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need a bit of help on the empty slots please and thanks! Tony and Suzie graduate from college in May 2021 and begin developing their

need a bit of help on the empty slots please and thanks!
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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 23,000 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. Jul. 1 Sell $11,500 of common stock to Suzie. Jul. 1 Sell $11,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,400 ($450 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 $1,700 on account. Jul. 7 Pay for advertising of $200 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $19,000 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,800 from 80 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $5,150. Jul. 24 Pay $770 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $47,000 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 68 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $22,400 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $id, 800 cash. Aug. 24 Office supplies of $1,700 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 renta a storage shed for one year, paying $3,960 ($330 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,600 cash. Oct. 17 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 $19,700 cash. Dec. 1 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 $640. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,000 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 $2,100 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 $25,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $4,600 ($2,300 to Tony and $2,300 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,700. Tony surprises Suzie by proposing that they got married. Suase accepts and they got married The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 ank kayaks purchased on August 4 totals $8,800, 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 $1,700 of office supplies purchased on July 4, $350 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,100 of racing supplies purchased on December 12, $170 remains. g. Suzie calculates that the company owes $14,300 in income taxes, 3. Post transactions from July 1 through December 31 and adjusting entries on December 31 to T-accounts. Answer is not complete. Cash Prepaid Insurance Beg. Bal Jul, 1 5,400 11,500 11,500 >> 4,800 Beg. Bal. Jul. 1 Jul. 1 Jul 15 Jul 22 Jul. 30 Aug. 1 Aug. 10 Aug. 17 Sep. 21 Oct. 17 Dec. 15 5,150 7,200 47,000 3,400 10,800 13,600 19,700 25,600 End. Bal 5,400 DO Prepaid Rent Supplies (Office) Beg. Bal. Sep. 1 Beg. Bal. Jul. 4 3,960 1,700 End. Bal. 3,960 End. Bal. 1,700 Supplies (Racing) Equipment (Bikes) Beg. Bal. Dec 12 Beg 4 Jul. 8 2,100 19,000 End. Bal. 2,100 End. Bal. 19,000 Equipment (Kayaks) Accumulated Depreciation Beg. Bal. Beg. Bal. Equipment (Kayaks) Accumulated Depreciation Beg. Bal. Beg. Bal. Aug. 4 22,400 End. Bal. 22,400 End. Bal. 0 Accounts Payable Deferred Revenue Beg. Bal. Beg Bal. Aug 24 1,700 Aug. 10 7,200 7,200 End. Bal. 1,700 End. Bal. Interest Payable Income Tax Payable Beg Bal Beg Bal Interest Payable Income Tax Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Notes Payable Common Stock Beg. Bal. Beg. Bal. + End. Bal. 0 End, Bal. 0 Dividends Service Revenue (Clinic) Beg. Bal. Der 31 Beg. Bal 4 Ann Service Revenue (Racing) Advertising Expense Beg. Bal. 200 Beg. Bal. Jul. 7 Jul. 24 End. Bal. 770 End. Bal. 970 Legal Fees Expense Miscellaneous Expense Beg. Bal. Beg. Bal. Jul. 2 1,600 Dec. + 1,000 End. Bal. 1,600 End. Bal. 1,000 Salaries Expense Depreciation Exponse Beg. Bal. Dec. 16 Beg. Bal. Dec. 31 2.000 8.800

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