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ALL information is provided now. Please help me fix the errors (in red) in part 3.

24 Oradeta.conda elinie, and the company 512,000 ch 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 36,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie wil act as co presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $10,000 of common stock to Suziu. Jal. 1 Sell $10,000 o come stock to Tony. 1 Purchase one-year smurance policy for $5,040 5420 per month) to cover injuries to participants during outdoor 2 Day legal te of $1,100 seated with incorporation. Jal. + Purchase office wupplies of $1,700 an account. Jal. 7 dvertising of $320 to local evapaper for an upcoming mountain biking clinic to be held July 15. Attendees wil be charged $40 on the day of the clinic. Jul. Purchase 10 sountain bikes, paying $19,400 cash. Jul. 15 On the day of the clinic, Great Adventures receive cash of $2,000 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first sountain biking clinic, Tony holds another mountain biking clinic and the company es $2,350. Jul. 24 Pay $740 to a local radio station for advertising to appear immediately. A kayaking clinic vill be Leld an agent 10, and attendees can pay $120 in adance of $170 on the day of the clinic. Jul. 3 Great Adventures receive cash of $4,800 in advance from 4D kayakes for the upcoming kayak clinic. . 1 Great Adventures obtaina 542,000 low-interest lous for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The Loan 12 dae in three mare, dar interest sa due each year on July 31. Aug. dag. 10 Twenty naditional kayakuru pay $3,400 5170 each), in addition to the 5*, that was paid in advance July 30, on the day of the clinic. Toey conducta the first kayak elisic. Aug. 13 supplies $1,700 $1,700 purchased on July are paid in full. Sep. 1 to provide better storage of mountain bikes and kayaka when not in use, the company sents a storage hed for see yuar, paying $3,300 $280 per ronth) is advance. Sep. 21 Sony candecta rock-climbing clinic. The company receives $14,500 CA. Oct. 17 Tony conducta un orienteering clinie. Participants practice how to understand - topegruphical rap. read an altimates, we compass, and orient through heavily veeded sea. The company received $18,000 h. Dec. Se decide from checkpoint to checkpoint using combination of mountain biking, kayaking, orientering, trail running and cock-chanting skills. The first one is cach category to complete all checkpointa in Dec. So help organize and promote the race, Tony hirex his college Comte, Victor. Victor will be paid $in salary for such tee that copates in the race. llie salary will be paid after the race. Dec. The company pays $1,000 to purchase permit from a state park where the race will be held. The amount is recorded sellaneous expanze. Dec. 12 The company purchases racing supplies for $2,300 account due in 3D daya. Supplies include trophies for the top-finishing teams in each category, promotional shirta, neck foods and drinks for participants, and told markers to prepare the recoure. Dec. 15 the compey receives $27,60D cash from a total of torty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,400. Dec. 3. The company pays dividend of 54,300 (52,150 to Tony and $2,250 to Suzse). Dec. 32 Daing his personal money, Tony purchase diamond ring for 53,600. Toey surprise 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 $8.700. b. Six months of the one-year Insurance policy purchased on July 1 has expired. 