Prep General Journal entries, GL, Trial balance, Income statement, Statement of SE, Balance sheet.

Project I-GL SOIL Ware 1 Saved 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. 100 points 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 34,000 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. eBook Print Reference Jul. 1 Sell $17,000 of common stock to Suzic. Jul. 1 Sell $17,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,560 ($380 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 associated with incorporation. Jul. 4 Purchase office supplies of $1,500 on account. Jul. 7 Pay for advertising of $200 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. 8 Purchase 10 mountain bikes, paying $14,300 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,000 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 $2,350. Jul. 24 Pay $740 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic. Jul. 30 Great Adventures receives cash of $6,500 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $34,600 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 $23,800 cash. Aug. 10 Twenty additional kayakers pay $3,680 ($180 each), in addition to the $6,500 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 $11,100 cash. Aug. 24 Office supplies of $1,500 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 $4,560 ($380 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 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 $19,500 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 rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $680. Dec. 5 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 100 points eBook Print Reference 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 $23,800 cash. Aug. 18 Twenty additional kayakers pay $3,600 $180 each), in addition to the $6,500 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 $11, 103 cash. Aug. 24 Office supplies of $1,500 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 $4,558 (5388 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,300 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a tapographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,508 cash. Dec. 1 Tony decides to hold the company's first adventure race an December 15. Four- person teans 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 $680. Dec. 5 To help organize and promote the race, Tony hires his college roonnate, Victor Victor will be paid $5 in salary for each tean that competes in the race. His salary will be paid after the race. Dec. 8 The company pays si, 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 far $2,398 an 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 $27,280 cash from a total of forty teans, and the race is held. Dec. 16 The company pays Victor's salary of $2,900. Dec. 31 The company pays a dividend of $4,300 $2,250 to Tony and s2,159 to Suziel. Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,399. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to year and adjusting entries as of December 31, 2021. a Depreciation of the mountain bikes purchased on July and knyaks purchased on August 4 totals $7, 620. 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 $1,500 of office supplics purchased on July 4, $390 remains. c. Interest expense on the $34,000 loan obtained from the city counci on August 1 should be recorded. f. Of the $2,300 of racing suppies purchased on December 12, $200 remains Suzie calculates that the company owes $15.000 in income taxes. General General Trial Income Statem... Balance Require... Journal Ledger Balance Statem... of SE Sheet The ending balance values from the General Ledger tab flows through to the Trial Balance below. Check my wo Dec. 31 The company pays a dividend of $4,382 ($2,150 to Tony and $2,158 ta Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,398. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! 00 points The folowing information relates to year-end adjusting entries us of December 31, 2021 cok a. Depreciation of the mountain bikes purchased on Juy Band kaya purchased on August 1 totals $7,620 b. Sx months of the one your insurance policy purchased on July 1 has expired. c Four months of the one year rental agreement purchased on September 1has expired d. Of the $1,50D of office supples purchased on uy 4, $390 remains e Interest expense on the $34.000 loan obtained from the city council on August 1 should be recorded + Of the $2300 of racing supplies purchased on December 12. $200 remains. g Sucie calculates that the company owes $15.000 in income taxes Print Reference General General Trial Income Statem... Balance Require.. Journal Ledger Balance Statem... of SE Sheet Each journal entry is posted aut Trial Balance general ledger. Post-closi General Ledger Account Cash Debit Supplies (Office) Debit Credit Na. Data Credit Balance No. Date Balance 2010 Jul 01, 2021 17.000 1,500 1,500 17.000 34.000 Jul 04 Dec 31 Jul 01. 17,000 2021 1110 290 E 4,560 29,440 Jul 02. 12021 1,300 28,140 Jul 07, 6 200 2021 27,940 # Jul 08 14,300 13,640 72021 Jul 15. B2021 2,000 15,640 + Jul 22 92021 2,350 17,990 740 2021 Jul 30, 2021 17,250 23,750 -' 6,500 2 Aug 01. 12 34,000 57,750 2021 Aug 04. C. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,500 of office supplies purchased on July 4, $390 remains. e. Interest expense on the $34,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12, $200 remains. g. Suzie calculates that the company owes $15,000 in income taxes. 100 points X Answer is not complete. Require... General General Trial Income Statem... Balance *** | Journal | Ledger Balance Statem... of SE | Sheet Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Show less A Post-closi GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Clinic) Service Revenue (Racing) $ 0 Total Revenues Expenses: Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Supplies Expense (Office) Salaries Expense Rent Expense kokksskss | Total Expense 0 0 points to prepare the racecourse. Dec. 15 The company receives $27,200 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 $4,300 $2,150 to Tony and $2,150 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,300. 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 $7,620. 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 $1,500 of office supplies purchased on July 4, $390 remains. e. Interest expense on the $34,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12, $200 remains. g. Suzie calculates that the company owes $15,000 in income taxes. Answer is not complete. Require... General General Trial Income Statem... Balance | Journal | Ledger Balance Statem... of SE Sheet Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. Post-closi GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the year ended December 31, 2021 Common Retained Stock Earnings Balance at July 1 Add: Issuance of Commons Commons 34,000 Stock Add: Net Income for 2021 Less: Dividends Balance at December 31 $ 34,000 $ 0 Total Stockholders' Equity 34,000 $ 34,000 Income Statement Balance Sheet > THC TUMU VY MULTIULUILICIULJOYLULUU UUUJLIITY CIILLILJUJOLUCCIIICIU, LULI. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,620. 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 $1,500 of office supplies purchased on July 4, $390 remains. e. Interest expense on the $34,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12, $200 remains. g. Suzie calculates that the company owes $15,000 in income taxes. Answer is not complete. Require... General General Journal Ledger Trial Income Balance Statem... Statem... of SE Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Post-closi Assets Current Assets: Cash Supplies (Office) Supplies (Racing) Prepaid Rent Prepaid Insurance 20 2,300 850 15,000 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Liabilities Current Liabilities: 94,690 Accounts Payable 390 Interest Payable 200 Income Taxes Payable 3,040 2,280 Total Current Liabilities Notes Payable 100,600 Total Liabilities Stockholders' Equity 14,300 Common Stock 23,800 (7,620) Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders $ 131,080 Equity 18,150 34,000 52,150 Total Current Assets Long-term assets: Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation 34,000 0 44,930 78,930 $131.080 Total Assets THC TUMU VY MULTIULUILICIULJOYLULUU UUUJLIITY CIILLILJUJOLUCCIIICIU, LULI. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,620. 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 $1,500 of office supplies purchased on July 4, $390 remains. e. Interest expense on the $34,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12, $200 remains. g. Suzie calculates that the company owes $15,000 in income taxes. Answer is not complete. Require... General General Journal Ledger Trial Income Balance Statem... Statem... of SE Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Post-closi Assets Current Assets: Cash Supplies (Office) Supplies (Racing) Prepaid Rent Prepaid Insurance 20 2,300 850 15,000 GREAT ADVENTURES, Inc. Balance Sheet December 31, 2021 Liabilities Current Liabilities: 94,690 Accounts Payable 390 Interest Payable 200 Income Taxes Payable 3,040 2,280 Total Current Liabilities Notes Payable 100,600 Total Liabilities Stockholders' Equity 14,300 Common Stock 23,800 (7,620) Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders $ 131,080 Equity 18,150 34,000 52,150 Total Current Assets Long-term assets: Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation 34,000 0 44,930 78,930 $131.080 Total Assets