Financial Statement Project \#I Tony Matheson plans to graduate from college in May 2024 after spending four years earning a degree in sports and recreation management. Since beginning T-ball at age five, he's been actively involved in sports and enjoys the outdoors. Each summer growing up, he and his father would spend two weeks at a fatherison outdoor camp. These fond memories are part of the reason be chose his major. He wants to remain involved in these outdoor activities and provide others with the same adventures he was able to share with his dad. He decides to start an outdoor adventure company. However, he's not sure he has the business background necessary to do this. This is where Suzie Ramos can help. Suzie also plans to graduate in May 2024 with a major in business. Suzie and Tony first met their sophomore year and have been friends ever since, as they share a strong interest in sports and outdoor activities. They decide to name their company Great Adventures. They will provide clinics for a variety of outdoor activities such as kayaking, mountain biking, rock climbing, wilderness survival techniques, orienteering, backpacking, and other adventure sports. 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 bold 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 nunning. 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 Inc. The articles of incorporation state that the corporation will sell 20,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzic will act as co-presidents of the company. The following business activities oceur between July 1 and December 31 . The company operates on a calendar year basis so December 31 is year end. July 1 Sell $10,000 of common stock to Surie. July 1 Sell $10,000 of common stock to Tony. July 1 Purchase a one-year insurance policy for $4,800 ( $400 per month) to cover injuries to participants during outdoor clinics. July 2 Pay legal fees of $1,500 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay $300 to a local newspaper for advertising to appear immediately for an upcoming mountain biking elinie to be held on July IS. Altendees will be charged $50 the day of the clinic. July 8 Purchase 10 mountain bikes, paying $12,000 cash. July is On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducts the mountain biking clinic. July 22 July 24 July 30 Aug 1 Aug. 4 Aug 10 Aug 17 Aug. 24 Sep. 1 Sep. 21 Oct. 17 Dec. 1. Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,300. Pay $700 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Great Adventures obtains a $30,000 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 $28,000 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $4,000 that was received in advance from kayakers on July 30 , the company receives additional cash of $3,000 from 20 new kayakers on the day of the clinic. Tony and Suzie conduct a second kayak elinic, and the company receives $10,500 cash. Office supplies of $1,800 purchased on July 4 are paid in full. 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. Tony and Surie conduct a rock-climbing clinic. The company receives $13,200 cash. Toney and Surie conduct an orientecring elinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $17,900 cash. Tony and Suxie 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, orientecring, trail running, and rockclimbing skills. The first team in cach category to complete all checkpoints in order wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. Dec, 8 The company pays $1,200 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 $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec, 31 The company pays a dividend of $4,000 (\$2,000 to Tony and $2,000 to Suzie). Required: 1. Using the Excel workbook provided in the assignment, add your name to the title worksheet. 2. Using the General Journal, record transactions from July 1 through December 31 . Use the Chart of Accounts for a list of appropriate account names. If no entry is required, simply type NO ENTRY in the General Journal and move on to the next one. 3. Post transactions from July 1 through December 31 to T-accounts. Calculate the ending balance in each account. 4. Prepare a trial balance as of December 31,2024 . If your total debits do not equal total credits, search for your error. If you cannot locate your error, make a note of it in the comments section when you upload your assignment. 5. Submit your assignment to Bb. Financial Statement Project \#I Tony Matheson plans to graduate from college in May 2024 after spending four years earning a degree in sports and recreation management. Since beginning T-ball at age five, he's been actively involved in sports and enjoys the outdoors. Each summer growing up, he and his father would spend two weeks at a fatherison outdoor camp. These fond memories are part of the reason be chose his major. He wants to remain involved in these outdoor activities and provide others with the same adventures he was able to share with his dad. He decides to start an outdoor adventure company. However, he's not sure he has the business background necessary to do this. This is where Suzie Ramos can help. Suzie also plans to graduate in May 2024 with a major in business. Suzie and Tony first met their sophomore year and have been friends ever since, as they share a strong interest in sports and outdoor activities. They decide to name their company Great Adventures. They will provide clinics for a variety of outdoor activities such as kayaking, mountain biking, rock climbing, wilderness survival techniques, orienteering, backpacking, and other adventure sports. 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 bold 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 nunning. 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 Inc. The articles of incorporation state that the corporation will sell 20,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzic will act as co-presidents of the company. The following business activities oceur between July 1 and December 31 . The company operates on a calendar year basis so December 31 is year end. July 1 Sell $10,000 of common stock to Surie. July 1 Sell $10,000 of common stock to Tony. July 1 Purchase a one-year insurance policy for $4,800 ( $400 per month) to cover injuries to participants during outdoor clinics. July 2 Pay legal fees of $1,500 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay $300 to a local newspaper for advertising to appear immediately for an upcoming mountain biking elinie to be held on July IS. Altendees will be charged $50 the day of the clinic. July 8 Purchase 10 mountain bikes, paying $12,000 cash. July is On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducts the mountain biking clinic. July 22 July 24 July 30 Aug 1 Aug. 4 Aug 10 Aug 17 Aug. 24 Sep. 1 Sep. 21 Oct. 17 Dec. 1. Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,300. Pay $700 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Great Adventures obtains a $30,000 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 $28,000 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $4,000 that was received in advance from kayakers on July 30 , the company receives additional cash of $3,000 from 20 new kayakers on the day of the clinic. Tony and Suzie conduct a second kayak elinic, and the company receives $10,500 cash. Office supplies of $1,800 purchased on July 4 are paid in full. 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. Tony and Surie conduct a rock-climbing clinic. The company receives $13,200 cash. Toney and Surie conduct an orientecring elinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $17,900 cash. Tony and Suxie 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, orientecring, trail running, and rockclimbing skills. The first team in cach category to complete all checkpoints in order wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. Dec, 8 The company pays $1,200 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 $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec, 31 The company pays a dividend of $4,000 (\$2,000 to Tony and $2,000 to Suzie). Required: 1. Using the Excel workbook provided in the assignment, add your name to the title worksheet. 2. Using the General Journal, record transactions from July 1 through December 31 . Use the Chart of Accounts for a list of appropriate account names. If no entry is required, simply type NO ENTRY in the General Journal and move on to the next one. 3. Post transactions from July 1 through December 31 to T-accounts. Calculate the ending balance in each account. 4. Prepare a trial balance as of December 31,2024 . If your total debits do not equal total credits, search for your error. If you cannot locate your error, make a note of it in the comments section when you upload your assignment. 5. Submit your assignment to Bb