Journal entry worksheet 1. 9 10 Great Adventures obtains a $37,000 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 . Note: Enter debits before credits. Journal entry worksheet 12 37 Tony and Suzie conduct the first kayak clinic. In addition to the $7,700 that was received in advance from kayakers on July 30 , the company receives additional cash of $3,200 from twenty new kayakers on the day of the clinic. Note: Enter debits before credits. Journal entry worksheet 1 17 18 37 Tony and Suzie conduct 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 $18,400 cash. Note: Enter debits before credits. Journal entry worksheet (1) 5 7 9 37 Pay $870 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. Note: Enter debits before credits. Journal entry worksheet 37 Tony and Suzie decide 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 Note: Enter debits before credits. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{lll|lll} & & 10 & 11 & 12 \end{tabular} The company purchases 14 kayaks, paying $20,900 cash. Note: Enter debits before credits. Journal entry worksheet (1) ,13 17 37 Tony and Suzie conduct a rock-climbing clinic. The company receives $14,500 cash. Note: Enter debits before credits. Journal entry worksheet (1) ,111314 Office supplies of $1,900 purchased on July 4 are paid in full. Note: Enter debits before credits. Journal entry worksheet (1) .4 6 8 37 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,600. Note: Enter debits before credits. Journal entry worksheet 1 37 Tony and Suzie conducts a second kayak clinic, and the company receives $11,900 cash. Note: Enter debits before credits. (1) 2 3 8 37 Pay $380 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15 . Attendees will be charged $70 on the day of the clinic. Note: Enter debits before credits. Journal entry worksheet 1 2 3 5 37 On the day of the clinic, Great Adventures receives cash of $4,200 in total from 60 bikers. Tony and Suzie conducts the mountain biking clinic. Note: Enter debits before credits. Journal entry worksheet (1) 6 7 8 9 37 Great Adventures receives total cash of $7,700 in advance from 70 kayakers for the upcoming kayak clinic. Note: Enter debits before credits. August 17 Tony and Suzie conducts a second kayak clinic, and the conpany receives $11,900cash. August 24 office supplies of $1,900 purchased on July 4 are paid in fult. September 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 nonth) in advance. Septenber 21 Tony and Suzic conduct a rock-climbing clinic. The company receives $14,500cash. october 17 Tony and Suzie conduct an orienteering flinic. Participants practice how to understand a topographical nap, read an altineter, use a compass, and ofient through heavily wooded areas. The company receives $18,400 cash. December 1 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 conbination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in each category to complete ali checkpoints in order wins. The entry fee for each tean is $680. December 5 To help organize and promote the race, Tony hires his college roomate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. December 8 The company pays $1,400 to purchase a permit fron a state park where the race will be held. The anount is recorded as a miscellaneous expense. December 12 The conpany 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. December 15 The company receives $27,200 cash from a total of forty teans, and the race is hetd. Decenber 16 The company pays Victor's satary of $2,400. Decenber 31 The company pays a dividend of $4,700 ( $2,350 to Tony and $2,350 to 5uz1e). 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. Journal entry worksheet 1 2 3 4 5) 6 Purchase 10 mountain bikes, paying $19,800 cash. 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, theyplan 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. \begin{tabular}{|c|c|} \hline \multirow{3}{*}{July1July1July1} & \\ \hline & i $14,000 of common stock to T \\ \hline & archaseaone-yearinsurancepolicyfor$4,440($370pernonth)tocoverinjuriestoparticipantsduringitdoorclinics. \\ \hline & y legal fees of $1,900 associated with incorporation. \\ \hline & rchase office supplies of $1,900 on account. \\ \hline & Pay$380toalocalnewspaperforadvertisingtoappearimediatelyforanupcomingnountainbikingclinictobeheldonJuty15.Attendeeswillbecharged$70onthedayoftheclinic. \\ \hline & Purchase10mountainbikes,paying$19,8e0cash.onthedayoftheclinic,GreatAdventuresreceivescashof$4,200intotalfrom60bikers.TonyandSuzieconductsthemountainbikingclinic. \\ \hline 2 & Becauseofthesuccessofthefirstnountainbikingctinic,TonyandSuzieholdsanothernountainbikingclinicandthecompanyreceives$4,600. \\ \hline & Pay5876toalocalradiostAugust10,andattendeescan \\ \hline & from 70 kayakers for the upconing kayak clinic. \\ \hline & thecompanyfromthecitycouncil,whichhasopmentrelatedtooutdooractivities.TheloanisearonJuly31. \\ \hline it 416 & oses14kayaks,paying$20,900cductthefirstkayakclinic.In \\ \hline & duct the first kayak clinic. \\ \hline \end{tabular}