Complete this question by entering your answers in the tabs below. For the period July 1 to December 31,2024 , prepare an income statement. 5. For the period July 1 to December 31,2024 , prepare an income statement, statement of stockholders' equity and classified balance sheet. Complete this question by entering your answers in the tabs below. 5. For the period July 1 to December 31, 2024, prepare an income statement, statement of stockholders' equity and classified bala sheet. Complete this question by entering your answers in the tabs below. For the period July 1 to December 31, 2024, prepare a statement of stockholders' equity. All account balances on July 1 were zero. RWP3-1 (Algo) Great Adventures Continuing Problem Part 4 4. Prepare an adjusted trial balance as of December 31, 2024. . Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Record the entry to close the expense accounts. Note: Enter debits before credits. WP3-1 (Algo) Great Adventures Continuing Problem he following information applies to the questions displayed below.] ny and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering inics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold eir first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a mbination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear id develop a ropes course for outdoor enthusiasts. July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles incorporation state that the corporation will sell 24,000 shares of common stock for $1 each. Each share of stock presents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities cur during July for Great Adventures. Sell $12,000 of common stock to Suzie. Sell $12,000 of common stock to Tony. Purchase a one-year insurance policy for $4,080 ( $340 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1,000 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $200 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 the day of the clinic. Purchase 10 mountain bikes, paying $19,200cash. On the day of the clinic, Great Adventures receives cash of $3,600 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 $4,050. Pay $660 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $140 in advance or $190 on the day of the clinic. Great Adventures receives total cash of $11,200 in advance from 80 kayakers for the upcoming kayak clinic. 1 ly 30 e following transactions occur over the remainder of 2024 . Igust 1 Great Adventures obtains a $39,000 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 . The company purchases 14 kayaks, paying $19,500 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $11,200 that was received in advance from kayakers on July 30 , the company receives additional cash of $3,800 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $11,700 cash. office supplies of $1,500 purchased on July 4 are paid in full. Igust 17 gust 24 ptember 1 storage shed for one year, paying $2,520 ( $210 per month) in advance. ptember 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $14,700 cash. tober 17 cember 1 cember 5 cember 8 cember 12 cember 15 cember 16 cember 31 cember 31 Tony and Suzie conduct 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 $18,100 cash. Tony and Suzie decide 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 $610. To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,900 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. The company purchases racing supplies for $2,900 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. The company receives $24,400 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $1,600. The company pays a dividend of $3,600 ( $1,800 to Tony and $1,800 to Suzie). Using his personal money, Tony purchases a diamond ring for $3,600. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,700. 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 $1,500 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$170 remains. g. Suzie calculates that the company owes $13,600 in income taxes. 6. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 6. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits