IN NEED OF SERIOUS help please i will give thumbs up and give great feedback
GL 2-16 (Static) Great Adventures Continuing Problem (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) 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. orienteering, 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 Suzle 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. December 1 Tony and Suzie decide to hold the company' g tirat adventure race on December 15. Four-peraton teame will race from checkpoint, to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skilla. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $500. Decenber 5 To help organize and promote the race, Tony hirea hin college roomnate, victor. Viotor will be paid $50 in Deceaber 8 The sy for each team that competes in the race. His salary will be paid after the race. Deceaber 8 The company payn $1,200 to purchase a pernit from a state park where the race will be held. The anount is December 12 recorded as a mincellaneous expense. December 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, pronotional ahirte, enack foods and drinks for participants, and field markers to prepare the racecourae. December 15 The company receives $20,000 canh from a total of forty teams, and the race is held. December 16 . The company pays vietor's salary of $2,000. December 31 The company pays a dividend of $4,000($2,000 to Tony and $2,000 to $4zie). December 31 Using hin personal money, Tony purchases a dianond ring for $4,500. Tony surpeises suzie by proposing that they get married. Suzie accepts and they get marriedl 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 $8,000. 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 explred. d. Of the $1,800 of office supplles purchased on July 4.$300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1should be recorded. f. Of the $2,800 of racing supplies purchased on December 12,$200 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34 ). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31,2024 , in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31,2024 , in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab, (these are shown as items 35 to 37 ). Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. General Ledger Account Data is not available until joumal entries have been entered. The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Choose the appropriate accounts to be reported on the income statement. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Using the dropdown buttons, select the item that accurately describes the values that elther increase or decrease the balance indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. The balance sheet is the accounting equation: Assets = Uabilities + 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. GL 2-16 (Static) Great Adventures Continuing Problem (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) 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. orienteering, 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 Suzle 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. December 1 Tony and Suzie decide to hold the company' g tirat adventure race on December 15. Four-peraton teame will race from checkpoint, to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skilla. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $500. Decenber 5 To help organize and promote the race, Tony hirea hin college roomnate, victor. Viotor will be paid $50 in Deceaber 8 The sy for each team that competes in the race. His salary will be paid after the race. Deceaber 8 The company payn $1,200 to purchase a pernit from a state park where the race will be held. The anount is December 12 recorded as a mincellaneous expense. December 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, pronotional ahirte, enack foods and drinks for participants, and field markers to prepare the racecourae. December 15 The company receives $20,000 canh from a total of forty teams, and the race is held. December 16 . The company pays vietor's salary of $2,000. December 31 The company pays a dividend of $4,000($2,000 to Tony and $2,000 to $4zie). December 31 Using hin personal money, Tony purchases a dianond ring for $4,500. Tony surpeises suzie by proposing that they get married. Suzie accepts and they get marriedl 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 $8,000. 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 explred. d. Of the $1,800 of office supplles purchased on July 4.$300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1should be recorded. f. Of the $2,800 of racing supplies purchased on December 12,$200 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34 ). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31,2024 , in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31,2024 , in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab, (these are shown as items 35 to 37 ). Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. General Ledger Account Data is not available until joumal entries have been entered. The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Choose the appropriate accounts to be reported on the income statement. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Using the dropdown buttons, select the item that accurately describes the values that elther increase or decrease the balance indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. The balance sheet is the accounting equation: Assets = Uabilities + 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
