $13,300 in income taxes. Prepare the journal entries for transactions. (If no entry is required for a transaction/event account field.) business. They begin by offering clinics for basic outdoor activities such as mountain bing or kayaking Upon developing a customer base, theyre hold eneir first sdventure races. These races will imvolve four-person teams that race from one checkpoint to the nevt using a combination of kayaking. mountain biking. orienteering. and trall running in the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthursiasts. On July 1,2024, Tony and Suzie organize their new company as a corporation, Great. Adventures incorporated The articles of incorporation state that the corporation will sell 30.000 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 business octivities occur during July for Great Adventures. July1July1Juty1Juty2Juty4July7July8Juty15 Juty 22 Set1 \$15, eee of common stock to Suzie. Sell \$15, eee of common stock to Tony. Purchase a one-year insurance policy for $3,840 (\$320 per anth) to cover injuries to participants during outdoor cilinics. Pay legat fees of $1,380 associated with incorporation. Purchase office supplies of $1,600 on account. Pay $36e to a local newspaper for advertising to appear inmediately for an upcosing nountain biking clinic to be held on July 15. Attendees will be charged 548 on the day of the clinic. Purchase 18 mountain bikes, paying $10,900 cash. On the day of the clinic, Great Adventures receives cash of $2,48e in total from 60 bikers. Tony and Suzie conducts the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $2,750. Pay $860 to a local radio station for advertising to appear innediately. A kayaking clinic will be held on August 18 , and attendees can pay $110 in advance or $160 on the day of the clinic. Great Adventures receives total cash of $5,500 in advance fron 50 kayakers for the upcoming kayak clinic. The following transactions occur over the renainder of 2024. August 1 Great Adventures obtains a $50,000 low-interest loan for the company fron the city council, which has recently passed an initiative encouraging business develophent related to outdoor activities. The loan is due in three years, and 6V annual interest is due each year on Juty 31. The company purchases 14 kayaks, paying $24,000 cash. Tony and Suzie conduct the first kayak clinic. In addition to the 55,508 that was received in advance froa kayakers on July 30. the company receives additional cash of 33,20e fron twenty new kayakers on the day of the clinic. August 17 Tony and Suzie conducts a second kayak clinic, and the conoany receives $11,300 cash. August 24 Office supplies of 11, 6 ee purchased on Juty 4 are pald is futl