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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 trall 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 Suzle organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 37,000 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. Juty 1 Sell $18,500 of comnon stock to Suzie. Juty 1 Sell $18,500 of comnon stock to Tony. Juty 1 Purchase a one-year insurance policy for $4,440 ( $370 per month) to cover injuries to participants during outdoor clinics. July 2 Pay legal fees of $1,5ea associated with incorporation. July 4 Purchase of fice supplies of $1,4ee on account. July 7 Pay $310 to a local newspaper for advertising to appear imediately for an upconing mountain biking clinic July 8 to be held on July 15. Attendees will be charged 540 on the day of the clinic. Juty is purchase 10 aountain bikes, paying $17,100 cash. On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers, Tony and Suzie conducts the mountain biking clinic. Juty 22 Because of the success of the first nountain biking clinic, Tony and Suzie hotds another mountain biking Juty 24 Clinic, and the company receives $2,850. Pay $880 to a local radio station for advertising to appear innediately. A kayaking clinic will be held on August 10 , and attendees can pay $150 in advance or $200 on the day of the clinic. Great Adventures receives cash of $10,500 in advance from 70 kayakers for the upconing kayak clinic. The following transactions occur over the remainder of 2024 . Great Adventures obtains a $36,000 low-interest loan for the company fron the city council, wich has recently passed an initiative encouraging business development related to outdoor activities. The toan is due in three years, and 6s annuat interest is due each year on Juty 31. August 4 The company purchases 14 kayaks, paying $16,800 cash. August 10 Tony and Suzie conduct the first kayak clinic, In addition to the $10,500 that was received in advance fros kayakers on Juty 39 , the company receives additional cash of $4,000 from 20 new kayakers on the day of the ctinic. August 17 Tony and Suzie conducts a second kayak clinic, and the conpany receives \$12,500 cash. August 24 office supplies of 51,400 purchased on July 4 are pasd in full. September 1 To provide better storage of mountain bikes and kayaks when not in use, the conpany rents a storage shed for one year, paying $2,520 ( $210 per month) in advance. Septenber 21 Tony and Suzie conduct a rock-ctinbing clinic. The conpany receives $13,800 cash. October 17 Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographicat sap, read an altimeter, use a compass, and orient through heavily wooded areas. The conpany receives Decenber 1 Tony and Suzie decide to hold the conpany's first adventure race on December 15. Four-person teams witl race from checkpoint to checkpoint using a conbination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to conplete all checkpoints in order wins. The entry fee for each tean is $570. December 5 To belp organize and promote the race, Tony hires his college roomate, Victor. Victor wilt be paid $50 in salary for each tean that competes in the race. His salary will be paid after the race. December 8 The company pays $1,800 to purchase a permit from a state park where the race will be held. The anount 15 recorded as a misceltaneous expense. Decenber 12 The conpany purchases racing supplies for $2,400 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, promotional shirts, snack foods and drinks for participants, and field narkers to prepare the racecourse. Decenber 15 The conpany receives $22,800 cash from a total of forty teans, and the race 15 held. Decenber 16 The conpany pays Victor's salary of $2,000. Decenber 31 The cospany pays a dividend of $4,500($2,250 to Tony and $2,250 to 5uzie). Decenber 31 Using his personat 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 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6.780. b. Six month' 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 $1,400 of office supplies purchased on July 4,$290 remains. e. Interest expense on the $36,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$210 remains. 9. Suzie calculates that the company owes $13,500 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34 ). 3. Review the adjusted 'Trial Balance' as of December 31,2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 ). Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accoun Journal entry worksheet Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. General Ledger Account Data is not available until journat entries have been entered. The ending balance values from the General Ledger tab flows through to the Trial Balance below. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. The balance sheet is the accounting equation: Assets = Lablities + Equity. Each asset and liability account is reported separately on the balance sheet