December $16$ The company pays Victor's salary of $$2,400.$

December $31$ The company pays a dividend of $$3,700($ $$1,850$ to Tony and $$1,850$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$4,400.$ 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 $$7,800.$

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 $$1,900$ of office supplies purchased on July $4,$$$370$ remains.

e$.$ Interest expense on the $$33,000$ loan obtained from the city council on August $1$ should be recorded.

f$.$ Of the $$2,800$ of racing supplies purchased on December $12,$$$160$ remains.

g$.$ Suzie calculates that the company owes $$13,900$ 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

$1$

$2$

$3$

Record the entry to close the revenue accounts.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[-2\mathrm{.}0.,,,]]$

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