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, $310 remains Interest expense on the $42.000 loan obtained from the city council on August 1 should be recorded t of the $2,300 of racing supplies purchased on December 12, $150 remains. Suzle calculates that the company owes $13,400 in income taxes. Great Adventures Problem AP3-1 Part 3 3. Post transactions from July 1 through December 31 and adjusting entries on December 31 to T-accounts. Answer is complete but not entirely correct. Cash Prepaid Insurance 18,550 Beg Bal Ju. 1 5,040 2,520 Dec 31 Beg Bal Ju. 1 Ju. 1 Jul 15 Jul. 22 Jul 30 Aug 1 OOOOOOOOOOO 18,000 18,000 2,000 2,350 4,800 42,000 3.400 5,040 M1 1,100M2 3207 19,400 MB 740 JM 24 18,200 Aug 4 1,700 Aug 24 3,360Sep 1 1,800 Duca 2,400 Due 16 4,300 Dec 31 Aug 10 End. Bal. Aug 17 Sep 21 Oct. 17 Dee. 15 olololololols 2,520 12,000 14,500 18,000 27,600 End. Bal 122,840 Prepaid Ram Supplies (Office) Beg Bal Sep 1 Beg Bal Ju. 4 3,950 1,120 Dec 31 1,700 1,390 Dec 31 End. Bal 2,240 End 310 Supplies Racing Equipment (Bikes Beg Bal Dec 12 Beg Bal JEB 2.300 2,150 Dec 31 19,400 End. Bal 150 End 19,400 Equipment (Kayak) Accumulated Depreciation Beg Bal Beg Bal Aug. 4 18,200 8,700Dec 31 End Bal 18.200 End Bal 8,700 Accounts Payable Deferred Revenue Beg Bal Aug 24 Beg Bal Aug 10 1,700 4,800 4,900 Ju. 30 1,7004 2,900 Dec 12 2,300 End Bal End Bal 0 Interest Payable Income Tax Payable Beg Bal Beg Bal 1,050 Dec 31 13,400D31 End. Bal 1,050 End Bal 13.400 Notes Payable Beg Bal Beg Bal 42,000 Aug 1 Common Stock 35,000 18,000 Ju. 1 18,000 Ju. 1 72,000 End. Bal 42,000 End. Bal Dividends Service Revenue (Clinie) 4,350 Beg Bal Beg Bal Dec. 31 4,300 4,300 Dec 31 0 End. Bal 2,000M 15 2,350 JM 22 8,200 Aug. 10 12,000 Aug 17 14,500 Sep 21 olololol X 57,050 Dec. 31 Endal 13,650 Service Revenue (Racing Advertising Expense Beg Bal Dec. 31 27,600 27,600 Dec 16 Beg Bal Jul 7 24 010 320 740 1,050 Dec 31 End. Bal 0 End. Bal Legal Fees Expense Miscellaneous Expanse Beg Bal Jul.2 Beg Bal Dee. 1,100 1,800 1,100 Dec 31 3 1,800 Dec 31 End. Bal 0 End. Bal 0 Salaries Expanse Depreciation Expense Beg Bal Dec. 16 Beg Bal Dec 31 2,400 8,700 2,400 Dec 31 3 8,700 Dec 31 End. Bal 0 End. Bal 0 Insurance Expense Rent Expense Beg Bal Dec 31 Beg Bal Dec 31 2.520 1,120 2,520 Dec 31 1,120 Dec 31 End. Bal 0 End Bal 0 Supplies Expense force) Supplies Expense (Racing Beg Bal Dec 31 Beg Bal Dec 31 1,990 2,150 1,390 Dec 31 2,150 Dec. 31 End. Bal 0 End Bal Interest Expense Income Tax Experts Beg Bal Beg Bal Dec. 31 Dec 31 1,050 13,400 1,050 Dec. 31 13,400 Dee. 31 End. Bal 0 End. Bal Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jul 01, 2021 Cash 18.000 Common Stock 18.000 2 Jul 01.2021 Cash 18.000 Common Stock 18.000 3 Jul 01, 2021 5.040 Prepaid Insurance Cash 5,040 4 Jul 02, 2021 1.100 Legal Fees Expense Cash 1,100 5 Jul 04, 2021 1,700 Supplies (Office) Accounts Payable 1.700 6 Jul 07. 