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1 6 Part 3 of 8 10 points eBook References Check my work 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 27,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzio will act as co- presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $13,500 of common stock to Suzie. Jul. 1 Sell $13,500 of common stock to Tony. Jul. 1 Purchase a one-year snnurance polsey for $3,720 ($310 per month) to cover injuries to participants during outdoor clinica. Jul. 2 Pay legal fees of $1,900 associated with incorporation. Jul. 4 Purchase office supplies of $1,100 on account. Jul. 7 Pay for advertising of 240 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 516,800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,200 from 70 bikers. Tony conducts the mountain biking elinie. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,550. Jul. 24 Pay 5770 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the elinie. Jul. 30 Great Adventures receives cash of $10.400 in advance from 30 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a 548.000 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 66 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $15,400 cash. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $10,400 that was paid in advance on July 10, on the day of the elinie. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,000 cash. Aug. 24 office supplies of $1,100 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 $3,960 ($330 per month) in advance Sep. 21 Tony conducta a rock-climbing clinic. The company receives $14,800 cash. Oct. 17 Tony 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 $10,600 cash. Doe. 1 Tony decides to hold the company's first adventure race on December 15. Your person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-elimbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $650. Doc. 5. To help organize and promote the race, Tony hires his college roomate, Victor. Victor will be paid $40 in salary for each team that competes in the race. Is salary will be paid after the race. Dec. The company pays $1,200 to purchase a permit from a state park where the race will be held the amount is recorded as a miscellaneous expense. Dee. 12 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. Dec. 15 The company receives 526,000 cash from a total of forty team, and the race in held. Dec. 16 The company pays Vietor's unlary of $1,600. 11 The MANY RAVA A dividend nf Ronn 17.40 in ne ant 45 A RIA 6 Part of 8 Check my work Dec. 31 The company pays e dividend of $4,900 ($2,450 to Tony and $2,450 to Sutie). Dec. 31 using his personal money. Tony purchases a diamond ring for $4,300. Tony surprises Suzie by proposing that they got married. Sutie accepts and they get 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 and kayaks purchased on August 4 totals $7,300. 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 has expired. d. Of the $1,100 of office supplies purchased on July 4, $350 remains. e Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded of the $2,200 of racing supplies purchased on December 12, $200 remains g. Suzie calculates that the company owes $13,200 in income taxes. 10 points Book References 3. Post transactions from July 1 through December 31 and adjusting entries on December 31 to T-accounts Cash Prepaid Insurance Beg Bal JUL 1 (Dec. 31 Beg Bat Sul. + Dul 1 Jul 4 Jul 24 Jul 30 Aug 1 plug 10 Aug. 17 Sep. 21 Oct 17 Dec 15 13,500 13,500 4,200 4.560 10.400 48,000 3,000 12.000 14,800 18,600 26,000 3,720 p. 1 1,9002 2407 16,800MB 77024 15,400 Aug 4 1.100 Aug 24 3,000 Sep. 1 1.200 [Dec 8 1,000 Dec. 16 4,000 Dec 31 End, Bal End Da 117.500 Prepaid Rent Supplies (Office) Beg Bal Beg Bal End. Bat. End Bal Supplies (Racing) Equipment (BA) Beg Bal Beg Bal Check my work 6 Required information Suppllos Racing Equipment (B) Part 3 of 8 Beg Bal, Bog. Bal 10 points End, Bal 0 End. Bal. 0 Equipment (Kayaks) Accumulated Depreciation Beg Bal Beg. Bal eBook References End. Bal. End. Bal Accounts Payable Deferred Revenue Beg Bal Beg Bal End. Bal. End. Bal 0 Interest Payable Income Tax Payable Beg Bar Beg Bal End. Bal End, Bal 0 Notes Payable Common Stock Beg. Bal Bog. Bal End Bal End, Bal 0 Dividends Service Revenue (Canic) Beg Bal Beg Bai End Bal. Check my work 6 Required information Part 3 ola Service Revenue (acing) Advertising Expense Beg Bal Beg Bal 10 points End. Bat. 0 End. Bal Legal Fees Expono Miscellaneous Expense ebook Beg. Bat. Beg Bal References End. Bal End. Bal Salaries Expense Depreciation Expense Beg Bal Beg Bal End, Bali End, Bal Insurance Expense Rent Expense Beg Bai Beg Ba End. Bal 0 End. Bal Supplies Expense (Omice) Supplies Expanse (Racing) Beg Bal Beg Bal End Bal End Bal O Interest Expense Income Tax Expense Beg Bal Bag Bal End. Dat End. Bal 4. Prepare an adjusted trial balance as of December 31, 2021. Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Dobit Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Totals 0 $ 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.) View transaction list Journal entry worksheet Record the closing of revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Record entry Clear entry View general Journal 7. Post the closing entries of retained earnings to the T-account. Retained Earnings Beg. Bal. End. Bal. 8. Prepare a post-closing trial balance as of December 31, 2021. Credit GREAT ADVENTURES, Inc. Post-closing Trial Balance December 31, 2021 Accounts Debit Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Totals $ $ 0