please help with adjustment

5. For the period July 1 to December 31,2024 , prepare an income statement, statement of stockholders' equity and ciassified balance sheet. Complete this question by entering your answers in the tabs below. Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 2. Record adjusting entries as of December 31, 2024. (If no entry is required for a transaction/event, select "No journal entr equired" in the first account field.) f. Of the $2,500 of racing supplies purchased on December 12,$160 remains. g. Suzle calculates that the company owes $13,400 in income taxes. RWP3-1 (Algo) Great Adventures Continuing Problem Part 6 6. Record closing entries as of December 31,2024 and post them to the T-accounts in Req 3 and 7 . (If no entry is required fo transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Notet Enter debits betore credits. 5. For the period July 1 to December 31, 2024, prepare an income statement, statement of stockholders' equity and classified balance sheet. Complete this question by entering your answers in the tabs below. For the period July 1 to December 31,2024 , prepare an income statement. Complete this question by entering your answers in the tabs below. For the period July 1 to December 31, 2024, prepare a statement of stockholders' equity. All account balances on July 1 were zero. Tony and Suzie graduate from college in May 2024 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/l 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 trall running. In the iong run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzle organize their new company as a corporation, Great Adventures incorporated The articles of incorporation state that the corporation will sell 25,000 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 business activities occur during July for Great Adventures. Jaty 1 July -1 Jaly 1 Juhy 2 July 4 July ? July July 15 July 22 Jely 24 Jely 70 5 e11 $12,500 of easaion stock to serile. sel1 $12,500 of connon stock to rony. Purchase a osemyear inaurabe policy for $,210 (\$440 per mosth) to cover injuries to partleipents durisg outdoor elisica. Pay legul fees of $1,700 ansoclated vith incorporation. Parchase office auppifea of $1,200 on accosnt. Pay $360 to a local sevapeper for advertiaing to apear imediately for as upeoaing mountain biking elinie to be bela on July 15 . Attesdess will be eharged 560 the day of the clinfe. Purchane 10 mountain bikes, payisy $10,000 eanh. On the day of the elinie, Creat Adventures receiven eash of $3,600 in total froe 60 bikers. Toby and suaie conducts the aoutain biking clisie. secatse of the suecess of the first moustals bikisy elisie, Jesy and surie holds asother noustain biking eilnic and the coepany rechives 54,150 . be beid os August 10 , and attendees can pay 5169 in advance or $190 on the day of the elinic. Creat Advestures recelves total cas of 58,606 in advanes fros 50 kayakers for the opconing kayak elinie. The following transactiona oocur over the reeainder of 2024. which has recestly passed an initiative encouraping besibess developont related to outdoor Nagues 4. Augast 10 Maguat 27 hugast 24 The ecepany porchases 14 kayaks, paylng 511,300 cas. Tony and Swrie conduct the tirnt kayak elinte. In odditios ta the $4,400 that was received is kayakera ot the day of the elisic. offlee tupplien of $1,200 parchased on July 4 are pait in full. topographical eap, rebd an sltimeter, wse a conpaw, asd ecient through heavily wooded acean. The soephay recelive $19,600 nanb. Decenber 1 oriesteerling, trail ronaing, and rock-elindisy akilis. The tirat tean is each eategory to race. anoust is reoorded an a niscelianeous expenas. Decenther if The conpany para vietor's saiky of 12,40 . The following information relates to year-end adjusting entries as of Oecember 31,2024. a. Depreciation of the mountain bikes purchased an July 8 and kayaks purchased on Aygust 4 totals $7,000. b. Six manth's of the oneyear insurance poilcy puichased on July 1 has expired. c. Four months of the oneyear rental agreement purchased on September 1 has esplred. d. Of the $1,200 of office supplies purchased on July 4,5290 remains. e. Interest expense on the $49,000 loan obtained from the clity counci on August ishould be rocorded. t Of the $2,500 of racing supplies purchased on December 12, 5160 remains. 9. Surle celculates that the company owes $13,400 in income thxes. RWP3-1 (Algo) Great Adventures Continuing Problem Part 4 4. Prepare an adjusted trial balance as of December 31,2024