2021 320 Advertising Expense Cash 320 7 Jul 08, 2021 19,400 Equipment (Bikes) Cash 19,400 8 Jul 15, 2021 Cash 2.000 Service Revenue (Clinic) 2.000 9 Jul 22, 2021 Cash 2.350 Service Revenue (Clinic) 2.350 10 Jul 24, 2021 740 Advertising Expense Cash 740 11 Jul 30, 2021 4.800 Cash Deferred Revenue 4.800 12 Aug 01, 2021 Cash 42.000 Notes Payable 42.000 13 Aug 04, 2021 18 200 Equipment (Kayaks) Cash 18,200 14 Aug 10, 2021 3.400 Cash Deferred Revenue Service Revenue (Clinic) 4.800 8.200 15 Aug 17, 2021 12.000 Cash Service Revenue (Clinic) 12.000 16 Aug 24, 2021 1.700 Accounts Payable Cash 1.700 17 Sep 01, 2021 3,360 Prepaid Rent Cash 3.380 18 Sep 21, 2021 14.500 Cash Service Revenue (Clinic) 14.500 19 19 Oct 17, 2021 18.000 Cash Service Revenue (Clinic) 18.000 20 Dec 01, 2021 No Journal Entry Required 21 Dec 05, 2021 No Journal Entry Required 22 Dec 08, 2021 1.800 Miscellaneous Expense Cash 1,800 23 Dec 12, 2021 2.300 Supplies (Racing) Accounts Payable 2.300 24 Dec 15, 2021 27,600 Cash Service Revenue (Racing) 27,600 25 Dec 16, 2021 2.400 Salaries Expense Cash 2.400 26 Dec 31, 2021 4.300 Dividends Cash 4,300 27 Dec 31, 2021 No Journal Entry Required Great Adventures Problem AP3-1 Part 2 2. Record adjusting entries as of December 31, 2021. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction View journal entry warkabet Ne General Joumal 1 Dec 31, 2021 Depreciation Expense Accumulated Depreciation Credit Debat 8.700 8.700 2.520 Dec 31, 2021 ruante Expense Prepaid insurance 2,520 1,120 Dec 31, 2021 Rent Expense Prepaid Rent 1,120 Dec 31, 2021 1,300 Supplies Expense (Office Supplies (Office) 1,350 Dec 31, 2021 1,050 Interest Expense Interest Payable 1,050 Dec 31, 2021 2,150 Supplies Expense Racing) Supplies (Racing 2,150 13,400 Dec 31, 2021 come Tax Expande Income Tax Payable 13,400 24 Oradeta.conda elinie, and the company 512,000 ch 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 36,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie wil act as co presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $10,000 of common stock to Suziu. Jal. 1 Sell $10,000 o come stock to Tony. 1 Purchase one-year smurance policy for $5,040 5420 per month) to cover injuries to participants during outdoor 2 Day legal te of $1,100 seated with incorporation. Jal. + Purchase office wupplies of $1,700 an account. Jal. 7 dvertising of $320 to local evapaper for an upcoming mountain biking clinic to be held July 15. Attendees wil be charged $40 on the day of the clinic. Jul. Purchase 10 sountain bikes, paying $19,400 cash. Jul. 15 On the day of the clinic, Great Adventures receive cash of $2,000 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first sountain biking clinic, Tony holds another mountain biking clinic and the company es $2,350. Jul. 24 Pay $740 to a local radio station for advertising to appear immediately. A kayaking clinic vill be Leld an agent 10, and attendees can pay $120 in adance of $170 on the day of the clinic. Jul. 3 Great Adventures receive cash of $4,800 in advance from 4D kayakes for the upcoming kayak clinic. . 1 Great Adventures obtaina 542,000 low-interest lous for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The Loan 12 dae in three mare, dar interest sa due each year on July 31. Aug. dag. 10 Twenty naditional kayakuru pay $3,400 5170 each), in addition to the 5*, that was paid in advance July 30, on the day of the clinic. Toey conducta the first kayak elisic. Aug. 13 supplies $1,700 $1,700 purchased on July are paid in full. Sep. 1 to provide better storage of mountain bikes and kayaka when not in use, the company sents a storage hed for see yuar, paying $3,300 $280 per ronth) is advance. Sep. 21 Sony candecta rock-climbing clinic. The company receives $14,500 CA. Oct. 17 Tony conducta un orienteering clinie. Participants practice how to understand - topegruphical rap. read an altimates, we compass, and orient through heavily veeded sea. The company received $18,000 h. Dec. Se decide from checkpoint to checkpoint using combination of mountain biking, kayaking, orientering, trail running and cock-chanting skills. The first one is cach category to complete all checkpointa in Dec. So help organize and promote the race, Tony hirex his college Comte, Victor. Victor will be paid $in salary for such tee that copates in the race. llie salary will be paid after the race. Dec. The company pays $1,000 to purchase permit from a state park where the race will be held. The amount is recorded sellaneous expanze. Dec. 12 The company purchases racing supplies for $2,300 account due in 3D daya. Supplies include trophies for the top-finishing teams in each category, promotional shirta, neck foods and drinks for participants, and told markers to prepare the recoure. Dec. 15 the compey receives $27,60D cash from a total of torty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,400. Dec. 3. The company pays dividend of 54,300 (52,150 to Tony and $2,250 to Suzse). Dec. 32 Daing his personal money, Tony purchase diamond ring for 53,600. Toey surprise 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 $8.700. b. Six months of the one-year Insurance policy purchased on July 1 has expired. 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, $310 remains Interest expense on the $42.000 loan obtained from the city council on August 1 should be recorded t of the $2,300 of racing supplies purchased on December 12, $150 remains. Suzle calculates that the company owes $13,400 in income taxes. Great Adventures Problem AP3-1 Part 3 3. Post transactions from July 1 through December 31 and adjusting entries on December 31 to T-accounts. Answer is complete but not entirely correct. Cash Prepaid Insurance 18,550 Beg Bal Ju. 1 5,040 2,520 Dec 31 Beg Bal Ju. 1 Ju. 1 Jul 15 Jul. 22 Jul 30 Aug 1 OOOOOOOOOOO 18,000 18,000 2,000 2,350 4,800 42,000 3.400 5,040 M1 1,100M2 3207 19,400 MB 740 JM 24 18,200 Aug 4 1,700 Aug 24 3,360Sep 1 1,800 Duca 2,400 Due 16 4,300 Dec 31 Aug 10 End. Bal. Aug 17 Sep 21 Oct. 17 Dee. 15 olololololols 2,520 12,000 14,500 18,000 27,600 End. Bal 122,840 Prepaid Ram Supplies (Office) Beg Bal Sep 1 Beg Bal Ju. 4 3,950 1,120 Dec 31 1,700 1,390 Dec 31 End. Bal 2,240 End 310 Supplies Racing Equipment (Bikes Beg Bal Dec 12 Beg Bal JEB 2.300 2,150 Dec 31 19,400 End. Bal 150 End 19,400 Equipment (Kayak) Accumulated Depreciation Beg Bal Beg Bal Aug. 4 18,200 8,700Dec 31 End Bal 18.200 End Bal 8,700 Accounts Payable Deferred Revenue Beg Bal Aug 24 Beg Bal Aug 10 1,700 4,800 4,900 Ju. 30 1,7004 2,900 Dec 12 2,300 End Bal End Bal 0 Interest Payable Income Tax Payable Beg Bal Beg Bal 1,050 Dec 31 13,400D31 