Required information [The following information applies to the questions displayed below] Tony and Suzie graduate from college in May 2024 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, 2024, Tony and Suzie 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 company. The following business activities occur during July for Great Adventures. July1July1July15el1$10,000ofcomonstocktoSuzie.5sel1$10,000ofcomonstocktoTony.Purchaseaone-yearinsurancepolicyfor$4,800($40epermonth)tocoverinjuriestoparticipantsduring july 2 Patdoor clinics. $1,500 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay 3300 to a local newspaper for advertising to appear lisiediately for an upconing mountain biking clinic July g. to be held on July 15. Attendees wi11 be charged sso the doy of the clinic. July 15 Purchase 10 mountain bikes, paying \$12, 000 cash. July is on the day of the clinic, Great Adventures receives cash of \$2,000 in total fron 40 bikers. Tony and Suzie July 22 conduct the mountain biking clinic. clinic and the company receives $2,300. July 24 Pay $700 to a locol radio station for advertising to appean impediotely. A kayaking clinic will be held on July 30 August 10 , and attendees can pay $100 in odvance or $150 on the day of the clinic. The following trensactions occur ives total cash of $4,000 in advance from 40 kaybkers for the upcoring kayak clinic. August 1 . Great Adventures obtains a $30,000 low-interest loan for the compony from the city council, which has recently passed on Initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6 onnual interest is due each year on July 31. August 4 The company purchases 14 kayaks, paying $28,060cash, August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $4,000 that wos recelved in advance from kayakers on July 30 , the company receives additional cosh of $3,000 from 20 nea kayakers on the day of the clinic. August 17 Tony and suz1e conduct a second kayak clinic, and the conpany recelves $10,500 cash. August 24 office supplies of $1,800 purchased on July 4 are paid in full. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 ( $200 per month) in advance. Septenber 21 tony and Suzie conduct a rock-climbing clinic. The company recelves $13,200 cash. october 17 Tany and 5uzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a composs, and orient through heavily wooded areas. The compony receives. $17,900 cash. December 1 Tony and Suzie decide 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. Decemben 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor wil1 be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. December 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 wiscellaneous expense. December 12 The compony purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotionol shirts. snack foods and drinks for participants, and field markens to prepare the racecourse. December 15 the company recelves $20,000 cash from a total of forty teoms, and the race is held. December 16 The company pays victor's salary of $2,600. December 31 The company pays a dividend of $4,000 ( $2,000 to Tony and $2,000 to suzie). December 31 using his personal money, Tony purchases a dianond ring for $4,500. Tony surprises suzie by proposing that they get married. Suzie accepts and they get morried! The following information relates to year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. 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 $1,800 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. 9. Suzle calculates that the company owes $14,000 in income taxes 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts: 7. Post the closing entries of retained earnings to the T-account. Required information [The following information applies to the questions displayed below] Tony and Suzie graduate from college in May 2024 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, 2024, Tony and Suzie 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 company. The following business activities occur during July for Great Adventures. July1July1July15el1$10,000ofcomonstocktoSuzie.5sel1$10,000ofcomonstocktoTony.Purchaseaone-yearinsurancepolicyfor$4,800($40epermonth)tocoverinjuriestoparticipantsduring july 2 Patdoor clinics. $1,500 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay 3300 to a local newspaper for advertising to appear lisiediately for an upconing mountain biking clinic July g. to be held on July 15. Attendees wi11 be charged sso the doy of the clinic. July 15 Purchase 10 mountain bikes, paying \$12, 000 cash. July is on the day of the clinic, Great Adventures receives cash of \$2,000 in total fron 40 bikers. Tony and Suzie July 22 conduct the mountain biking clinic. clinic and the company receives $2,300. July 24 Pay $700 to a locol radio station for advertising to appean impediotely. A kayaking clinic will be held on July 30 August 10 , and attendees can pay $100 in odvance or $150 on the day of the clinic. The following trensactions occur ives total cash of $4,000 in advance from 40 kaybkers for the upcoring kayak clinic. August 1 . Great Adventures obtains a $30,000 low-interest loan for the compony from the city council, which has recently passed on Initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6 onnual interest is due each year on July 31. August 4 The company purchases 14 kayaks, paying $28,060cash, August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $4,000 that wos recelved in advance from kayakers on July 30 , the company receives additional cosh of $3,000 from 20 nea kayakers on the day of the clinic. August 17 Tony and suz1e conduct a second kayak clinic, and the conpany recelves $10,500 cash. August 24 office supplies of $1,800 purchased on July 4 are paid in full. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 ( $200 per month) in advance. Septenber 21 tony and Suzie conduct a rock-climbing clinic. The company recelves $13,200 cash. october 17 Tany and 5uzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a composs, and orient through heavily wooded areas. The compony receives. $17,900 cash. December 1 Tony and Suzie decide 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. Decemben 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor wil1 be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. December 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 wiscellaneous expense. December 12 The compony purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotionol shirts. snack foods and drinks for participants, and field markens to prepare the racecourse. December 15 the company recelves $20,000 cash from a total of forty teoms, and the race is held. December 16 The company pays victor's salary of $2,600. December 31 The company pays a dividend of $4,000 ( $2,000 to Tony and $2,000 to suzie). December 31 using his personal money, Tony purchases a dianond ring for $4,500. Tony surprises suzie by proposing that they get married. Suzie accepts and they get morried! The following information relates to year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. 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 $1,800 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. 9. Suzle calculates that the company owes $14,000 in income taxes 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts: 7. Post the closing entries of retained earnings to the T-account