Need help making sure the T-accounts are right from August to December including adjusting entries because the problem shows its incomplete.

Need help making the adjusted trial balance because debits and credits are not equal.

blem - Manual Posting - 5e 0 Saved The following information applies to the questions displayed below.) 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 32,000 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 $16,000 of common stock to Suzie. Jul. 1 Sell $16,080 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,800 associated with incorporation. Jul. 4 Purchase office supplies of $1,700 on account. Jul. 7 Pay for advertising of $250 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $17,100 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,000 fron 80 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,400. Jul. 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $150 in advance or $200 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,000 in advance from 60 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $31,600 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 $18,200 cash. Aug. 10 Twenty additional kayakers pay $4,080 (200 each), in addition to the $9,000 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 $11,700 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 rents a storage shed for an initiative enterest is due each 28, 200 cash. passed an initiative encouraging business development related to outdoor activities. Ine 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 $18, 200 cash. Aug. 10 Twenty additional kayakers pay $4,000 ($200 each), in addition to the $9,000 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 $11,700 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 rents 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 $15,200 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, 180 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 $680. 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 $1,800 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 $27,200 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,080. Dec. 31 The company pays a dividend of $3,100 ($1,550 to Tony and $1,550 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,600. 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 a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7.000. 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, $320 remains. e. Interest expense on the $31.000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,100 of racing supplies purchased on December 12. $120 remains. g. Suzie calculates that the company owes $13.800 in income taxes. Great Adventures Problem AP3-1 Part 3 3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. Prepaid Insurance Beg. Bal. 2,220 Dec. 31 L Beg. Bal. Aug. 1 Aug. 10 Aug. 17 Sep. 21 Oct. 17 Dec. 15 Cash 25,090 31,000 4,000 11,7007 15,200 19,100 27,200 End. Bal. 2,220 18,200 Aug. 4 1,700 Aug. 24 3,960 Sep. 1 1,800 Dec. 8 2,000 Dec. 16 3,100 (Dec. 31 End. Bal. 102,530 Prepaid Rent Supplies (Office) Beg. Bal. Beg Bal. Sep. 1 3,960 | 1,320 Dec. 31 1,380 Dec. 31 End. Bal. 2,640 End. Bal. 1,380 Supplies (Racing) Equipment (Bikes) Bea Bal Bea Bal Required information Supplies (Racing) Equipment (Bikes) Beg. Bal. Beg. Bal. 1,980 (Dec. 31 End. Bal. 1980 End. Bal. Equipment (Kayaks) Accumulated Depreciation Beg. Bal Beg Bal. Aug. 4 18,200 7,000 Dec. 31 End. Bal. 18,200 End. Bal. 7,000 Accounts Payable Deferred Revenue Beg. Bal. Beg. Bal. 'Aug 24 1,700 9,000 Aug. 10 End. Bal. 1.700 End Bal 9,000 Interest Payable Income Tax Payable Beg. Bal. Beg. Bal. 775 Dec 13,800 Dec. 31 End. Bal End. Bal. 13,800 requeu moto Interest Payable Income Tax Payable og Bal. Beg. Bal. 775 Dec. 31 13,800 Dec. 31 End. Bal. 775 End. Bal. 13,800 Notes Payable Common Stock 32,000 Beg. Bal. Beg. Bal 31,000 Aug 1 End. Bal. 31,000 End. Bal 32,000 Dividends Beg. Bal Beg. Bal Dec. 31 3,1001 Service Revenue (Clinic) 8,400 13,000 Aug. 10 11,700 Aug. 17 15.200 Sep. 21 19,100 Oct 17 End. Bal 3.1001 End Bal 67,400 Service Revenue (Racing) Advertising Expense Beg Bal 27.200 Dec. 15 Required london Miscellaneous Expense Legal Fees Expense Beg. Bal. Beg. Bal. Dec. 8 1,800 End. Bal. End. Bal. 1,800 Salaries Expense Depreciation Expense Beg. Bal. Dec. 16 Beg. Bal. Dec. 31 2,000 7,000 End. Bal. 2,000 End. Bal. 7,000 Insurance Expense Rent Expense Beg. Bal. Dec 31 Beg. Bal. Dec 31 2.220 1,320 End. Bal 2,220 End. Bal 1,320 Supplies Expense (Office) Supplies Expense (Racing) Beg. Bal. Dec 31 1,380 Beg. Bal. Dec. 31 1,980 End Bal. End. Bal. 1.980 Required information - End. Bal 7,000 End. Bal 2,000 Insurance Expense Rent Expense Beg. Bal. Dec. 31 Beg. Bal. Dec. 31 2,220 1,320 End. Bal. 2.220 End. Bal 1,320 Supplies Expense (Office) Supplies Expense (Racing) Bog. Bal. Dec. 31 Beg. Bal. Dec 31 1,380 1,980 End. Bal. 1,380 End. Bal. 1980 Interest Expense Income Tax Expense Beg Bal. Dec. 31 775 Beg. Bal. Dec. 31 13,800 End. Bal. 7751 End. Bal. 13,800 Required information 4. Prepare an adjusted trial balance as of December 31, 2021. Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 102,530 Prepaid Insurance 2.220 Prepaid Rent 2,640 Supplies (Office) 1,380 Supplies (Racing) 1.980 Equipment (Bikes) Equipment (Kayaks) 18.200 Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable S T Common Stock Dividends 3,100 Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense 7,000 Income Tax Expense 13,800 Insurance Expense 2.220 Interest Expense Legal Fees Expense Miscellaneous Expense 1.800 Rent Expense 1.320 Salries Expense 2.000 Supplies Expense (Office) 1.380 Supplies Expense (Racing) 1.980 Totals $ 164 325 7,000 1.700 13,800 775 31,000 32,000 67.400 27.200 775 1B0 875