Required information (The following information applies fo the questions displayed below.] Tony and Suzie graduate from college in May 2024 and begin developing their new buslness. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base. they'll hoid 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, 2024, Tony and Suzle organize their new company as a corporation. Great Adventures incorporated The articles of incorporation state that the corporation will sell 32.000 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 compary. The following besiness activities occur during July for Great Adventures. July 1 Sell 316,000 of comean stock to Serie. July 1- Sel1 $10,000 of comon steck to Tony. July 1 Purchase a pee-year insurance. policy for $4,890 (\$48e per month) to cover injuries to participants thribg outifoor elinict. July ? Fay legal ferts of $1,500 aisociated with incorporation. July 4 Purchase office supolits of $1, 100 on account. July T Pay $300 to a local newipopen for advertising to appear inediately for an upeoning sountain biking elinde to te held on July 15. Actendees will be charged sse the day of the elinic. July 6 Wrechese 10 mountain bikes, payieg 512 , 090 cash. July is On the day of the climic, Great Aswentures receives cast of $2,000 in tatal trad Aa bikers. Tony and SutIe Wwiy 2? because of the sucenss af the first mountain biking clinis, Tory and suete hold ampether montain thikiek clinte and the concuny recelives 32,300 . Pay 570 to + local nadio stat Ion for adyertisine to appear imediately. A kayakine clinic oili he helid on the following traninaction oecir over the remaindor of 2024 . Aogust 1 Gireat Adveotures obtalns a 536,000 -low-interest loan for the conpany froe the city council, Milch has recently passed an initlative encourajting bus iness developnent related to cutadoon activities. the loan is doe in threil years, and 6X annual interest is due each year on July 31. August 4 The conpany purchases 14 kayaks, paying 528 , 100 cash. Auguist 10 Tony and Surie conduct the first kayak clinic. In additioe to the $4, eed that was received in advance from kayakers an July 39 , the conpany neceives additional cash of $3 agow from 20 now kayakers on the doy of the clinke. Augest 17 Tony and Surn condect a second kayak clinic, and the conpany ceceives 510 , 500 cash. Aupust 24 office supglies of 51 , 8ae purchased on July 4 are paid in fu11. Segtenber 1 to prowide better storage of eountain bikes and kayaks when not in use, the compacy renti a sterage shed for one year, paylng $2,600 (\$200 per sonth) in advance. Septenber 21 Tony and Surie conduct a rock-climhing clinic. The copany receives 513 ,2ae cash. Detober 17 Fony and suzie conduct an orienteering elinic. Participants practice how to understand a tepegraphical map, read an itfeeter, use a coepass, and orient through hedrily wooded areas. The. coepatry receives \$17, 960 cash. Decendor 1 Tony anul Suzie decide to bold the coepany"s 1Irit adventure race en Deceebee 15: Four-person teans uitl. race fron checkpolint to checkpoint using a cosblnation of aountain biking, kayakint, orienteering, trafl ruaning, and rock-cltoping skdlis. The farst. team in each category to coeplete all checkpoint in an arder: wins. The entry fee for each teain is $509. Deceeten 5 To help arganize and promote the race, Tomy hires his college rocmate, Victor. Victor will be pali isu fii salary for wach team that coepetei in the race. His salary will be paid after the race. Decepber: 8 The-ceegany pays $1,200 to purchaie a perelt froe a state park where the race will be held. the anount in recorded as a alscellaneous expeose. 12. The coepany purchases racing supplies for 52,809 on accomht due In 3e-carb. Supplies include teophiesifpr the top-finishing teans. In each category, promotional shirts. snack foods and drinks for part Jcipants, and fleld aackers to prepare the racecourse. Deceber 15 The conpary recelves 420 , oba cath from a total of foety tedand, and the rare is helt. Decesber 16 The comperty pays Yietor's salary of 32,000. they grt married 'Suzie accepts and they got marrisd! The following infoctintion felates to year-end adjusting entries as of Dercember 34,2024 a. Depreciavion of the mountain bkes purchased on July 8 and kayaks pearcharsed on Airgust 4 totals $8,00k. C. Foin monthis of the anetivear rental adtemment burchased on Seoternber 1 fak exaired. b. Six monthl of the one-year insurance policy purchased on July t nas expirea. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,800 of office supplles 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. 9. Suzie calculates that the company owes $14,000 in income taxes. 6. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7 . (ff no entry is required trensaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet t. 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. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7 . (If n nsoction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3 Record the entry to dose the expense accounts. Noten Finter debits before credits. