Do Journal entries for each of the 27.

Tony and Suzie graduate from college in May 2024 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, they'll 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. orlenteering, and trall running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. 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 32,000 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 activities occur during July for Great Adventures. July 22 Because of the succes of the first mountain biking clinic, rony and suzie holds another July24July30GreatAdventuresreceivestotalcashof$10,500inadvancefrom70kayakerafortheupcomingpay$760toalocalradiostationforadvertiningtoappearimediately.AkayakingoliniowillbeheldonAugust10,andattendeescanpay$150inadvanceor$200onthedayoftheolinio. The following trankactions occur over the remainder of 2024 . August 1 Great Adventures obtains a $45,000 low-interest loan for the company from the aity council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan in due in three years, and 6t annual interest in due each year on July 31. August 4 The company purchases 14 kayaks, paying $20,400 cash. Auguat 10 Tony and suzie conduct the first kayak olinic. In addition to the $10,500 that was received in advance from kayakers on July 30 , the company receiven additional eash of $4,000 from twenty new kayakers on the day of the elinic. August 17 Tony and Suzie conducts a second kayak clinie, and the company receives $12,300 cash. August 24 office supplies of $1,400 purchased on July 4 are paid in full. september 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 ( $200 per month) in advance. September 21 7ony and suzie conduct a rock-climbing clinic. The company receives $13,800 cash. october 17 Tony and suzie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimoter, use a compass, and orient through heavily wooded areas. The company receives $19,800 cash. December 1 Tony and suzie decide to hold the company's first adventure race on December 15. Four-person tenms will race from checknoint to checkooint unina a combination of mountain bikino. kavakina, December 1 Fony and suzie dedide to bold the company's firat adventure race on December 15. Four-pergon teame will race trom checkpoint to checkpoint uning a combination of mountalin biking, kayaking, orienteering, trail running, and rook-climbing nkills. The firet tean in each category to complete al1 cheekpointn in order vine. The ontry fee for each team in $580. December 5 To help organize and promote the race, Tony hires his oollege roomate, Vietor. Viotor will be paid $30 in salary for each team that competes in the race. His alary will be paid after the race - December 8 The company pays 51,300 to purchase a permit from a atate park vhere the race will be held. The amount in recorded as a mitscellaneoun expenso. December 12 The company purchases raeing aupplies for $2,900 on account due in 30 days. Supplies inelude trophies for the top-finishing teani in each category, pronotional ahi December 15 The company receives $23,200 cash from a total of forty teamn, and the race in held. December 16 The eompany payn vietor's=ealary of $1,200. Deeember 31 The company pays a dividend of $3,400($1,700 to Tony and $1,700 to $4zie). Decenber 31 Using hin personal money, Tony purehasen a diamond ring for $4,500. Tony surprises suzie by proposing that they get married. Suzie accopts and they get marriedi 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 $8,600. 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 $1,400 of office supplies purchased on July 4,$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$280 remains. 9. Suzie calculates that the company owes $13.100 in income taxes. Required: 1. Record transactions from July 1 through December 31. (if no entry is required for a transaction/event, select =No journal entry required" in the first account field.) 1 Sell $16,000 of common stock to Suzie. 2 Sell $16,000 of common stock to Tony. 3 Purchase a one-year insurance policy for $4,680 ( $390 per month) to cover injuries to participants during outdoor clinics. 4 Pay legal fees of $1,400 associated with incorporation. 5 Purchase office supplies of $1,400 on account. 6 Pay $310 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 $30 the day of Note : = journal entry has been entered 6 Pay $310 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 $30 the day of the clinic. 7 Purchase 10 mountain bikes, paying $11,000 cash. 8 On the day of the clinic, Great Adventures receives cash of $2,100 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. 9 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $2,400. 10 Pay $760 to a local radio station for advertising to appear 10 Pay $760 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $150 in advance or $200 on the day of the clinic. 11 Great Adventures receives total cash of $10,500 in advance from 70 kayakers for the upcoming kayak clinic. 12 Great Adventures obtains a $45,000 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. 14 Tony and Suzie conduct the first kayak clinic. In addition to the $10,500 that was received in advance from kayakers on July 30 , the company receives additional cash of $4,000 from twenty new kayakers on the day of the clinic. 15 Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. 16 Office supplies of $1,400 purchased on July 4 are paid in full. 17 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 ( $200 per month) in advance. Note : = journal entry has been entered 18 Tony and Suzie conduct a rock-climbing clinic. The company receives $13,800 cash. 19 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 $19,800 cash. 20 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 $580. Note : = journal entry has been entered 21 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. 22 The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 23 The company purchases racing supplies for $2,900 on account due in 30 days. 24 The company receives $23,200 cash from a total of forty teams, and the race is held. 23 The company purchases racing supplies for $2,900 on account due in 30 days. 24 The company receives $23,200 cash from a total of forty teams, and the race is held. 25 The company pays Victor's salary of $1,200. 26 The company pays a dividend of $3,400 ( $1,700 to Tony and $1,700 to Suzie). 27 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Note : = journal entry has been entered