please complete all 37 transactions in the general journal.

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 20,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $10,000 of common stock to Suzie. Jul. 1 soll $10,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,500 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinie to be held on July 15. Attendees will be charged $50 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $12,000 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducte 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 $2,300. Jul. 24 Pay $700 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Jul. 30 Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtain 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 61 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $28,000 cash. Aug. 10 Tventy 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 elinie. Aug. 17 Tony conducte a second kayak alinie, 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 olinio. The company receives $13,200 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an 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 20,000 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 $10,000 of common stock to Suzie. Jul. 1 Sell $10,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,500 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 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 $50 on the day of the clinic. Jul. B Purchase 10 mountain bikes, paying $12,000 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $2,000 from 40 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 $2,300. Jul. 24 Pay $700 to a local radio station for advertising to appear immediately. A kayaking alinie will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Jul. 30 Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtain 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 68 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 cach), 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. Participante practice how to understand a topographical map, read an altimeter, use a compans, 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. Pour 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 wine. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Vietor. 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 $2,000 on account due in 30 days. Supplies include trophies for the 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 Vietor's salary of $2,000. Dec. 31 The company pays a dividend of $4.000 ($2,000 to Tony and $2,000 to Suzio). 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! 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. es General Journal Requirement Statement of Balance Sheet General Ledger Income Statement Trial Balance SE Prepare the journal entries for transactions. (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 2 3 4 5 6 7 8 ..... 37 Sell $10,000 of common stock to Suzie. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet ped Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in th account field.) View transaction list 1 Sell $10,000 of common stock to Suzie. 137 2 Sell $10,000 of common stock to Tony. Fint 3 Purchase a one-year Insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. ences 4 Pay legal fees of $1,500 associated with incorporation. Credit 5 Purchase office supplies of $1,800 on account. 6 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 $50 the day of the clinic. Note : - journal entry has been entered Record entry Clear entry View general Journal General Journal Requirement General Ledger Statement of Balance Sheet Income Statement Trial Balance Statement of SE Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 7 Purchase 10 mountain bikes, paying $12,000 cash. 8 On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducts the mountain biking clinic. ances 9 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,300. Credit 10 Pay $700 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. 11 Great Adventures receives cash of $4.000 in advance Note : - journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of Balance Sheet SE Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 11 Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. 12 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. ces Credit 13 The company purchases 14 kayaks, paying $28,000 cash. 14 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 Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 15 Tony conducts a second kayak clinic, and the company receives $10,500 cash. 37 > 16 Office supplies of $1,800 purchased on July 4 are paid in full 17 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. Credit 18 Tony conducts a rock-climbing clinic. The company receives $13,200 cash. 19 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily Note : = journal entry has been entered Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Or Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list 19 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. ences 20 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. Credit 21 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 Note : - journal entry has been entered Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet ipped Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the fi account field.) View transaction list Book Ask 37 > 21 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. Print Ferences 22 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. Credit 23 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. 24 The company receives $20,000 cash from a total of forty Note : - journal entry has been entered Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" ir account field.) View transaction list 24 The company receives $20,000 cash from a total of forty teams, and the race is held. . 37 > 25 The company pays Victor's salary of $2,000. 26 The company pays a dividend of $4,000 ($2,000 to Tony and $2,000 to Suzie). Credit 27 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! 28 Record the adjusting entry for depreciation. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of Balance Sheet SE Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 29 Record the adjusting entry for insurance. Six months' of the one-year insurance policy purchased on July 1 has expired. 30 Record the adjusting entry for rent. Four months of the one-year rental agreement purchased on September 1 has expired. ces Credit 31 Record the adjusting entry for office supplies. Of the $1,800 of office supplies purchased on July 4, $300 remains 32 Record the adjusting entry for interest. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General General Journal General Requirement Congrel Trial Balance stincome Trial Balance Statement of Balance Sheet Income Statement statement of Balance Sheet Ledger SE Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list August 1 should be recorded. 33 Record the adjusting entry for racing supplies. Of the $2,800 of racing supplies purchased on December 12, $200 remains. 34 Record the adjusting entry for income taxes. Suzie calculates that the company owes $14,000 in income taxes. Credit 35 Record the closing entry for revenue. 36 Record the closing entry for expenses. 37 Record the closing entry for cash dividends. Note : - journal entry has been entered Record entry Clear entry View general Journal