Jul. 1 Sell $14,000 of common stock to Tim.
Jul. 1 Sell $14,000 of common stock to Tonya.
Jul. 1 Purchase a one-year insurance policy for $5,160 ($430 per month) to cover injuries to participants during outdoor clinics.
Jul. 2 Pay legal fees of $1,600 associated with incorporation.
Jul. 4 Purchase office supplies of $1,400 on account.
Jul. 7 Pay for advertising of $230 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic.
Jul. 8 Purchase 10 mountain bikes, paying $17,600 cash.
Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic.
Jul. 22 Because of the success of the first mountain biking clinic, Tonya holds another mountain biking clinic and the company receives $2,900.
Jul. 24 Pay $730 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic.
Jul. 30 Great Adventures receives cash of $9,800 in advance from 70 kayakers for the upcoming kayak clinic.
Aug. 1 Great Adventures obtains a $39,000 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.
Aug. 4 The company purchases 14 kayaks, paying $19,800 cash.
Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $9,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
Aug. 17 Tonya conducts a second kayak clinic, and the company receives $12,500 cash.
Aug. 24 Office supplies of $1,400 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 $4,440 ($370 per month) in advance.
Sep. 21 Tonya conducts a rock-climbing clinic. The company receives $15,100 cash.
Oct. 17 Tonya 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 $18,900 cash.
Dec. 1 Tonya decides to hold the companys 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 $560.
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 $1,500 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 $2,600 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 $22,400 cash from a total of forty teams, and the race is held.
Dec. 16 The company pays Sam's salary of $1,600.
Dec. 31 The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie).
Dec. 31 Using his personal money, Tonya purchases a diamond ring for $4,700.
No Date General Journal Debit Credit 1 Jul 01, 2021 Cash 14,000 Common Stock 14,000 2 Jul 01, 2021 Cash 14,000 Common Stock 14,000 3 Jul 01, 2021 Prepaid Insurance 5,160 Cash 5,160 4 Jul 02, 2021 1,600 Legal Fees Expense Cash 1,600 5 Jul 04, 2021 1,400 Supplies (Office) Accounts Payable 1,400 6 Jul 07, 2021 230 > Advertising Expense Cash 230 7 Jul 08, 2021 17,600 > Equipment (Bikes) Cash 17,600 8 Jul 15, 2021 Cash 2,400 Service Revenue (Clinic) 2,400 9 Jul 22, 2021 Cash 2,900 30 > Service Revenue (Clinic) 2,900 9 Jul 22, 2021 2,900 Cash Service Revenue (Clinic) 2,900 10 Jul 24, 2021 Advertising Expense 730 Cash 730 11 Jul 30, 2021 Cash 9,800 Deferred Revenue 9,800 12 Cash Aug 01, 2021 > 39,000 Notes Payable 39,000 13 Aug 04, 2021 19,800 Equipment (Kayaks) Cash 19,800 14 Aug 10, 2021 Cash 3,800 Deferred Revenue 9,800 Service Revenue (Clinic) 13,600 15 Aug 17, 2021 Cash 12,500 Service Revenue (Clinic) 12,500 16 Aug 24, 2021 Accounts Payable 1,400 Cash 1,400 17 Sep 01, 2021 4,440 Prepaid Rent Cash 4,440 18 Sep 21, 2021 15,100 Cash Service Revenue (Clinic) 15,100 19 Oct 17, 2021 18,900 Cash Service Revenue (Clinic) >> 18,900 20 Dec 01, 2021 No Journal Entry Required 21 Dec 05, 2021 No Journal Entry Required 22 Dec 08, 2021 Miscellaneous Expense 1,500 > Cash 1,500 23 Dec 12, 2021 2,600 Supplies (Racing) Accounts Payable 2,600 24 Dec 15, 2021 Cash 22,400 > Service Revenue (Racing) 22,400 25 Dec 16, 2021 Salaries Expense 1,600 > Cash 1,600 26 Dec 31, 2021 Dividends 4,800 >> Cash 4,800 > 27 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 Depreciation Expense > 7,480 27 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 7,480 Depreciation Expense Accumulated Depreciation 7,480 29 Dec 31, 2021 2,580 Insurance Expense Prepaid Insurance 2,580 30 Dec 31, 2021 Rent Expense 1,480 > Prepaid Rent 1,480 > 31 Dec 31, 2021 1,050 Supplies Expense (Office) Supplies (Office) 1,050 32 Dec 31, 2021 975 > Interest Expense Interest Payable 975 33 Dec 31, 2021 2,360 Supplies Expense (Racing) Supplies (Racing) 2,360 34 Dec 31, 2021 14,600 Income Tax Expense Income Taxes Payable 14,600 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) Retained Earnings 