not sure if i did the journal entries and adjusting entries correctly

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 31,000 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 $15, 5ee of common stock to Suzie. Jul. 1 Sell $15,500 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 $1,5ee associated with incorporation. Jul. 4 Purchase office supplies of $1,100 on account. Jul. 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $17,900 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 fron 60 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 $2,750. Jul. 24 Pay $710 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives cash of $11,200 in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $32,000 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 $21,600 cash. Aug. 10 Twenty additional kayakers pay $3,880 ($190 each), in addition to the $11,200 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 $12, 203 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 $4,440 ($370 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,900 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, 300 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four person teams will race from Jul. 2 Pay legal tees of 1.500 associated with incorporation. Jul. 4 Purchase office supplies of $1,1ee on account. Jul. 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic. Jul. 8 Purchase 1e mountain bikes, paying $17,9ee cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first nountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,750. Jul. 24 Pay $710 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives cash of $11,200 in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $32,000 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 $21,600 cash. Aug. 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $11,200 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 $12,200 cash. Aug. 24 Office supplies of $1,1ee 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 $4,440 ($370 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,980 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 $19,300 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 $620. 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 $2,600 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 $24,800 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 $3,580 ($1,750 to Tony and $1,750 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $5,500. 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 $8,200. 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 $1,100 of office supplies purchased on July 4, $340 remains. e. Interest expense on the $32,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,600 of racing supplies purchased on December 12, $130 remains. g. Suzie calculates that the company owes $14,100 in income taxes. 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date Jul 01, 2021 Debit 15,500 Cash Common Stock 15,500 Jul 01, 2021 15,500 Cash Common Stock 15,500 3 Jul 01, 2021 Prepaid Insurance Cash 4.440 Jul 02, 2021 1,500 Legal Fees Expense Cash 1,500 Jul 04, 2021 1.100 Supplies (Office) Accounts Payable 1.100 Jul 07, 2021 Advertising Expense Cash Jul 08, 2021 17.900 Equipment (Bikes) Cash 17.900 8 Jul 15, 2021 2,400 Cash Service Revenue (Clinic) 2.400 Jul 22, 2021 2.750 Cash Service Revenue (Clinic) 2.750 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) 10 Jul 24, 2021 710 Advertising Expense Cash Jul 30, 2021 11,200 Cash Deferred Revenue 11,200 12 Aug 01, 2021 32,000 Cash Notes Payable 32,000 13 Aug 04, 2021 21,600 Equipment (Kayaks) Cash 21,600 14 Aug 10, 2021 3,800 Deferred Revenue Service Revenue (Clinic) 3,800 15 Aug 17, 2021 12,200 Cash Service Revenue (Clinic) 12,200 16 Aug 24, 2021 1,100 Accounts Payable Cash 1.100 Sep 01, 2021 4,440 Prepaid Rent Cash 4.440 18 Sep 21, 2021 13,900 Cash Service Revenue (Clinic) 13.900 19 Oct 17, 2021 19,300 Cash Service Revenue (Clinic) 19,300 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Cash 1,100 17 Sep 01, 2021 4,440 Prepaid Rent Cash 4,440 18 Sep 21, 2021 13,900 Cash Service Revenue (Clinic) 13.900 19 Oct 17, 2021 19,300 Cash Service Revenue (Clinic) 19,300 20 Dec 01, 2021 No Journal Entry Required 21 Dec 05, 2021 No Journal Entry Required 22 Dec 08, 2021 1,200 Miscellaneous Expense Cash 23 Dec 12, 2021 2,600 Supplies (Racing) Accounts Payable 1 24 Dec 15, 2021 24,800 Cash Service Revenue (Racing) 24,800 25 Dec 16, 2021 2,000 Salaries Expense Cash 2,000 26 Dec 31, 2021 3,500 Dividends Cash 3,500 2. Record adjusting 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 View Journal entry worksheet No Credit Date Dec 31, 2021 General Journal Depreciation Expense Accumulated Depreciation Debit 8,200 8.200 Dec 31, 2021 2.220 Insurance Expense Prepaid Insurance 2.220 3 Dec 31, 2021 1,480 Rent Expense Prepaid Rent 1,480 Dec 31, 2021 760 Supplies Expense (Office) Supplies (Office) Dec 31, 2021 Interest Expense Interest Payable 6 Dec 31, 2021 2,470 Supplies Expense (Racing) Supplies (Racing) 2.470 7 Dec 31, 2021 14,100 Income Tax Expense Income Tax Payable 14,100