I need help with the following

Return to question 7 The general ledger of Jackrabbit Rentals at January 1, 2021, Includes the following account balances: Accounts Debits $ 53, 508 Credits 2.5 Cash points Accounts Receivable 37,708 Land Accounts Payable 122, 80e 16, 508 Notes Payable (due in 2 years) 42,908 Common Stock 112, 090 Retained Earnings 43, 508 Totals $ 214, 909 $ 214,090 The following is a summary of the transactions for the year: 1. January 2. February 12 Provide services to customers on account, $74,490. 3. 25 Provide services to customers for cash, $81, 309. March 4. April 19 Collect on accounts receivable, $46,908. 30 Issue shares of common stock in exchange for $42, 090 cash. June 6. July 16 Purchase supplies on account, $14, 509. 7 Pay on accounts payable, $12, 508. 7. September 30 Pay salaries for employee work in the current year, $76, 209. November December 22 Pay advertising for the current year, $23, 790. 30 pay $4, 100 cash dividends to stockholders. The following Information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,500. * Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Jackrabbit Rentals Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Accounts Receivable 65,200 Accounts Payable 18,500 Supplies 3,500 Notes Payable 42,000 Cash 107.200 Interest Payable 3,700 Salaries Payable 2,700 Total current liabilities 56,900 Total liabilities 66,900 Total current assets 175,900 Stockholders' Equity Long-term assets: Common Stock 154,000 Land 122,800 Retained Earnings 77,800 otal stockholder's equity 231,800 Total assets $ 298,700 Total liabilities and stockholders' equity 298,700 8 |Jul 30, 2021 |Cash Return to question Deferred Revenue 6,000 6,000 Aug 01, 2021 2.5 Cash Notes Payable 43,000 points 43,000 13 Aug 04. 2021 Equipment (Kayaks) Cash 22.400 22,400 14 Aug 10. 2021 Cash Service Revenue (Clinic 4.000 4,000 x 15 Aug 17, 2021 Cash Service Revenue (Clinic 11.500 11,500 16 Aug 24, 2021 Supplies (Office Cash 1,300 1.300 17 Sep 01, 2021 Prepaid Rent Cash 4.320 4,320 18 Sep 21, 2021 Cash Service Revenue (Clinic) 13,800 13,900 19 Oct 17, 2021 Cash Service Revenue (Clinic) 19.100 Miscellaneous Expense X X 3 0 19. 100 20 Dec 01, 2021 Cash 680 X Be0 X 21 Dec 05, 2021 Salaries Payable Cash X X 60 X 80 X 22 Dec 08, 2021 Miscellaneous Expense Cash 2,000 2.000 23 Dec 12, 2021 Supplies (Racing) Accounts Payable 2.700 2,700 24 Dec 15, 2021 Cash Service Revenue (Racing 27.600 27,600 25 Dec 16, 2021 Salaries Expense Cash 2.400 2.400 Dec 31, 2021 Dividends Cash 4.800 4.800 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 Depreciation Expense Accumulated Depreciation 8.240 8,240 Dec 31, 2021 Insurance Expense Prepaid Insurance 2.340 2,340 30 Dec 31, 2021 Rent Expense Prepaid Rent 2.160 x 2.160 x 31 Dec 31, 2021 Supplies Expense (Office) Supplies (Office 920 920 32 Dec 31, 2021 Interest Expense Interest Payable 1.075 1,075 33 Dec 31, 2021 Supplies Expense (Racing) Supplies (Racing) 2.470 2.470 34 Dec 31, 2021 Income Tax Expense Income Taxes Payable 13,900 13,900 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) 51.300 X 29,850 x 36 Dec 31, 2021 Income Taxes Payable Advertising Expense 38, 455 X Depreciation Expense 980 Income Tax Expense 8,240 Insurance Expense 13,900 Interest Expense 2.340 Legal Fees Expense 1.075 Miscellaneous Expense 1.300 Rent Expense 2.690 Salaries Expense 2. 180 Supplies Expense (Office) 2.400 Supplies Expense (Racing) 920 2.470 37 Dec 31, 2021 Retained Earnings Dividends 4.800 4,800Return to question 8 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 2.5 biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor points 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 40,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following transactions occur from July 1 through December 31. Jul. 1 sell $20, eee of common stock to Suzie. Jul. 1 Sell $20, eee of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1, 300 associated with incorporation. Jul. 4 Purchase office supplies of $1, 300 on account. Ju1. 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18,800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1, 50@ from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the t mountain biking clinic, Tony holds another receives $2, 050. mountain biking clinic and the company Jul. 24 Pay $750 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. Jul. 30 Great Adventures receives cash of $6,080 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $43, 000 low-interest loan for the company from the city council, which has recently passed an interest is due each year on July 31. evelopment related to outdoor activities. The loan is due in three years, and 6% annual Aug. 4 The company purchases 14 kayaks, paying $22, 400 cash. Aug. 10 Twenty additional kayakers pay $4,080 ($200 each), in addition to the $6,080 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11, 509 cash. . 