please help on general journal! please READ CAREFULLY, ********this question is different than the other ones already published in chegg.********

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 enthuslasts. 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 32,000 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 . Ju1. I Sell \$16,000 of common stoek to suzie. Jul. I Sel1 $16,000 of comton stock to Tony. Ju1. 1 Purchase a one-year insurance policy for $5,040 (\$420 per nonth) to cover injurien to participanta during outdoor elinics. Jul. 2 Pay legal fees of $1,900 ansociated with incorporation. Ju1. I Purehase office supplies of $1,400 on account. Ju1. I Pay for advertioing of $300 to a local newspaper for an upeoming mountain biking elinic to be held on July 15. Attendees will be charged $40 on the day of the elinic. Ju1. 8 Purchase 10 mountain bikes, paying $14,200cash. Ju1. 15 on the day of the elinic, Great Adventures receives canh of $2,000 from 50 bikers. Tony conducte the nountain biking clinie. Ju1. 22 Because of the suecens of the firat mountain biking elinic, Tony holds another mountain biking olinie and the company receives $2,450. Ju1. 24 Pay $880 to a local radio station for advertining to appear imsediately, A kayaking olinie will bo beld on Auguat 10 , and attendees can pay $140 in advance or $190 on the day of the olinic. Ju2. 30 Great Adventuren receives cash of $9,800 in advance fron 70 kayakern for the upconing kayak elinito. Aug. I Grent Adventures obtain a $38,000 low-interent loan for the eompany from the eity counel1, which han recentiy pansed an initiative encouraging buninenn developeent related to outdoor activities. The loan in due in three yeart, and 61 annual interest is due each year on Ju1y 31 . Aig. 4 the company purchanen 14 kayakn, paying 514,300 canh. Aug. 10 Twenty additional kayakers pay 33,800(5190each), in addition to the 59,800 that was paid in advance on July 30, on the day of the elinie. Tony condueth the first kayak elinio. Aug. 17 Tony conducta a necond knyak olinie, and the coopany receives 311,400canb. Aug. 24 office nupplien of $1,400 purchased on 3uly 4 are paid in full. Sep. 1 to provide botter storage of mountain bikes and kayake when not in use, the company renta a ntorage ahed for ane year, paying 54,080 (5340 per month) in advance. Sep. 21 Tony conduets a roek-climbing elinie, The company receives $14,600 eash. oet. 17 Tony conducts an orientening elinie. Participanth practice how to understand a topographical map, read an a1timeter, use a compass, and orient through heavily wooded arean. The eompany repelven 518,000 cans. Dec, I Tony decides to hold the company's firnt adventure race on Decenber 15. Four-person teane wili race troa year, paying $4,080 ( $340 per month) in advance. Sep. 21 Tony conducts a rock-climbing olinic. The company receives $14,600 cash. oct. 17 Tony conducts an orienteering elinic. Participant. practice how to understand a topographical mop, read an altimeter, use a compass, and orient through heavily wooded arean. The company recefves $18,800 conh. Dec. 1 Tony deeides to hold the company'v firat adventure race on December 15. Four-perwon teamil will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skilla. The first team in each category to complete all cheokpoints in order winn. The entry foe for each team is $650. Dec. 5 To help organize and promote the race, Tony hires his college roomate, Victor. Viotor vill be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,400 to purchase a permit from a state park where the race will be held. The anount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing eupplies for $2,400 on account due in 30 days. Supplies include trophies for the top-finithing teams in each category, promotional shirts, anack foods and drinks for participantet, and field markern to prepare the racecourse. Dec. 15 The company receives $26,000 cash from a total of forty teams, and the race lis held. Dec. 16 The company pays Victor's #alary of $1,600. Dec. 31 The company pays a dividend of 53,100($1,550 to Tony and $1,550 to $uz1e). Dec. 31 Using his personal money, Tony purchases a diamond ring for $5, 400 . Tony surprises suzie by propoaing that thay 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 55,700 . 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 $1,400 of office supplies purchased on July 4,$390 remains. e. Interest expense on the $38,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. 1 Sell $16,000 of common stock to Suzie. 2 Sell $16,000 of common stock to Tony. 3 Purchase a one-year insurance policy for $5,040 (\$420 per month) to cover injuries to participants during outdoor clinics. 4 Pay legal fees of $1,900 associated with incorporation. 5 Purchase office supplies of $1,400 on account. 7 Purchase 10 mountain bikes, paying $14,200 cash. 8 On the day of the clinic, Great Adventures receives cash of $2,000 from 50 bikers. Tony conducts the mountain biking clinic. 9 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,450. 10 Pay $880 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. 11 Great Adventures receives cash of $9,800 in advance from 70 kayakers for the upcoming kayak clinic. 12 Great Adventures obtains a $38,000 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 $14,300 cash. 14 Twenty additional kayakers pay $3,800 ( $190 each), in addition to the $9,800 that was paid in advance on July 30 , on the day of the clinic. Tony conducts the first kayak Clinic. 15 Tony conducts a second kayak clinic, and the company receives $11,400 cash. 16 Office supplies of $1,400 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 $4,080 ( $340 per month) in advance. 18 Tony conducts a rock-climbing clinic. The company receives $14,600 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 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 $18,800 cash. 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 $650. 21 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that comnetes in the race. His salarv will 21 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. 22 The company pays $1,400 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 23 The company purchases racing supplies for $2,400 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 $26,000 cash from a total of forty teams, and the race is held. 25 The company pays Victor's salary of $1,600. 26 The company pays a dividend of $3,100 ( $1,550 to Tony and $1,550 to Suzie). 27 Using his personal money, Tony purchases a diamond ring for $5,400. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married. 28 Prepare the adjusting entry for depreciation. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $5,700. 29 Prepare the adjusting entry for insurance. Six months' of the one-year insurance policy purchased on July 1 has expired. 30 Prepare the adjusting entry for rent. Four months of the one-year rental agreement purchased on September 1 has expired. 31 Prepare the adjusting entry for office supplies. Of the $1,400 of office supplies purchased on July 4,$390 remains. 32 Prepare the adjusting entry for interest. Interest expense on the $38,000 loan obtained from the city council on August 1 should be recorded. 33 Prepare the adjusting entry for racing supplies. Of the $2,400 of racing supplies purchased on December 12 , $290 remains. 34 Prepare the adjusting entry for income taxes. Suzie calculates that the company owes $14,000 in income taxes. 35 Prepare the closing entry for revenue. 36 Prepare the closing entry for expenses. 37 Prepare the closing entry for cash dividends