Please complete all journal enteries! Thank you!
July 1 Sell $18,500 of comon stock to Suzie. July 1 Sel1 $18,500 of common stock to Tony. July 1 Purchase a one-year insurance policy for $5,760 ( $480 per month) to cover injuries to participants during outdoor clinics. July 2 Pay 1egal fees of $1,800 associated with incorporation. July 4 Purchase office supplies of $1,300 on account. July 7 Pay $360 to a local nenspaper for advertising to appear imediately for an upcoming mountain biking clinic to be held on 3u1y 15. Attendees will be charged \$40 the day of the clinic. July 8 Purchase 10 mountain bikes, paying $19,109 cash. July 15 On the day of the clinic, Great Adventures receives cash of $2,000 in tota1 from 50 bikers. Tony and 5uzie July 22 conducts the nountain biking clinic. Cinic and the company recelves $2,350. July 24 Pay $990 to a local radio station for advertising to appear imnediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. July 30 Great Adventures receives total cash of $7,200 in advance from 66 kayakers for the upconing kayak clinic. The following transactions occur over the remainder of 2024. August 1 areat Adventures obtains a $48,009 low-interest loan for the company from the city counci1, ithich has recently passed an initiative encouraging business developent related to August 4 The conpany purchases 14 kayaks, paying $21,600 cash. August 10 Tony and Suzle conduct the first kayak cilnic. In addition to the $7,200 that was recelved in edvence froed kayokers on July 30, the company receives additional cash of $3,400 from tienty new kayakers on the day of August 17 Tony and suzle conducts a second kayak clinic, and the company receives $11,760 cash. August 24 office supplies of 81,300 purchased on July 4 are poid in full. September 1 To provide better storage of nountain bikes and kayaks mhen not in use, the company rents a storage shed for one year, poyling 94,560 (5380 per month) in advance. Septesber 21 Tony and suzie conduct a rock-clinbing clinic. The company recelves $14,000 cash. October 17 Tony and suzle condoct an orlenteering clinic. Marticlpants practice how to understand a topogcaphical 3ap, read an altimeter, use a conpass, and orient through heavily wooded areas. The company recelves December 1 Tony and Suzie decide to hald the company's first adventure race on December 15. Four-person teaas wil11 race from checkpoint to checkpolnt using a coubination of muntain biking, kayaking, orienteering, trail Pinning. and rock-cliabing skills, The first teas in each category to complete all checkpoints in order wins. The entry fee for each tean is $560. December 5 to hilp organize and promote the race, Tony hires his college rocesate, victor. Victor will be paid soo in salary for each teou that competes in the race. Mis salary uli1 be pald after the race. Decenber is The company pays 51,6ee to purchase a perait from a state park where the race wi11 be held. The anount is Decenber 12. The company purchases racing supplies for $2,100 on account due in 30 days. 5upplies include trophies for the toprfinishing teams in each cotegory. promotional shirts, snack foods and driniks for participants, and field markers to prepare the racecourse. December 15 The company recnives $22,400 cash from a totol of forty teans, and the race is held. Decenber 16 The company pays victor's salary of $2,409. Decenber 31 The company pays a dividend of $4,400 (\$2,200 to tory and $2,200 to suzie). Decenber 31 using his personial money, Tony purchases a dianond ring for $3,600. Tony surpriseo 5uzi=6y proposing that a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totais $8.500. 6. 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 $1,300 of office supplies purchased on July 4,$270 remains e Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded. f Of the $2,100 of racing supplies purchased on December 12, $140 remains. 9. Suzie calculates that the company owes $13.100 in income taxes. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,500. Note: Enter debits before credits. Six months' of the one-year insurance policy purchased on July 1 has expired. Note: Enter debits before credits. Journal entry worksheet Four months of the one-year rental agreement purchased on September 1 has expired. Note: Enter debits before credits. Journal entry worksheet Of the $1,300 of office supplies purchased on July 4,$270 remains. Note: Enter debits before credits. Journal entry worksheet Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded. Note: Enter debits before credits. Journal entry worksheet Of the $2,100 of racing supplies purchased on December 12,$140 remains. Note: Enter debits before credits. Journal entry worksheet 1 2 5 Suzie calculates that the company owes $13,100 in income taxes. Note: Enter debits before credits