24 Office supplies of $1, 300 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 shed for one year, paying $4, 320 ($360 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,90@ cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a Dec. compass, and orient through heavily wooded areas. The company receives $19, 108 cash. 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 com ering, 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 $690. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $2,090 to purchase a permit from a state park where the race will be hel amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,700 on account due in 30 days. Supplies include trophies for the top-finishing racecourse. teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the Dec. 15 The company receives $27,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,409. Dec. 31 The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,080. 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, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,240. 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 $1,300 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $230 remains g. Suzie calculates that the company owes $13,900 in Income taxes. * Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Balance Sheet SE Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Post-closing GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Clinic) Service Revenue (Racing) 59,300 Total Revenues 59,300 Expenses: Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) Total Expense 0 Net Income 59.300 Return to question 5 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit 2.5 Cash Accounts Receivable 24, 260 points 5, 600 Supplies 3,500 Land 4,000 Accounts Payable $ 3,600 Common Stock 69,000 Retained Earnings 14,700 Totals $87,300 $87, 300 During January 2021, the following transactions occur: January January 2 Purchase rental space for one year in advance, $7, 200 ($600/month) . 9 Purchase additional supplies on account, $3,900. January 13 Provide services to customers on account, $25,900. January 17 Receive cash in advance from customers for services to be provided in the future, $4, 100. January 20 Pay cash for salaries, $11,960. January 22 Receive cash on accounts receivable, $24,560. January 29 Pay cash on accounts payable, $4,400. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. * Answer is not complete. Requirement General General Trial Balance Income Journal Ledger Statement Balance Sheet Analysis Prepare the journal entries for transactions. If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. No Date Account Title Debit Credit Jan 02 Prepaid Rent 7,200 Cash 7,200 2 Jan 09 Supplies O 3,900 Accounts Payable 3,900 3 Jan 13 Accounts Receivable 25,900 Service Revenue 25,900 Jan 17 Cash 4,100 Service Revenue x 4,100 5 Jan 20 Salaries Expense 11,900 Cash 11,900 6 Jan 22 Cash 24,500 Accounts Receivable 24,500 Jan 29 Accounts Payable 4,400 Cash 4,400 8 Jan 31 Rent Expense 600 Prepaid Rent 600 9 Jan 31 Supplies Expense 3,200 X Supplies 3,200 X 10 Jan 31 Deferred Revenue O 3,500 Service Revenue 3,500 11 Jan 31 Salaries Expense 5,520 Salaries Payable 5,520 12 Jan 31 No Journal Entry Required 13 Jan 31 No Journal Entry RequiredReturn to question 5 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit 624, 200 Credit 2.5 Cash points Accounts Receivable 5,600 Supplies 3,500 Land 54,000 Accounts Payable $ 3,600 Common Stock 69,000 Retained Earnings 14,700 Totals $87 ,300 $87,300 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7, 200 ($600/month). January 9 Purchase additional supplies on account, $3,900. January 13 Provide services to customers on account, $25,900 January 17 Receive cash in advance from customers for services to be provided in the future, $4, 100. January 20 Pay cash for salaries, $11,960. January 22 Receive cash on accounts receivable, $24,500. January 29 Pay cash on accounts payable, $4,400. The following information is available on January 31. Rent for the month of January has expired. . Supplies remaining at the end of January total $3,200 By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. x Answer is not complete. Requirement General General Journal Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Dynamite Fireworks Income Statement For the year ended January 31, 2021 Revenues Service Revenue 33,500 Total Revenue $3,500 Expenses: Salaries Expense 17,420 Utilities Expense x Supplies Expense 3,200 Total Expenses 20,620 Net Income 12,880 Trial Balance Balance