Instructions

1. Record the Daily transactions in Journal
2. Post the daily transactions in Ledger
3. Record any necessity adjusting entries in Journal
4. Post the adjusting entries in ledger
5. Create adjusting Trail Balance
6. Create Income Statement, Statement of stockholders equity and a balance sheet

Unadjusted Trail Balance as of July 31

Account	DR	CR
Cash	30590
Accounts Receivable	2000
Prepaid Insurance	4920
Supplies Office	1900
Equipment	11900
Accounts Payable		1900
Deferred Revenue		11200
Common Stock		37000
Service Revenue		3600
Advertising Expense	1090
Legal Fees	1300
Totals	53700	53700

Following Transactions took place during the remainder of 2021

1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31

2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total

3. Aug 10 - 20 Kayakers pay $3,800 for clinic.

4. Aug 12 - Collected 2000 from July clinic

5 Aug 17- Tony Conducts second Kayak clinic and the company receives 10500 cash

6. Aug 24 Paid for supplies purchased on account on July 4 in full, $1,900

7. Sep 1 Company Rents storage for mountain bikes on kayaks when not in use for one year paying $2,400 ($200 Per month)

8. Sep 21 Tony conducts a rock climber clinic. The company bills clients $13,200 that is due in 30 Days

9. Oct 17 Paid the Local Radio Station $1,200 for advertising Great Adventures for the remainder of October

10. Oct 20. Collected 80% of amount due from the Sep 21 Rock Climbing Clinic

11. Dec 1 Tony decides to hold company first adventure race on Dec 14. The entry fee will be $500 for each team

12. Dec 5 to help with the race, Tony hires Victor will be paid $50 salary for each team that competes in race. Hos salary will be paid after the race

13. Dec 8 Company pays $1,200 for permit in state park where the race will be. Amount will be recorded as a MISC expense

14. Dec 12 - The company purchases racing supplies $2,800 on account due in 30 Days.

15 Dec 15 The company receives $20,000 Cash from a total of 40 teams that are in the race.

16 Dec 16 Company pays Victors Salary (ignore Taxes)

17 Dec 31 The Company pays divided of $4000 ($2000 to Tony and $2000 to Suzie)

18 Dec 31 Using personal money Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing, she accepts, and they get married.

Following INFO relates to year end adjusting entries

1. Depreciations of mountain bikes purchase July 8 was $1090 and kayaks purchased on August 4 was $5600
2. Record adjustments for one year insources policy purchased on July 1
3. Record adjustment for one-year rental agreement purchased on September 1
4. Record adjustments for deferred revenue from July, all revenue was earned at the August 10 clinic
5. Of the $1900 of office supplies purchased in July, $300 remains
6. Interest expense on the $30000 loan obtained, on August 1^st should be recorded
7. Of the $2800 of racing supplies purchased on Dec 12, $200 remains
8. Suzie calculates that the company owes $14000 in income taxes