Is there something I am missing that will not complete my assignment? I have gone through the notes and dates, but it will not complete. The last 3 transactions are closing entries. 
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 21,000 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 $10,589 of common stock to Suzie. Jul. 1 sell $19,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,200 ($350 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,489 associated with incorporation. Jul. 4 Purchase office supplies of $1,989 on account. Jul. 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $58 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $11,780 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4, see from 80 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 $4,6ee. Jul. 24 Pay $850 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $4,480 in advance from 4e kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $41,980 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 $18,000 cash. Aug. 1e Twenty additional kayakers pay $3,280 ($160 each), in addition to the $4,489 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 $12,500 cash. Aug. 24 Office supplies of $1,900 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 $2,880 ($240 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 $18,300 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 $52e. Dec. 5 To help organize and promote the race, Tony hires his college roommate, victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,680 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 $2,689 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 $20,888 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,680. Dec. 31 The company pays a dividend of $3,780 ($1,85e to Tony and $1,85e to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,200. 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 $5.940. 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 $1,900 of office supplies purchased on July 4. $210 remains. e. Interest expense on the $41.000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12. $270 remains. g. Suzie calculates that the company owes $13.000 in income taxes. Answer is not complete. General General Income Trial Balance Statement of Requirement Journal Balance Sheet Ledger Statement SE Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry requir in the first account field.) No Date General Journal Debit Credit 1 Jul 01, 2021 Cash 10,500 Common Stock 10,500 2 Jul 01, 2021 > 10,500 Cash Common Stock 10.500 3 Jul 01, 2021 > 4,200 Prepaid Insurance Cash 4,200 4 Jul 02, 2021 1,400 Legal Fees Expense Cash 1,400 5 Jul 04, 2021 1,900 Supplies (Office) Accounts Payable 1,900 Jul 07. 2021 350 Advertising Expense Cash 350 7 Jul 08, 2021 11,700 Equipment (Bikes) Cash >> 11,700 8 Jul 15, 2021 Cash 4,000 Service Revenue (Clinic) 4,000 9 Jul 22, 2021 Cash 4.800 Service Revenue (Clinic) > 4.800 10 Jul 24, 2021 850 Advertising Expense Cash > 850 11 Jul 30, 2021 Cash 4,400 >> Deferred Revenue 4,400 12 Aug 01, 2021 41.000 Cash Notes Payable 41,000 13 Aug 04, 2021 18,000 Equipment (Kayaks) Cash 18,000 14 Aug 10, 2021 Cash 3,200 >> Deferred Revenue 4,400 Service Revenue (Clinic) 7.600 15 Aug 17. 2021 12,500 Cash Service Revenue (Clinic) O 12,500 18 Aug 24, 2021 1,900 Accounts Payable Cash DO 1,900 > 17 Sep 01, 2021 2.880 Prepaid Rent Cash 2,880 18 > Sep 21, 2021 13,300 Cash Service Revenue (Clinic) 13,300 19 Oct 17, 2021 18,300 Cash Service Revenue (Clinic) > 18,300 20 Dec 01, 2021 > No Journal Entry Required 21 > Dec 05, 2021 No Journal Entry Required > 22 Dec 08, 2021 1,800 Miscellaneous Expense Cash 1,800 23 Dec 12, 2021 2.800 Supplies (Racing) Accounts Payable 2.800 24 Dec 15, 2021 20.800 Cash Service Revenue (Racing) 20.800 25 Dec 16, 2021 1,800 Salaries Expense Cash OC 1.800 20 Dec 31, 2021 3,700 Dividends Cash >> 3,700 27 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 Depreciation Expense Accumulated Depreciation SI 5,940 5,940 > 29 Dec 31, 2021 2.100 Insurance Expense Prepaid Insurance 2,100 30 Dec 31, 2021 980 Rent Expense Prepaid Rent Olo 980 31 Dec 31, 2021 1.890 Supplies Expense (Office) Supplies (Office) > 1,890 32 Dec 31, 2021 > 1.025 Interest Expense Interest Payable 1,025 > 33 Dec 31, 2021 2,330 Supplies Expense (Racing) Supplies (Racing) 2.330 > 34 Dec 31, 2021 13,000 Income Tax Expense Income Taxes Payable 13,000 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) Retained Earnings OOO 60.300 20,800 81.100 36 Dec 31, 2021 32,845 >> 1.200 1,690 5.940 Retained Earnings Advertising Expense Supplies Expense (Office) Depreciation Expense Supplies Expense (Racing) Interest Expense Rent Expense Income Tax Expense Legal Fees Expense Insurance Expense Miscellaneous Expense Salaries Expense 2,330 1,025 980 13,000 1,400 2,100 1,800 1,800 37 Dec 31, 2021 S 3.700 Retained Earnings Dividends O 3,700