Sheet5 2.5 points Return to question On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit. Credit Cash $24,268 Accounts Receivable 5,660 Supplies 3,560 Land 54-, 860 Accounts Payable $ 3,688 Common Stock 69,880 Retained Earnings 14,780 Totals $87,3W $87,3W During January 2021, the following transactions occur: Receive cash in advance from customers for services to be provided in the future, $4,108. January 2 Purchase rental space 'For one year in advance, $7,288 ($688frnonth). January 9 Purchase additional supplies on account, $3,968. January 13 Provide services to customers on account, $25,969. January 17' January 20 Pay cash 'For salaries, $11,988. January 22 Receive cash on accounts receivable, $24,588. January 29 Pay cash on accounts payable, $4,488. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 1?. Unpaid salaries at the end of January are $5,520. 9 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classied balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance Analysis sheet. The unadjusted, adjusted, or post-dosing balanoes will appear for each aocount, based on your selection. Adjusted v Liabilities Accumutated Depreciation Retained Earnings CurrentAssets: Current Liabilities: Cash 0 29,300 Accounts Payable 0 a 3,100 Accounts Receivable a M100 Accounts Receivable o I! 1000 Supplies 0 11,200 Dividends 0 0 Total Current Liabilities 10,100 Total CurrentAssets 40,500 Total Liabilities 10,100 Longtenn Assets: Stockholders; Equity Equipment 0 [J Common Stock 0 II 59,000 Total Stockholders' Equity 96,580 Total Assets 5 40,500 Total Liabilities 8. Stockholders' Equity 5 106,680 Return to question 5 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit 2.5 Cash $24, 200 points Accounts Receivable 5,600 Supplies 3,500 and 64,000 Accounts Payable $ 3,600 Common Stock 69,000 Retained Earnings 14,700 Totals $87,300 $87, 300 During January 2021, the following transactions occur: January January 2 Purchase rental space for one year in advance, $7, 200 ($600/month). 9 Purchase additional supplies on account, $3,900. January 13 Provide services to customers on account, $25,900. January 17 Receive cash in advance from customers for services to be provided in the future, $4, 100. January 20 Pay cash for salaries, $11,900. January 22 Receive cash on accounts receivable, $24,500. January 29 Pay cash on accounts payable, $4,400. The following information is available on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. x Answer is not complete. Requirement General General Trial Balance Income Journal Ledger Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (b) Calculate the ratio of current assets to current liabilities at the end of January The ratio of current assets to current liabilities at the end of January is (c) Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Does the company appears to be in good or bad financial condition? The general ledger of Jackrabbit Rentals at January 1, 2021, Includes the following account balances: Accounts Cash Debits 2.5 $ 53, 508 Credits points Accounts Receivable Land 37, 708 Accounts Payable 122, 800 Notes Payable (due in 2 years) 16,508 42, 908 Common Stock Retained Earnings 112, Gee 43, 500 Totals $214, 008 $ 214,908 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $74,490. 3. March . February 25 Provide services to customers for cash, $81, 300. 4. April 19 Collect on accounts receivable, $46,900. 5. June 30 Issue shares of common stock in exchange for $42, 090 cash. 6. July 16 Purchase supplies on account, $14, 500. 7 Pay on accounts payable, $12, 500. 7. September 30 Pay salaries for employee work in the current year, $76, 209 8. November 22 Pay advertising for th e current year, $23, 790. 9. December 30 Pay $4, 100 cash dividends to stockholders. The following Information is available for the adjusting entries. Accrued Interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2022 Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,500. * Answer is not complete. Requirement General Journal Genera Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit January 12 Accounts Receivable 74,400 Service Revenue 74.400 February 25 Cash 81.300 Service Revenue 81,300 March 19 Cash 46,900 Accounts Receivable 46,900 April 30 Cash 42.000 Common Stock 42,000 June 16 Supplies 14,500 Accounts Payable 14.500 July 07 Accounts Payable 12.500 Cash 12.500 September 30 Salaries Expense 76,200 Cash 76.200 November 22 Advertising Expense 23.700 Cash 23,700 December 30 Dividends 4.100 Cash 4.100 10 December 31 Interest Expense 3,700 Interest Payable 3.700 December 31 Salaries Expense 2.700 Salaries Payable 2.700 December 31 Supplies Expense 11,000 Supplies 11,000 13 December 31 Service Revenue 155.700 Retained Earnings 155,700 14 December 31 Retained Earnings 117,300 Salaries Expense 78,900 Advertising Expense 23,700 Interest Expense 3,700 Supplies Expense 11.000 December 31 Retained Earnings 4.100 Dividends 4,1008 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 2.5 biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor points enthusiasts. On July 1, 2021, Tony and Suzle organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 40,000 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 $20, 080 of common stock to Suzie. Jul. 1 Sell $20, ees of common stock to Tony. