post the closing entries 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 dinics 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. in biking orkules that race from they plan to 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 28,000 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 $14,890 of common stock to Suzie. Jul. 1 Sell $14,000 of common stock to Tony Jul. 1 Purchase a one-year insurance policy for $5,280 ($440 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,700 associated with incorporation Jul. 4 Purchase office supplies of $1,400 on account Jul. 7 Pay for advertising of $400 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic Jul. 8 Purchase 10 mountain bikes, paying $19,400 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $1.000 from 40 bikers. Tony conducts the mountain biking clinic. Jul, 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,200. Jul. 24 Pay $950 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $149 in advance or $190 on the day of the clinic Jul. 30 Great Adventures receives Cash of $5,600 in advance from 40 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $31,000 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. Aug. 4 The company purchases 14 kayaks, paying $17,600 cash. Aug. 10 Twenty additional kayakers pay $3,300 ($190 each), in addition to the $5,000 that was paid in advance on July 30, on the day of the clinic. Tory conducts the first kayak clinic Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,000 cash. Aug. 24 Office supplies of $1,400 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 $4,329 ($360 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13, 400 cash Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical read