D. Slx months' of the one year insurance policy purchased on Jugy 1 has expled. c. Four months of the one-year rental agreement purchased on September 1 has expired d Of the $1,800 of office supplies purchased on July 4,$360 remains e. Interest expense on the $32,000 loan obtained from the city council on August 1 should be recorded. t Or the $2,200 of racing aupplles purchased on December 12,$180 remains. 9 Suzle calculates that the company owes $13.500 in income taxes. 3. Post transactions from July 1 through December 31 and adjusting and closing entules on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. July 1 July 1 Jaly 1 July 2 July 4 buly ? July 8 July is July 22 July 24 July 3a The following transactions occur over the renainder of 2024. Sell 515,000 of cosmon stock to suzle. Se11 $15, e0e of conton stock to Tony. purchase a one-year insurance policy for $4,620 (\$410 per nonth) to cover injuries to participants during outdoor cinics. Pay legal fees of $2, eee associated with incorporation. Purchase office supplies of $1, Bee on account. pay $380 to a local newspaper for advertising to appear inisediately for an upcosing mountain biking cilinic to be held on July is. Attendees will be charged 340 the day of the cilnic. Purchase 10 mouncain bikes, paying $13,50e cash. on the day of the cilnic, Great Adventures receives cash of $2, eeo in total fros se 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 $2,350. pay $970 to a local cadio station for advertising to appear insediataly. A kayaking ciloic will be held an August 10, and attendees can pay $110 in advance or $160 on the day of the c1infe. Great Adventures receives total cash of $5,500 in advance frop 50 kayakers for the upconing kayak cilisic. oreat Adventures obtains a $32, eee low-1nterest 1oan for the company fros the city council, which has recently passed an initiative encouraging business develophent related to outdoar activities. The losn is due in three years, and 6x annual interest is due each year on july 31 . August 4 The conpony purchases 14 kayaks, paying $21,600 cash. August 10 Tony and suzie conduct the first kayak cilnic. In adolitioe to the $5, see that was raceived in advance from kayakers on July 30 , the company receives additionsi cash of $3,200 from twenty nev kayakers on the day of the clinic. August 17 Tony and Suzie conducts a second kayak clinic, and the coepiney recelves $12,200 cash. August 24 office supplies of $1,800 purchased on july 4 are paid th full. Septeaber 1 To provide better storage of sountaln bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,56e (\$380 pen month) in advance. septeaber 21 Tony and suzie conduct a rock-clinbing clinic. The coepany recoives $15,100 cash. october 17 Tony and suzie conduct an orlenteening clinic. Participants practice bow to understand a topographical map, read an altineter, use a compass, and orient through beavily wodded areas. The coepany receives $18,900 cash. Decenber 1 Tony and Suzie decide to hold the company's first adventure race on beceaber 15. Four-person teass w111 race from checkpoint to checkpoint using a conbliation of souatain biking, kayaking, orienteering, trail running, and cock-cliobing sk123x. The first toar in each category to conplete all checkpoints in order wins. The entry fee for each tean is $se0. December 5 To belp organize and pronote the race, fony hirex bis colloge roomate, Victor. Victor wili be paid s6a in salary for each tean that competes in the raco. His salacy wizl be pald after the race. Decenber 8 The coapany pays $1,100 to purchase a pereft fron a state park where the race win be held. The anount is recorded as a iscellaneous expense. Decenber 12 The company purchases racing supplies for $2,200 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, proeotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives 523,260 cash fros a total of forty teass, and the race is beld. Decerber 16 The conpany pays victor's salary of $2,400. Decenber 31 The compary pays a dividend of $3,800 ( $1,900 to Tony and $1,900 to 5uzie ). Decenber 31 Using his personal noney, Tony purchases a diasond cing for \$5, beo. Tony surprises suzie by proposing that they get narrfed. Suzle accepts and they get earried! 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 $7,900. b. Six months' of the one-year insurance policy purchased on July 1 has explred. c. Four months of the one-year rental agreement purchased on September 1 has explred d. Of the $1,800 of office supplies purchased on July 4,$360 remains. e. Interest expense on the $32.000 loan obtained from the city councll on August 1 should be recorded. f. Of the $2,200 of racing supplies purchased on December 12,$180 remains g. Suzle calculates that the company owes $13,500 in income taxes