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and ransaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Required information (The following information applies fo the questions displayed below.] Tony and Suzie graduate from college in May 2024 and begin developing their new buslness. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base. they'll hoid 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, 2024, Tony and Suzle organize their new company as a corporation. Great Adventures incorporated The articles of incorporation state that the corporation will sell 32.000 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 compary. The following besiness activities occur during July for Great Adventures. July 1 Sell 316,000 of comean stock to Serie. July 1- Sel1 $10,000 of comon steck to Tony. July 1 Purchase a pee-year insurance. policy for $4,890 (\$48e per month) to cover injuries to participants thribg outifoor elinict. July ? Fay legal ferts of $1,500 aisociated with incorporation. July 4 Purchase office supolits of $1, 100 on account. July T Pay $300 to a local newipopen for advertising to appear inediately for an upeoning sountain biking elinde to te held on July 15. Actendees will be charged sse the day of the elinic. July 6 Wrechese 10 mountain bikes, payieg 512 , 090 cash. July is On the day of the climic, Great Aswentures receives cast of $2,000 in tatal trad Aa bikers. Tony and SutIe Wwiy 2? because of the sucenss af the first mountain biking clinis, Tory and suete hold ampether montain thikiek clinte and the concuny recelives 32,300 . Pay 570 to + local nadio stat Ion for adyertisine to appear imediately. A kayakine clinic oili he helid on the following traninaction oecir over the remaindor of 2024 . Aogust 1 Gireat Adveotures obtalns a 536,000 -low-interest loan for the conpany froe the city council, Milch has recently passed an initlative encourajting bus iness developnent related to cutadoon activities. the loan is doe in threil years, and 6X annual interest is due each year on July 31. August 4 The conpany purchases 14 kayaks, paying 528 , 100 cash. Auguist 10 Tony and Surie conduct the first kayak clinic. In additioe to the $4, eed that was received in advance from kayakers an July 39 , the conpany neceives additional cash of $3 agow from 20 now kayakers on the doy of the clinke. Augest 17 Tony and Surn condect a second kayak clinic, and the conpany ceceives 510 , 500 cash. Aupust 24 office supglies of 51 , 8ae purchased on July 4 are paid in fu11. Segtenber 1 to prowide better storage of eountain bikes and kayaks when not in use, the compacy renti a sterage shed for one year, paylng $2,600 (\$200 per sonth) in advance. Septenber 21 Tony and Surie conduct a rock-climhing clinic. The copany receives 513 ,2ae cash. Detober 17 Fony and suzie conduct an orienteering elinic. Participants practice how to understand a tepegraphical map, read an itfeeter, use a coepass, and orient through hedrily wooded areas. The. coepatry receives \$17, 960 cash. Decendor 1 Tony anul Suzie decide to bold the coepany"s 1Irit adventure race en Deceebee 15: Four-person teans uitl. race fron checkpolint to checkpoint using a cosblnation of aountain biking, kayakint, orienteering, trafl ruaning, and rock-cltoping skdlis. The farst. team in each category to coeplete all checkpoint in an arder: wins. The entry fee for each teain is $509. Deceeten 5 To help arganize and promote the race, Tomy hires his college rocmate, Victor. Victor will be pali isu fii salary for wach team that coepetei in the race. His salary will be paid after the race. Decepber: 8 The-ceegany pays $1,200 to purchaie a perelt froe a state park where the race will be held. the anount in recorded as a alscellaneous expeose. 12. The coepany purchases racing supplies for 52,809 on accomht due In 3e-carb. Supplies include teophiesifpr the top-finishing teans. In each category, promotional shirts. snack foods and drinks for part Jcipants, and fleld aackers to prepare the racecourse. Deceber 15 The conpary recelves 420 , oba cath from a total of foety tedand, and the rare is helt. Decesber 16 The comperty pays Yietor's salary of 32,000. they grt married 'Suzie accepts and they got marrisd! The following infoctintion felates to year-end adjusting entries as of Dercember 34,2024 a. Depreciavion of the mountain bkes purchased on July 8 and kayaks pearcharsed on Airgust 4 totals $8,00k. C. Foin monthis of the anetivear rental adtemment burchased on Seoternber 1 fak exaired. b. Six monthl of the one-year insurance policy purchased on July t nas expirea. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,800 of office supplles 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. 9. Suzie calculates that the company owes $14,000 in income taxes. 6. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7 . (ff no entry is required trensaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet t. 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. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7 . (If n nsoction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3 Record the entry to dose the expense accounts. Noten Finter debits before credits. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and ransaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits