Record transactions from July 1 through December 31

aug 1) suzie applies for and obtains a $30,000 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, costing $28,000. aug 10) twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 that was paid in advance on july 20, on the day of the clinic. tony conducts the first kayak clinic. aug 17) tony conducts a second kayak clinic and receives $10,500 cash. aug 24) office supplies of $1,800 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, purchasing a one-year rental policy for $2,400 ($200 per month). sep 21) tony conducts a rock-climbing clinic. the company receives $13,200 cash. oct 17) tony conducts an orienting clinic. participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. clinic fees total $17,900. 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 $500. 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 race. his salary will be paid after the race. dec 8) the company pays $1,200 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 $2,800 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) forty teams pay a total of $20,000 to race. the race is held. dec 16) the company pays victor salary of $2,000. dec 31) the company pays a dividend of $4,000 ($2,000 to tony and $2,000 to suzie). dec 31) using his personal money, tony purchases a diamond ring for $4,500. tony surprises suzie by proposing that they get married. suzie accepts! the following information relates to year-end adjusting entries as of december 31,2012. a. depreciation of the mountain bikes purchased on july 8 and kayaks purchased on august 4 totals $8,000. b. six months' worth of insurance has expired. c. four months' worth of rent has expired. d. of the $1,800 of office supplies purchased on july 4, $300 remains. e. interest expense on the $30,000 loan obtained from the city council on august 1 should be recorded. f. of the $2,800 of racing supplies purchased on december 12, $200 remains. g. suzie calculates that the company owes $14,000 in income taxes. Required: 1. record all transactions 2. record adjusting entries as of december 31,2012. 3. post transactions from august 1 through december 31 and adjusting entries on december 31 to t-accounts. 4. prepare an adjusted trial balance as of december 31,2012. 5. for the period july 1 to december 31,2012, prepare an income statement and statement of stockholders' equity. Prepare a classified balance sheet as of December 31. 6. Record closing entries as of December 31. 7. Post closing entries to T-accounts. 8. Prepare a post closing trial balance as of December 31.