22,400 > 36 Dec 31, 2021 Retained Earnings Nananistian Cunnnnn 34 Dec 31, 2021 14,600 Income Tax Expense Income Taxes Payable 14,600 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) Retained Earnings 22,400 36 Dec 31, 2021 Retained Earnings Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) Advertising Expense 37 Dec 31, 2021 4,800 > Retained Earnings Dividends 4,800 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Cash 95,940 975 350 Interest Payable Income Taxes Payable Accounts Payable 14,600 240 2,600 Supplies (Office) Supplies (Racing) Prepaid Rent Prepaid Insurance 2,960 2,580 Total Current Liabilities 18,175 39,000 57,175 Total Current Assets Notes Payable Total Liabilities Stockholders' Equity 102,070 Long-term assets: Equipment (Bikes) Equipment (Kayaks) 17,600 Common Stock 28,000 19,800 24,415 7,480 0 Retained Earnings Accumulated Depreciation Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 59,895 117,070 Total Assets $ 139,470 $ No Date General Journal Debit Credit 1 Jul 01, 2021 Cash 14,000 Common Stock 14,000 2 Jul 01, 2021 Cash 14,000 Common Stock 14,000 3 Jul 01, 2021 Prepaid Insurance 5,160 Cash 5,160 4 Jul 02, 2021 1,600 Legal Fees Expense Cash 1,600 5 Jul 04, 2021 1,400 Supplies (Office) Accounts Payable 1,400 6 Jul 07, 2021 230 > Advertising Expense Cash 230 7 Jul 08, 2021 17,600 > Equipment (Bikes) Cash 17,600 8 Jul 15, 2021 Cash 2,400 Service Revenue (Clinic) 2,400 9 Jul 22, 2021 Cash 2,900 30 > Service Revenue (Clinic) 2,900 9 Jul 22, 2021 2,900 Cash Service Revenue (Clinic) 2,900 10 Jul 24, 2021 Advertising Expense 730 Cash 730 11 Jul 30, 2021 Cash 9,800 Deferred Revenue 9,800 12 Cash Aug 01, 2021 > 39,000 Notes Payable 39,000 13 Aug 04, 2021 19,800 Equipment (Kayaks) Cash 19,800 14 Aug 10, 2021 Cash 3,800 Deferred Revenue 9,800 Service Revenue (Clinic) 13,600 15 Aug 17, 2021 Cash 12,500 Service Revenue (Clinic) 12,500 16 Aug 24, 2021 Accounts Payable 1,400 Cash 1,400 17 Sep 01, 2021 4,440 Prepaid Rent Cash 4,440 18 Sep 21, 2021 15,100 Cash Service Revenue (Clinic) 15,100 19 Oct 17, 2021 18,900 Cash Service Revenue (Clinic) >> 18,900 20 Dec 01, 2021 No Journal Entry Required 21 Dec 05, 2021 No Journal Entry Required 22 Dec 08, 2021 Miscellaneous Expense 1,500 > Cash 1,500 23 Dec 12, 2021 2,600 Supplies (Racing) Accounts Payable 2,600 24 Dec 15, 2021 Cash 22,400 > Service Revenue (Racing) 22,400 25 Dec 16, 2021 Salaries Expense 1,600 > Cash 1,600 26 Dec 31, 2021 Dividends 4,800 >> Cash 4,800 > 27 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 Depreciation Expense > 7,480 27 Dec 31, 2021 No Journal Entry Required 28 Dec 31, 2021 7,480 Depreciation Expense Accumulated Depreciation 7,480 29 Dec 31, 2021 2,580 Insurance Expense Prepaid Insurance 2,580 30 Dec 31, 2021 Rent Expense 1,480 > Prepaid Rent 1,480 > 31 Dec 31, 2021 1,050 Supplies Expense (Office) Supplies (Office) 1,050 32 Dec 31, 2021 975 > Interest Expense Interest Payable 975 33 Dec 31, 2021 2,360 Supplies Expense (Racing) Supplies (Racing) 2,360 34 Dec 31, 2021 14,600 Income Tax Expense Income Taxes Payable 14,600 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) Retained Earnings 22,400 > 36 Dec 31, 2021 Retained Earnings Nananistian Cunnnnn 34 Dec 31, 2021 14,600 Income Tax Expense Income Taxes Payable 14,600 35 Dec 31, 2021 Service Revenue (Clinic) Service Revenue (Racing) Retained Earnings 22,400 36 Dec 31, 2021 Retained Earnings Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salaries Expense Supplies Expense (Office) Supplies Expense (Racing) Advertising Expense 37 Dec 31, 2021 4,800 > Retained Earnings Dividends 4,800 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Cash 95,940 975 350 Interest Payable Income Taxes Payable Accounts Payable 14,600 240 2,600 Supplies (Office) Supplies (Racing) Prepaid Rent Prepaid Insurance 2,960 2,580 Total Current Liabilities 18,175 39,000 57,175 Total Current Assets Notes Payable Total Liabilities Stockholders' Equity 102,070 Long-term assets: Equipment (Bikes) Equipment (Kayaks) 17,600 Common Stock 28,000 19,800 24,415 7,480 0 Retained Earnings Accumulated Depreciation Total Stockholders' Equity Total Liabilities and Stockholders' Equity 0 59,895 117,070 Total Assets $ 139,470 $
