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Need the correct answers. Thank you. Aug. 1 Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently
Need the correct answers. Thank you.
Aug. 1 Great Adventures obtains a $30,000 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. Aug. 4 The company purchases 14 kayaks, paying $28,000 cash. Aug. 10 Twenty additional kayakers pay $3,000 ( $150 each), in addition to the $4,000 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 $10,500 cash. Aug. 24 Office supplies of $1,800 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 $2,400 ( $200 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,200 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 $17,900 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 $500. 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 $1,200 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 $2,800 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 $20,000 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 $4,000($2,000 to Tony and $2,000 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises suzie by proposing that they get married. Suzie accepts and they get married!. Dec. 31 Using his personal money, Tony purchass a diamond ring for $4,500. 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 $8,000. 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 $1,800 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,800 of racing supplies purchased on December 12,$200 remains. g. Suzie calculates that the company owes $14,000 in income taxes. Journal entry worksheet 1 Great Adventures obtains a $30,000 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 . Record the appropriate journal Note: Enter debits before credits. Journal entry worksheet 1 12 17 The company purchases 14 kayaks, paying $28,000 cash. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet Twenty additional kayakers pay $3,000 ( $150 each), in addition to the $4,000 that was paid in advance on July 30 , on the day of the clinic. Tony conducts the first kayak clinic. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet 1727 Tony conducts a second kayak clinic, and the company receives $10,500 cash. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet 1 1727 Office supplies of $1,800 purchased on July 4 are paid in full. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 (\$200 per month) in advance. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet Tony conducts a rock-climbing clinic. The company receives $13,200 cash. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet 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 $17,900 cash. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet 15 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 Note: Enter debits before credits. Journal entry worksheet (1) ,16 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. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet 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. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet (1) ,18 The company purchases racing supplies for $2,800 on account due in 30 days. Record the appropriate journal entry. Note: Inter debits before credits. Journal entry worksheet The company receives $20,000 cash from a total of forty teams, and the race is held. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet (1) ,20 22 23 27 The company pays Victor's salary of $2,000. Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet (1) ,20 The company pays a dividend of $4,000 ( $2,000 to Tony and $2,000 to Suzie). Record the appropriate journal entry. Note: Enter debits before credits. Journal entry worksheet ...20 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Record the appropriate journal entry. Note: Enter debits before credits
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