post the closing entries of retained earnings to the T acount.

post the closing entires of retained earnings to the T-account.

Required information Great Adventures Problem AP3-1 [The following information applies to the questions displayed below) 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 22,000 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 $11,000 of common stock to Surie. Jul. 1 Sell $11,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for $3,840 (5320 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,800 associated with incorporation. Jul. Purchase office supplies of $1,700 on account. Jul. 7 Pay for advertising of $330 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 elinie. Jul. Purchase 10 mountain bikes, paying $17,100 cash. Jul. 15 on the day of the elinie, Great Adventures receives cash of $3,500 from 70 bikers. Tony conducts the mountain biking alinie. Jul 22 because of the success of the first mountain biking clinic, Tony holds another mountain biking cline and the company receives $4,050. Jul. 24 Pay 5740 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,600 in advance from 80 kayakers for the upcoming kayak elinie. Aug. 1 Great Adventures obtain a $46,000 low-interont 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 annual interest is due each year on July 31. Aug. 4 The company purchases 16 kayaks, paying $19,800 cach. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each). In addition to the 59,600 that was paid in advance on July 30, on the day of the elinie. Tony conducts the first kayak elinie. Aug. 17 Tony conducta second kayak olinic, and the company receives $10,900 cash Aug. 24 office supplies of $1,700 purchased on July 4 are paid in full. sep 1 To provide better storage of mountain bikes and kayake when not in use the company renta a storage ha MacBook Air Ju. 24 ray O LOCAL LULU Saccon LUE GUVULCIMG9 LU apped LIVROLLY. Adyaring CLLL WILL DU held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,600 in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $46,000 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 $19,800 cash Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $9,600 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 $10,900 cash. Aug. 24 Office supplies of $1,200 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 Bhed for one year, paying $3,960 ($330 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. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company received $19,100 cash Dec. 1 Tony decides to hold the company's first adventure race on December 15. Your person team will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock climbing skills. The first tean in each category to complete all checkpoints in order wins. The entry fee for each team is $520. Dee. 5 to help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid 650 in salary for each team that competen in the race. Wie salary will be paid after the race. Dec 8 The company pays $1,600 to purchase a pornit 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 $2,100 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. Dod: 11 The company payo a dividend of $5,000 ($2,500 to Tony and $2,500 to funio). Dec. 1 Uning We pronal money, rony purchases a diamond ring for $4,200. Tony surprises suute by proposing that they sht married. Susie accepta and they get married! The following information relates to year-end adjusting entries as of December 31, 2021 1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,200, 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 $1700 of office supplies purchased on July 4, $340 remains e Interest expense on the $46,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2.300 of racing supplies purchased on December 12, $170 remains. Suzie calculates that the company owes $13,500 in income taxes Great Adventures 7. Post the closing entries of retained earnings to the T-account Answer is not complete. Retained Earnings Beg. Bal. Dec. 31 Dec 31 Dec. 31 End. Bal s Required information Great Adventures Problem AP3-1 [The following information applies to the questions displayed below) 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 22,000 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 $11,000 of common stock to Sukie. Jul 1 Sell $11,000 ot common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $3,840 ($320 per month) to cover Injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,800 associated with incorporation Jul. 4 Purchase office supplies of $1,700 on account. Jul. 7 Pay for advertising of $330 to a local newspaper for an upcoming mountain biking cline to be held on July 15 Attendees will be charged 550 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $17,100 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $3,500 from 70 bikers. Tony conducts the mountain biking elinie. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinto and the company receives $4,050. Jul. 24 Pay 5740 to a local radio station for advertising to appear immediately. kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,600 in advance from 80 kayakers for the upcoming kayak elinie. Aug. 1 Great Adventures obtain a $46,000 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 annual interest is due each year on July 31. Aug. The company purchases 16 kayaks, paying $19, 100 cash ug. 10 Twenty additional kayaxers pay $3,400 (5170 each). In addition to the 59.600 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak elinie. Aug. 17 Tony conducta second kayak clinic, and the company receives $10,900 cash Aug. 24 office supplies of $1,700 purchased on July 4 are paid in full. Sep. To provide better storage of mountain bikes and kayake when not in use the company rente a storage hina - AAR MacBook Air Ju. 24 ray CO LOCAL LULU Saccon LUE GUVULLAMY LU apud LRT.LUL. Raya CLLLL WILL DU held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,600 in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $46,000 low-interent 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 $19,800 cash Aug. 10 Nenty additional kayakers pay $3,400 ($170 each), in addition to the $9,600 that was paid in advance on July 30, on the day of the elinie. Tony conducts the first kayak elinie. Aug. 17 Tony conducts a second kayak clinic, and the company receives $10,900 cash. Aug. 24 office supplies of $1,700 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 $3,960 ($330 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. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,100 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Your person team 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 $520. Dee. 5 to help organise and promote the race, Tony hires his college roommate, Vietor. Victor will be paid $50 in salary for each tean that competes in the race. Wie salary will be paid after the race. Dec 8 The company pays $1,600 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 $2,300 on account due in 30 days. Supplies include trophies for the top finishing teams in each category, promotional shirta, 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 team, and the race is held. Dec. 16 The company pays Vietor's salary of $2,000. Dec. 11 The company payo a dividend of $5,000 (2,500 to Tony and $2,500 to Busio). Decision Mappronal money, Tony purchased diamond ring for $4,200. Tony surprise foute by proposing that they sot married. Sutie accepta and they got married The following information relates to year-end adjusting entries as of December 31, 2021 1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,200, 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 $1,700 of office supplies purchased on July 4, $340 remains e Interest expense on the $46,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2.300 of racing supplies purchased on December 12, $170 remains. Suzle calculates that the company owes $13,500 in income taxes participants, and field markers to prepare the racecourse. Dec. 15 The company receives $20,800 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 $5,000 ($2,500 to Tony and $2,500 to Suzio) Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,200. Tony surprises Suzie by proposing that they get married. Suzie accepts and they got 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 $7.200. 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 $1,700 of office supplies purchased on July 4, $340 remains e Interest expense on the $46,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,300 of racing supplies purchased on December 12, $170 remains 9. Suzle calculates that the company owes $13,500 in income taxes. Great Adventures Problem AP3-1 Part 7 7. Post the closing entries of retained earnings to the T-account. Retained Earnings Beg Bal Dec. 31 Dec. 31 Dec 31 End. Bol 3.000