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 associated with incorporation. Jul. 4 Purchase office supplies of $1, 300 on account. Jul. 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18, 800 c Jul. 15 On the day of the clinic, Great Adventures receives cash of $1, 500 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of receives $2, 050. intain biking clinic, Tony holds another mountain biking clinic and the company Jul. 24 Pay $750 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. Jul. 30 Great Adventures receives cash of $6,080 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $43,800 low-interest loan for the company from the city council, which has recently passed an initiative enco interest is due each year on July 31. or activities. The loan is due in three years, and 6% annual Aug. 4 The company purchases 14 kayaks, paying $22, 400 cash. Aug. 10 Twenty additional kayakers pay $4,00@ ($200 each), in addition to the $6,080 that was paid in advance on July 30, on the day of the clinic. 1 y conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,50@ cash. Aug. 24 Office supplies of $1, 300 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes paying $4, 320 ($3 ces and kayaks when not in use, the company rents a storage shed for one year, Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,900 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, 100 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 Dec. 5 To help organize a first team in each category to complete all checkpoints in order wins. The entry fee for each team is $690. team that competes in the race. His salary will be paid after the race. roommate, Victor. Victor will be paid $60 in salary for each Dec. 8 The company pays $2,090 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, 700 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 $27,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,409. Dec. 31 The company pays a dividend of $4, 800 ($2, 490 to Tony and $2,400 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,090. 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, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,240. 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 $1,300 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $230 remains. g- Suzle calculates that the company owes $13,900 in Income taxes. * Answer is not complete. Requirement General Journal Genera Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit Jul 01, 2021 Cash 20.000 Common Stock 20,000 Jul 01, 2021 Cash 20,000 Common Stock 20,000 Jul 01. 2021 Prepaid Insurance 4,680 Cash 4.680 Jul 02. 2021 Legal Fees Expense 1,300 Cash 1,300 Jul 04, 2021 Supplies (Office) O 1,300 Accounts Payable 1,300 Jul 07, 2021 Advertising Expense 10 Cash 210 Jul 08, 2021 Equipment (Bikes 18,800 Cash 18,800 Jul 15, 2021 Cash 2.800 X Service Revenue (Clinic 2.800 X Jul 22. 2021 Cash X 2.050 Service Revenue (Racing 2,050 Jul 24, 2021 Advertising Expense 750 Cash 750Return to question 8 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 2.5 biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor points 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 40,000 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. Jul. 1 Sell $20,080 of common stock to Suzie. Jul. 1 sell $20, ees of common stock to Tony. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1, 300 associated with incorporation. Jul. Jul. 4 Purchase office supplies of $1, 300 on account. 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18,809 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1, 500 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2, 050. Jul. 24 Pay $750 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. Jul. 30 Great Adventures receives cash of $6,080 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $43, 090 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 Aug. 4 The company purchases 14 kayaks, paying $22,400 cash. Aug. 10 Twenty additional kayakers pay $4,0ee ($200 each), in addition to the $6,080 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,50@ cash. Aug. 24 Office supplies of $1, 300 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 shed for one year, paying $4, 320 ($36 Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,90@ 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 h d areas. The company receives $19, 100 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. s. The entry fee for each team is $690. