dont know notes payable. service revenue clinic. service revinue racing

Requi [The following information applies to the questions displayed below.) Tony and Suzie graduate from college in May 2021 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, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. 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 transactions occur from July 1 through December 31, Jul. 1 Sell $15,000 of common stock to Suzie. Jul. 1 Sell $15,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $3,600 ($300 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,000 on account. Jul. 7 Pay for advertising of $260 to a local newspaper for an upcoming mountain biking olinie to be held on July 15. Attendees will be charged $60 on the day of the elinie. Jul. 8 Purchase 10 mountain bikes, paying $16,700 cash. Jul. 15 on the day of the clinic, Great Adventures receiver cash of $3,600 from 60 bikers. Tony conducts the mountain biking olinio. Jul. 22 Because of the success of the first mountain biking olinio, Tony holds another mountain bixing olinio and the company receives $4,100. Jul. 24 Pay 9780 to a local radio station for advertising to appear immediately. A kayaking elinie will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinio. Jul. 30 Great Adventures receives cash of $7,000 in advance from 60 kayakers for the upcoming kayak olinie. Aug. 1 Great Adventures obtain a $40,000 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 1 due in three years, and 61 annual interest is due each year on July 31. 4 The company purchases 14 kayak, paying $16.900 cash. Aug. 10 twenty additional kayakers pay $3,600 ($180 cach), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak olinie, Mag. 17 Tony conducta a second kayak clinic, and the company receives $12,200 canh. Aug. 24 office supplies of $1.000 purchased on July 4 are paid in full. Sep 1 to provide better storage of mountain bikes and kayaks when not in use, the company rents a storage ahod for one year, paying $3,360 ($280 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 Oct. 17 Tony conducts 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 cal. Dec. 1 Tony decides 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 Tunning, and rock-climbing skills. The first team in each category to complete all checkpointa in order wine. The entry fee for each team 10 $600. Dec. To help organize and promote the race, Tony hires his college roommate, Victor, Victor will be paid $70 in nalary for each team that competes in the race. His salary will be paid after the race. Aug. h. LIDE Sep. Aug. 1 Great Adventures obtains a $48,000 low-interest loan for the company from recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $ 16,900 cash. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducte a second kayak clinic, and the company receives $12,200 cash. Aug. 24 Office supplies of $1,000 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayake when not in use, the company rents a storage Bhed for one year, paying $3,360 ($280 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 cash. Oct. 17 Tony conducts 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. Dec. 1 Tony decides 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 $600. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,700 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 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. Dec. 15 The company receives $24,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,800. Dec. 31 The company pays a dividend of $4,700 ($2,350 to Tony and $2,350 to suxie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,000. Tony surprises Suzie by proposing that they get married. Suuie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,100. 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 $1,000 of office supplies purchased on July 4, $200 remains.. e. Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,800 of racing supplies purchased on December 12, $210 remains. 9. Suzie calculates that the company owes $13,800 in income taxes. Answer is complete but not entirely correct. Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 113,500 Prepaid Insurance 1,800 Prepaid Rent 2.240 Supplies (Office) 200 Supplies (Racing) 210 Equipment (Bikes) 16,700 Equipment (Kayaks) 16,900 Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends 4,700 Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense 1,040 Depreciation Expense 8.100 Income Tax Expense 13,800 Insurance Expense 1,800 Interest Expense 1.200 Legal Fees Expense 1.100 Miscellaneous Expense 1,700 Rent Expense 1.120 Salries Expense 2.800 Supplies Expense (Office) 800 Supplies Expense (Racing) 2,590 Totals $ 192.300 8,100 2,800 13,800 1,200 7,700 30,000 80,700 7.700 $ 152,000 Mc Graw Hill Requi [The following information applies to the questions displayed below.) Tony and Suzie graduate from college in May 2021 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, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. 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 transactions occur from July 1 through December 31, Jul. 1 Sell $15,000 of common stock to Suzie. Jul. 1 Sell $15,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $3,600 ($300 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,000 on account. Jul. 7 Pay for advertising of $260 to a local newspaper for an upcoming mountain biking olinie to be held on July 15. Attendees will be charged $60 on the day of the elinie. Jul. 8 Purchase 10 mountain bikes, paying $16,700 cash. Jul. 15 on the day of the clinic, Great Adventures receiver cash of $3,600 from 60 bikers. Tony conducts the mountain biking olinio. Jul. 22 Because of the success of the first mountain biking olinio, Tony holds another mountain bixing olinio and the company receives $4,100. Jul. 24 Pay 9780 to a local radio station for advertising to appear immediately. A kayaking elinie will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinio. Jul. 30 Great Adventures receives cash of $7,000 in advance from 60 kayakers for the upcoming kayak olinie. Aug. 1 Great Adventures obtain a $40,000 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 1 due in three years, and 61 annual interest is due each year on July 31. 4 The company purchases 14 kayak, paying $16.900 cash. Aug. 10 twenty additional kayakers pay $3,600 ($180 cach), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak olinie, Mag. 17 Tony conducta a second kayak clinic, and the company receives $12,200 canh. Aug. 24 office supplies of $1.000 purchased on July 4 are paid in full. Sep 1 to provide better storage of mountain bikes and kayaks when not in use, the company rents a storage ahod for one year, paying $3,360 ($280 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 Oct. 17 Tony conducts 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 cal. Dec. 1 Tony decides 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 Tunning, and rock-climbing skills. The first team in each category to complete all checkpointa in order wine. The entry fee for each team 10 $600. Dec. To help organize and promote the race, Tony hires his college roommate, Victor, Victor will be paid $70 in nalary for each team that competes in the race. His salary will be paid after the race. Aug. h. LIDE Sep. Aug. 1 Great Adventures obtains a $48,000 low-interest loan for the company from recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $ 16,900 cash. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducte a second kayak clinic, and the company receives $12,200 cash. Aug. 24 Office supplies of $1,000 purchased on July 4 are paid in full. 1 To provide better storage of mountain bikes and kayake when not in use, the company rents a storage Bhed for one year, paying $3,360 ($280 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 cash. Oct. 17 Tony conducts 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. Dec. 1 Tony decides 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 $600. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,700 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 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. Dec. 15 The company receives $24,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,800. Dec. 31 The company pays a dividend of $4,700 ($2,350 to Tony and $2,350 to suxie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,000. Tony surprises Suzie by proposing that they get married. Suuie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,100. 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 $1,000 of office supplies purchased on July 4, $200 remains.. e. Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,800 of racing supplies purchased on December 12, $210 remains. 9. Suzie calculates that the company owes $13,800 in income taxes. Answer is complete but not entirely correct. Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 113,500 Prepaid Insurance 1,800 Prepaid Rent 2.240 Supplies (Office) 200 Supplies (Racing) 210 Equipment (Bikes) 16,700 Equipment (Kayaks) 16,900 Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends 4,700 Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense 1,040 Depreciation Expense 8.100 Income Tax Expense 13,800 Insurance Expense 1,800 Interest Expense 1.200 Legal Fees Expense 1.100 Miscellaneous Expense 1,700 Rent Expense 1.120 Salries Expense 2.800 Supplies Expense (Office) 800 Supplies Expense (Racing) 2,590 Totals $ 192.300 8,100 2,800 13,800 1,200 7,700 30,000 80,700 7.700 $ 152,000 Mc Graw Hill