Journal entry worksheet (1) 20212223 The company pays Victor's salary of $2,400. Note: Enter debits before credits. Journal entry worksheet (1) ,23 37 Record the adjusting entry for depreciation. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,140. Note: Enter debits before credits. Journal entry worksheet 1 .... 16 19 20 37 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. Note: Enter debits before credits. 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 trail 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 Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 28,000 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. Journal entry worksheet The company pays a dividend of $4,700 ( $2,350 to Tony and $2,350 to Suzie). Note: Enter debits before credits. Journal entry worksheet (1) ,27 31 37 Record the adjusting entry for interest. Interest expense on the $37,000 loan obtained from the city council on August 1 should be recorded. Note: Enter debits before credits. Journal entry worksheet 1. ,22 25 37 Using his personal money, Tony purchases a diamond ring for $4,800. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married. Note: Enter debits before credits. Journal entry worksheet 1 .... 29 32 Record the adjusting entry for income taxes. Suzie calculates that the company owes $13,500 in income taxes. Note: Enter debits before credits. Journal entry worksheet (1) ,24 27 Record the adjusting entry for insurance. Six months' of the one-year insurance policy purchased on July 1 has expired. Note: Enter debits before credits. Record the entry to close the expense accounts. Note: Enter debits before credits. Journal entry worksheet (1) 18 21 The company purchases racing supplies for $2,900 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. Note: Enter debits before credits. Journal entry worksheet (1) 17 37 The company pays $1,400 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Note: Enter debits before credits. Journal entry worksheet 37 Record the adjusting entry for rent. Four months of the one-year rental agreement purchased on September 1 has expired. Note: Enter debits before credits. Journal entry worksheet (1) ,26 28 29 37 Record the adjusting entry for office supplies. Of the $1,900 of office supplies purchased on July 4,$390 remains. Note: Enter debits before credits. Journal entry worksheet (1) ,28 31 Record the adjusting entry for racing supplies. Of the $2,900 of racing supplies purchased on December 12,$130 remains. Note: Enter debits before credits. Journal entry worksheet 1 .... 19 21 22 37 The company receives $27,200 cash from a total of forty teams, and the race is held. Note: Enter debits before credits. Journal entry worksheet (1) 33032 Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 1 293031 Record the adjusting entry for income taxes. Suzie calculates that the company owes $13,500 in income taxes. Note: Enter debits before credits. 4 August 17 Tony and Suzie conducts a second kayak clinic, and the conpany receives $11,9e0 cash. August 24 office supplies of $1,900 purchased on July 4 are paid in full. September 1 To provide better storage of nountain bikes and kayaks when not in use, the conpany rents a storage shed for one year, paying $4,320 ( $360 per month) in advance. September 21 Tony and Suzie conduct a rock-clinbing clinic. The company receives $14,500cash. october 17 Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altineter, use a compass, and orient through heavily wooded areas. The company receives $18,460 December 1 cash. Tony and Suzie decide to hold the company's first adventure race on December 15. Four-person teans will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trait running, and rock-climbing skilts. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $680. December 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each tean that competes in the race. His salary will be paid after the race. December 8 The company pays $1,400 to purchase a permit from a state park where the race will be held. The anount is recorded as a miscelianeous expense. Decenber 12 The company purchases racing supplies for $2,900 on account due in 30 days. Supplies include trophies for the top-finishing teass in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives $27,200 cash from a total of forty teans, and the race is held. Decenber 16 The company pays Victor's salary of $2,400. December 31 The company pays a dividend of $4,700 ( $2,350 to Tony and $2,350 to 5uzie). December 31 Using his personal money, Tony purchases a diamond ring for $4,800. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,140. 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,$390 remains. e. Interest expense on the $37,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$130 remains. g. Suzie calculates that the company owes $13,500 in income taxes