Prepare the journal entries for transactions.

Aug 1 Great Adventures obtains a $32,000 low-interest loan for the company fron 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 $3,800 (5199 each), in addition to the 59,860 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 $11,700 cash. Aug. 24 Office supplies of $1,900 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 53,840 (5320 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,300 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use compass, and orient through heavily wooded areas. The company receives $19,200 cash. 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 3520. Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor Victor will be paid 558 in salary for each tean that competes in the race. His salary will be paid after the race. Dec. The company pays $1,600 to purchase a permit from a state park where the race wll be The amount is recorded miscellaneous expense. Dec. 12 The company purchases racing supplies for 52,100 on account due in 3 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 52,se cath from a total of forty tens, and the race is held Dec. 26 The company pays Victor's salary of $2,000 Dec. The company pays a dividend of 55,700 (51.850 to Tony and 51,50 to Sur) Dec. Using his personal money, Tony purchases a diamond ring for 35.180 Tony surprises Susie by proposing that they get married. Suzie accepts and they get married Dec. 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 $5,600 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. Or the $1900 of office supplies purchased on July 4, 5230 remains. e Interest expense on the $32.000 loan obtained from the city council on August 1 should be recorded Of the $2100 of racing supplies purchased on December 12, 5120 remains g. Suzie calculates that the company owes $13.600 in income taxes 12 Great Adventures obtains a $32,000 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 $17,600 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 $11,700 cash. Note : journal entry has been entered Record entry Clear entry 16 Office supplies of $1,900 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 $3,840 ($320 per month) in advance. 18 Tony conducts a rock-climbing clinic. The company receives $14,300 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 wooded areas. The company receives $19,200 cash. 20 Tony decides to hold the company's first adventure race journal entry has been entered Note : 21. 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 race. His salary will be paid after the race. us ars 22 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. 23 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. 24 The company receives $20,800 cash from a total of forty Note : journal entry has been entered x 24 The company receives $20,800 cash from a total of forty teams, and the race is held. 25 The company pays Victor's salary of $2,000. yf US ars 26 The company pays a dividend of $3,700 ($1,850 to Tony and $1,850 to Suzie). 27 Using his personal money, Tony purchases a diamond ring for $5,300. 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 $5,600. Note - journal entry has been entered 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 $1,900 of office supplies purchased on July 4, $230 remains. 32 Prepare the adjusting entry for interest. Interest expense on the $32,000 loan obtained from the city council on August 1 should be recorded. August 1 should be recorded. 33 Prepare the adjusting entry for racing supplies. Of the $2,100 of racing supplies purchased on December 12, $120 remains. y fo usi ars, 34 Prepare the adjusting entry for income taxes. Suzie calculates that the company owes $13,600 in income taxes. 35 Prepare the closing entry for revenue. 36 Prepare the dosing entry for expenses. 37. Prepare the closing entry for cash dividends. Aug 1 Great Adventures obtains a $32,000 low-interest loan for the company fron 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 $3,800 (5199 each), in addition to the 59,860 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 $11,700 cash. Aug. 24 Office supplies of $1,900 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 53,840 (5320 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,300 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use compass, and orient through heavily wooded areas. The company receives $19,200 cash. 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 3520. Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor Victor will be paid 558 in salary for each tean that competes in the race. His salary will be paid after the race. Dec. The company pays $1,600 to purchase a permit from a state park where the race wll be The amount is recorded miscellaneous expense. Dec. 12 The company purchases racing supplies for 52,100 on account due in 3 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 52,se cath from a total of forty tens, and the race is held Dec. 26 The company pays Victor's salary of $2,000 Dec. The company pays a dividend of 55,700 (51.850 to Tony and 51,50 to Sur) Dec. Using his personal money, Tony purchases a diamond ring for 35.180 Tony surprises Susie by proposing that they get married. Suzie accepts and they get married Dec. 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 $5,600 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. Or the $1900 of office supplies purchased on July 4, 5230 remains. e Interest expense on the $32.000 loan obtained from the city council on August 1 should be recorded Of the $2100 of racing supplies purchased on December 12, 5120 remains g. Suzie calculates that the company owes $13.600 in income taxes 12 Great Adventures obtains a $32,000 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 $17,600 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 $11,700 cash. Note : journal entry has been entered Record entry Clear entry 16 Office supplies of $1,900 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 $3,840 ($320 per month) in advance. 18 Tony conducts a rock-climbing clinic. The company receives $14,300 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 wooded areas. The company receives $19,200 cash. 20 Tony decides to hold the company's first adventure race journal entry has been entered Note : 21. 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 race. His salary will be paid after the race. us ars 22 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. 23 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. 24 The company receives $20,800 cash from a total of forty Note : journal entry has been entered x 24 The company receives $20,800 cash from a total of forty teams, and the race is held. 25 The company pays Victor's salary of $2,000. yf US ars 26 The company pays a dividend of $3,700 ($1,850 to Tony and $1,850 to Suzie). 27 Using his personal money, Tony purchases a diamond ring for $5,300. 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 $5,600. Note - journal entry has been entered 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 $1,900 of office supplies purchased on July 4, $230 remains. 32 Prepare the adjusting entry for interest. Interest expense on the $32,000 loan obtained from the city council on August 1 should be recorded. August 1 should be recorded. 33 Prepare the adjusting entry for racing supplies. Of the $2,100 of racing supplies purchased on December 12, $120 remains. y fo usi ars, 34 Prepare the adjusting entry for income taxes. Suzie calculates that the company owes $13,600 in income taxes. 35 Prepare the closing entry for revenue. 36 Prepare the dosing entry for expenses. 37. Prepare the closing entry for cash dividends