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. @ @ 14%O AT&T 1:10 PM chegg.com - Private Tony conducts a second kayak clinic, and the company receives $10,700 cash. Office supplies of $2,000 purchased on July 4 are paid in Aug 21 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,240 ($270 per month) in advance. Sep 21 Tony conducts a rock-climbing clinic. The company receives $14,600 cash. 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 $19,300 cash. 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 S670. 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. The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. The company purchases racing supplies for $2,200 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 The company receives $26.800 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $2,400. The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie). Using his personal money, Tony purchases a diamond ring for $3,800. 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, 2021. 1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,800. 2. Six months of the one-year insurance policy purchased on July 1 has expired. 3. Four months of the one year rental agreement purchased on September 1 has expired. 4. Of the $2,000 of office supplies purchased on July 4, $320 remains. 5. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded 6. Of the $2,200 of racing supplies purchased on December 12, $240 remains. 7. Suzie calculates that the company owes $13,700 in income taxes. rev: 02_05_2019_QC_CS-157044 4. Prepare an adjusted trial balance as of December 31, 2021 5. For the period July 1 to December 31, 2021. prepare an income statement, statement of stockholders' equity and classified balance sheet. 6. Record closing entries as of December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 7. Post the closing entries of retained earnings to the T-account. 8. Prepare a post-closing trial balance as of December 31, 2021. . AT&T @ @ 14%O 1:10 PM chegg.com - Private = Chegg Study Textbook Solutions Expert Q&A Practice Search Qov home / study /business / accounting / accounting questions and answers / tony and su... Question: Tony and Suzie graduate from college in May 2021 and be... Post a question Armstrom our storyboah Enterguson Continue to post My Textbook Solutions Solutions Solutions Solutions 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 34,000 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 Sell $17,000 of common stock to Suzie. Sell $17,000 of common stock to Tony Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics. Accounting Chegg tutors who can help right now Few Mega Undy Pay legal fees of $1,900 associated with incorporation. Deepak G Noorkurnar Auch Charters Purchase office supplies of $2,000 on account Pay for advertising of $380 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. Purchase 10 mountain bikes, paying $12,700 cash. Find me a tutor On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,700. Pay $950 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. Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Great Adventures obtains a $49,000 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. The company purchases 14 kayaks, paying $30,000 cash. Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. Tony conducts a second kayak clinic, and the company receives $10,700 cash. Office supplies of $2,000 purchased on July 4 are paid in full. To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,240 ($270 per month) in advance. Tony conducts a rock-climbing clinic. The company receives $14,600 cash. AT&T 5GE @22%D 12:33 PM d e from college and egin developing the new They begin by Birinchi fosc de activities such mountainbiking or ayaking Upon developing a customer pase, they'll hold their first adventures. These res will involve fourron thate from one hackpo t he next using a combination of layaking mountai n s and was the July 1. 1. Toy and S h ow company at Adventures In The Articles of incom e that the will sell O shares of common stock for slech Lachshare of stock represa unit of ownership Toey and Suure will Actas cope s of the company. The following ansato r from My through Dember 31 ul. Sell 17.000 of common socker Dull Sell 17.000 Toy Purchase your e yfox 4 12 horas during door clinics Payal fees of S1900 d with Dul 4 Puchowoffice supplies of $2,000 on account Pay for advertising of S a kal newspaper for w oming mountain biking clinic to be held u ly 15 Amendees will be charged on the Pull Sho p ing $12.00 h On the day of the c rew Ames ul. 15 mie cash of $2.400 from the Towy conduct the mountain biking clinic Become of the success of the first in biking Jul 22 elinie, Tony holds another mountain biking elinic and the company receives $2.700 Pay S950 to a local station for avertising to per immediately. A layaking clinic will be held * Auto descany 110 SIG the day of the line Geo A rcher ul wwe from Sokers for the upcoming kaya clinic Grow Adh e shtains a 549,000 low-interest loan for the company from the city council which has recently passed an initiative encouraging T usiness development related to activities The b ide in three years, and anal is du cach you on July 31 They has 4 stoch Twy l a ay 30 516 cachination to the 55.5o that was paid in advance only the day of the clinic Tony oducts the first layak clinic Tony conducts a second kayakin, and the y receives S10700 cash Omie wpplies of $2.000 purchased only 4 am Teod when they dhe force year wing 400270 per Tey conduct a rock- c i k The Sep 21 y receives $14.000 cash Tony conduct an orienteering clinic. Participants practice how to understand a graphical map. Oct 17 radan altimeterse a n d through heavily wooded as the 19.00 Tomy decides to hold the company's fine DIF . @ @ 14%O AT&T 1:10 PM chegg.com - Private Tony conducts a second kayak clinic, and the company receives $10,700 cash. Office supplies of $2,000 purchased on July 4 are paid in Aug 21 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,240 ($270 per month) in advance. Sep 21 Tony conducts a rock-climbing clinic. The company receives $14,600 cash. 