End. Bal 1,050 End Bal 13.400 Notes Payable Beg Bal Beg Bal 42,000 Aug 1 Common Stock 35,000 18,000 Ju. 1 18,000 Ju. 1 72,000 End. Bal 42,000 End. Bal Dividends Service Revenue (Clinie) 4,350 Beg Bal Beg Bal Dec. 31 4,300 4,300 Dec 31 0 End. Bal 2,000M 15 2,350 JM 22 8,200 Aug. 10 12,000 Aug 17 14,500 Sep 21 olololol X 57,050 Dec. 31 Endal 13,650 Service Revenue (Racing Advertising Expense Beg Bal Dec. 31 27,600 27,600 Dec 16 Beg Bal Jul 7 24 010 320 740 1,050 Dec 31 End. Bal 0 End. Bal Legal Fees Expense Miscellaneous Expanse Beg Bal Jul.2 Beg Bal Dee. 1,100 1,800 1,100 Dec 31 3 1,800 Dec 31 End. Bal 0 End. Bal 0 Salaries Expanse Depreciation Expense Beg Bal Dec. 16 Beg Bal Dec 31 2,400 8,700 2,400 Dec 31 3 8,700 Dec 31 End. Bal 0 End. Bal 0 Insurance Expense Rent Expense Beg Bal Dec 31 Beg Bal Dec 31 2.520 1,120 2,520 Dec 31 1,120 Dec 31 End. Bal 0 End Bal 0 Supplies Expense force) Supplies Expense (Racing Beg Bal Dec 31 Beg Bal Dec 31 1,990 2,150 1,390 Dec 31 2,150 Dec. 31 End. Bal 0 End Bal Interest Expense Income Tax Experts Beg Bal Beg Bal Dec. 31 Dec 31 1,050 13,400 1,050 Dec. 31 13,400 Dee. 31 End. Bal 0 End. Bal Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jul 01, 2021 Cash 18.000 Common Stock 18.000 2 Jul 01.2021 Cash 18.000 Common Stock 18.000 3 Jul 01, 2021 5.040 Prepaid Insurance Cash 5,040 4 Jul 02, 2021 1.100 Legal Fees Expense Cash 1,100 5 Jul 04, 2021 1,700 Supplies (Office) Accounts Payable 1.700 6 Jul 07. 2021 320 Advertising Expense Cash 320 7 Jul 08, 2021 19,400 Equipment (Bikes) Cash 19,400 8 Jul 15, 2021 Cash 2.000 Service Revenue (Clinic) 2.000 9 Jul 22, 2021 Cash 2.350 Service Revenue (Clinic) 2.350 10 Jul 24, 2021 740 Advertising Expense Cash 740 11 Jul 30, 2021 4.800 Cash Deferred Revenue 4.800 12 Aug 01, 2021 Cash 42.000 Notes Payable 42.000 13 Aug 04, 2021 18 200 Equipment (Kayaks) Cash 18,200 14 Aug 10, 2021 3.400 Cash Deferred Revenue Service Revenue (Clinic) 4.800 8.200 15 Aug 17, 2021 12.000 Cash Service Revenue (Clinic) 12.000 16 Aug 24, 2021 1.700 Accounts Payable Cash 1.700 17 Sep 01, 2021 3,360 Prepaid Rent Cash 3.380 18 Sep 21, 2021 14.500 Cash Service Revenue (Clinic) 14.500 19 19 Oct 17, 2021 18.000 Cash Service Revenue (Clinic) 18.000 20 Dec 01, 2021 No Journal Entry Required 21 Dec 05, 2021 No Journal Entry Required 22 Dec 08, 2021 1.800 Miscellaneous Expense Cash 1,800 23 Dec 12, 2021 2.300 Supplies (Racing) Accounts Payable 2.300 24 Dec 15, 2021 27,600 Cash Service Revenue (Racing) 27,600 25 Dec 16, 2021 2.400 Salaries Expense Cash 2.400 26 Dec 31, 2021 4.300 Dividends Cash 4,300 27 Dec 31, 2021 No Journal Entry Required Great Adventures Problem AP3-1 Part 2 2. Record adjusting entries as of December 31, 2021. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction View journal entry warkabet Ne General Joumal 1 Dec 31, 2021 Depreciation Expense Accumulated Depreciation Credit Debat 8.700 8.700 2.520 Dec 31, 2021 ruante Expense Prepaid insurance 2,520 1,120 Dec 31, 2021 Rent Expense Prepaid Rent 1,120 Dec 31, 2021 1,300 Supplies Expense (Office Supplies (Office) 1,350 Dec 31, 2021 1,050 Interest Expense Interest Payable 1,050 Dec 31, 2021 2,150 Supplies Expense Racing) Supplies (Racing 2,150 13,400 Dec 31, 2021 come Tax Expande Income Tax Payable 13,400