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $2,090 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 $2,700 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. The company receives $27, 600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2, 409. Dec. 31 The company pays a dividend of $4,809 ($2, 490 to Tony and $2, 400 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,090. 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, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,240. 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 $1,300 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $230 remains. g. Suzie calculates that the company owes $13,900 In Income taxes * Answer is not complete. Requirement General Genera Journal edge Trial Balance Statement Statement of Balance Sheet SE indicated. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance Post-closing GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the year ended December 31, 2021 Retained Total Common Stock Earnings Stockholders' Equity Balance at July 1 Add: Issuance of Common Stock 1+ 40.000 40,000 Add: Net Income for 2021 19.300 19,300 Less: Dividends Balance at December 31 40,000 59,300 99,300 8 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 2.5 biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor points enthusiasts On July 1, 2021, Tony and Suzle organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 40,000 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 $20,090 of common stock to Suzie. Jul. 1 sell $20, ese of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1, 300 associated with incorporation. Jul. 4 Purchase office supplies of $ Ju1. on account 7 Pay for advertising of $210 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18, 800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1,500 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,050. Jul. 24 Pay $750 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. Jul. 30 Great Adventures receives cash of $6,080 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $43, 090 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. Aug. 4 The company purchases 14 kayaks, paying $22,400 cash. Aug. 10 Twenty additional kayakers pay $4,@ee ($200 each), in addition to the $6,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11, 500 cash. Aug. 24 Office supplies of $1, 308 purc sed 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 shed for one year, paying $4, 320 ($360 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,90@ cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a Dec. compass, and orient through heavily wooded areas. The company receives $19, 100 cash. 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 mo 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 $690. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $2,000 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, 700 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 $27, 600 cash from a total of forty teams, and t Dec. 16 The company pays Victor's salary of $2,490. he race is held. Dec. 31 The company pays a dividend of $4,800 ($2,490 to Tony and $2,400 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,090. 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, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,240. 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 $1,300 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $230 remains. g. Suzie calculates that the company owes $13,900 in Income taxes. X Answer is not complete. Requirement Journal General Ledger Trial Balance Income Statement Statement of Balance Sheet SE balance sheet. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the Post-closing GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Asset Liabilities Current Assets Current Liabilities: Cash 106,24 Accounts Payable 4,000 Prepaid Insurance 2,340 Interest Payable 1.075 Prepaid Rent 2,180 Income Taxes Payable (24.555) Supplies (Office 1.680 Supplies (Racing) 230 Total Current Liabilities (19,480) Total Current Assets 112.650 Total Liabilities (18,480) Long-term assets Stockholders' Equity Equipment (Bikes) 18,800 Common Stock 40,000 Equipment (Kayaks) 22. 400 Retained Earnings 54,500 Accumulated Depreciation (8.240) Total Stockholders' Equity 94,500 Total Assets 145,610 Total Liabilities and Stockholders' Equity 75,020 nt of SE