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 $19,300 cash. 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 S670. 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. The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. The company purchases racing supplies for $2,200 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 The company receives $26.800 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $2,400. The company pays a dividend of $4,800 ($2,400 to Tony and $2,400 to Suzie). Using his personal money, Tony purchases a diamond ring for $3,800. 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, 2021. 1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,800. 2. Six months of the one-year insurance policy purchased on July 1 has expired. 3. Four months of the one year rental agreement purchased on September 1 has expired. 4. Of the $2,000 of office supplies purchased on July 4, $320 remains. 5. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded 6. Of the $2,200 of racing supplies purchased on December 12, $240 remains. 7. Suzie calculates that the company owes $13,700 in income taxes. rev: 02_05_2019_QC_CS-157044 4. Prepare an adjusted trial balance as of December 31, 2021 5. For the period July 1 to December 31, 2021. prepare an income statement, statement of stockholders' equity and classified balance sheet. 6. Record closing entries as of December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 7. Post the closing entries of retained earnings to the T-account. 8. Prepare a post-closing trial balance as of December 31, 2021. . AT&T @ @ 14%O 1:10 PM chegg.com - Private = Chegg Study Textbook Solutions Expert Q&A Practice Search Qov home / study /business / accounting / accounting questions and answers / tony and su... Question: Tony and Suzie graduate from college in May 2021 and be... Post a question Armstrom our storyboah Enterguson Continue to post My Textbook Solutions Solutions Solutions Solutions 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 34,000 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 Sell $17,000 of common stock to Suzie. Sell $17,000 of common stock to Tony Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics. Accounting Chegg tutors who can help right now Few Mega Undy Pay legal fees of $1,900 associated with incorporation. Deepak G Noorkurnar Auch Charters Purchase office supplies of $2,000 on account Pay for advertising of $380 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. Purchase 10 mountain bikes, paying $12,700 cash. Find me a tutor On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,700. Pay $950 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. Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Great Adventures obtains a $49,000 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. The company purchases 14 kayaks, paying $30,000 cash. Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. Tony conducts a second kayak clinic, and the company receives $10,700 cash. Office supplies of $2,000 purchased on July 4 are paid in full. To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,240 ($270 per month) in advance. Tony conducts a rock-climbing clinic. The company receives $14,600 cash. AT&T 5GE @22%D 12:33 PM d e from college and egin developing the new They begin by Birinchi fosc de activities such mountainbiking or ayaking Upon developing a customer pase, they'll hold their first adventures. These res will involve fourron thate from one hackpo t he next using a combination of layaking mountai n s and was the July 1. 1. Toy and S h ow company at Adventures In The Articles of incom e that the will sell O shares of common stock for slech Lachshare of stock represa unit of ownership Toey and Suure will Actas cope s of the company. The following ansato r from My through Dember 31 ul. Sell 17.000 of common socker Dull Sell 17.000 Toy Purchase your e yfox 4 12 horas during door clinics Payal fees of S1900 d with Dul 4 Puchowoffice supplies of $2,000 on account Pay for advertising of S a kal newspaper for w oming mountain biking clinic to be held u ly 15 Amendees will be charged on the Pull Sho p ing $12.00 h On the day of the c rew Ames ul. 15 mie cash of $2.400 from the Towy conduct the mountain biking clinic Become of the success of the first in biking Jul 22 elinie, Tony holds another mountain biking elinic and the company receives $2.700 Pay S950 to a local station for avertising to per immediately. A layaking clinic will be held * Auto descany 110 SIG the day of the line Geo A rcher ul wwe from Sokers for the upcoming kaya clinic Grow Adh e shtains a 549,000 low-interest loan for the company from the city council which has recently passed an initiative encouraging T usiness development related to activities The b ide in three years, and anal is du cach you on July 31 They has 4 stoch Twy l a ay 30 516 cachination to the 55.5o that was paid in advance only the day of the clinic Tony oducts the first layak clinic Tony conducts a second kayakin, and the y receives S10700 cash Omie wpplies of $2.000 purchased only 4 am Teod when they dhe force year wing 400270 per Tey conduct a rock- c i k The Sep 21 y receives $14.000 cash Tony conduct an orienteering clinic. Participants practice how to understand a graphical map. Oct 17 radan altimeterse a n d through heavily wooded as the 19.00 Tomy decides to hold the company's fine DIF
