please correct the general journal transactions. i have completed most of the transactions. transactions 12, 20, 21, 27, and 32 have issues. then record the closing entry for revenues, expenses, and cash dividends for transactions 35,36, and 37 if necessary

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 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 clines. 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. 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 elinie. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking elinie and the company receives $2,300. Jul. 24 May $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 canh of $4,000 in advance from 40 kayakers for the upcoming kayak olinie. 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 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 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 olinic. Aug. 17 Tony conducta a second kayak elinie, 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 conducta 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 roak-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, 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 pornit from a state park where the race will be held. The amount 18 recorded as a miscellaneous expense. 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, Vietor. Vietor 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 Jo 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 Suni). 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. Of the $2,800 of racing supplies purchased on December 12, $200 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. Tecome Statement of Balance Sheet Requirement General Journal General Ledger Trial Balance Statement 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 View journal entry worksheet No Date General Journal Debit Credit Saved Help Save my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Retur No Date General Journal Credit Debit 10,000 1 Jul 01, 2021 Cash Common Stock 10,000 Jul 01, 2021 10,000 Cash Common Stock 10,000 3 Jul 01, 2021 4,800 Prepaid Insurance Cash 4,800 Jul 02, 2021 1,500 Legal Fees Expense Cash 1,500 Jul 04, 2021 1,800 Supplies (Office) Accounts Payable 1,800 6 Jul 07, 2021 300 Advertising Expense Cash 300 Jul 08, 2021 12,000 Equipment (Bikes) Cash 12.000 Jul 15, 2021 2,000 Cash Service Revenue (Clinic) 2,000 Ret Jul 22, 2021 2,300 Cash Service Revenue (Clinic) 2,300 Jul 24, 2021 700 Advertising Expense Cash 700 11 Jul 30, 2021 4,000 Cash Deferred Revenue 4,000 12 Aug 01, 2021 30,000 Cash Accounts Payable 30,000 Aug 04, 2021 28,000 Equipment (Kayaks) Cash 28.000 Aug 10, 2021 Cash Deferred Revenue Service Revenue (Clinic) 3,000 4,000 7,000 Aug 17, 2021 10,500 Cash Service Revenue (Clinic) 10,500 16 Aug 24, 2021 1.800 Accounts Payable Cash 1,800 Ron 01 2021 Pranaid Rent an 18 Sep 21, 2021 13,200 Cash Service Revenue (Clinic) 13,200 19 Oct 17, 2021 17,900 Cash Service Revenue (Clinic) oo 17,900 20 Dec 01, 2021 500 X Service Revenue (Racing) Cash 500 x 21 Dec 05, 2021 Service Revenue (Racing) 22 Dec 08, 2021 Miscellaneous Expense Cash 1,200 1,200 23 Dec 12, 2021 2,800 Supplies (Racing) Accounts Payable 2,800 24 Dec 15, 2021 D 20,000 Cash Service Revenue (Racing) 20,000 Dec 16, 2021 2,000 Salaries Expense Cash 2,000 26 Dec 31, 2021 4,000 Dividends Cash 4,000 Saved Help heck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicat Cash 2,000 26 Dec 31, 2021 4,000 Dividends Cash 4,000 28 Dec 31, 2021 Depreciation Expense Accumulated Depreciation 8,000 8,000 29 Dec 31, 2021 2,400 Insurance Expense Prepaid Insurance 2,400 30 Dec 31, 2021 800 Rent Expense Prepaid Rent 800 31 Dec 31, 2021 1,500 Supplies Expense (Office) Supplies (Office) 1,500 32 Dec 31, 2021 Interest Expense Interest Payable 900 900 Dec 31, 2021 2,600 Supplies Expenso (Racing) Supplies (Racing) 2,600 Dec 31, 2021 14,000 Income Tax Expense Income Taxes Payable 14,000 s Prey 2 of 2 Nov dccount field.) View transaction list View journal entry worksheet HUI TUNU YUNCII LICITY HUYUN 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. 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 9 Tony rondurte a cernnd Laval clinir and the remnany Note : = journal entry has been entered | Cash View transaction list View journal entry worksheet Debit 10,00 10,000 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. 4,800 1,500 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. 1.800 22 The company pays $1,200 to purchase a permit from a state park where the race will be held. The amount is recorrer ac a microllanenne evnence Note : = journal entry has been entered Cash 300 ramar nager.pdf account field.) View transaction list View journal entry worksheet 20 ine company pays a dividend or $4,000 ($2,000 to Tony and $2,000 to Suzie). ces 27 Using his personal money, Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing that dhy 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. 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 Note : journal entry has been entered Cash 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. 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. View transaction list View journal entry worksheet Debit 10,00 August 1 should be recorded. 10,001 33 Record the adjusting entry for racing supplies. Of the $2,800 of racing supplies purchased on December 12, $200 remains. 4,800 34 Record the adjusting entry for income taxes. Suzie calculates that the company owes $1 taxes. OD 1,500 35 Record the closing entry for revenue. 36 Record the closing entry for expenses. 1,800 37 Record the closing entry for cash dividends. Note : 300 - journal entry has been entered Cash nager.pdf