Required Information [The following information applies to the questions displayed below] Tony and Suzle 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 hil hold their first acventure races. These races wilf involve four-person teams that race from one checkpoint to the next using a combination of kayaking. mountain biking. orienteering. and tral running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthuslasts. 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 24,000 shares of common stock for \$1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following business activities occur during July for Greot Adventures. July 1 Sell $12, ees of coenon stock to Suzie. July 1 sel1 $12,000 of conton stock to Tony. July 1 Purchase a one-year insurance policy for $4,920 (\$41e per month) to cover injuries to participants during july 2 Pay legal fees of $1,200 associated with incorporation. july 4 Purchase office supplies of $1,300 on account. july 7 Pay $350 to a local newspoper for advertising to appear innediately for an upcoming nountain biking clinic july g to be held on July 15. Attendees will be charged $40 the day of the clinic. july 15 furchase 10 nountain bikes, paying $19,790 cash. July 15 On the day of the clinic, Great Adventures receives cast of 32 , 800 in total fron 70 , bikers. Tony and sutle july 22 conducts the sountain biking clinic. 3uly 24 pay 1890 to a local radio station for advertising to appear inaediately. A kayaking clinic will be held on Auly'ust 10 , and attendees can pay $120 in advance or $170 on the day of the clinic. the following transactions occur over the remalnder of, 2024. August 1 Great adventures obtains a 530,000 low-interest loan for the coapany fron the city counci1, which has recently passed an initiative encouraging bosiness developnent related to outdoor activities. The loan is the in three years, and 6t annual interest is due each year on july 31. August 4 The conpany purchases 14 kayaks, payine 520,400 cash. August io Tony and suzie conduct the first kayak ciinic. In addition to the 57,200 that was received in advance from kayakers on 3uly 30 , the conpany recelves additional cash of $3,400 from tienty new kayakers on the day of the clinic. August 17 Tony and suzie conducts a second kayak clinic, and the company receives 511,500 cash. August 24 office supplies of $1,300 purchased on July 4 are pald in full. Septenber 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, poying $4, 300 ( 5400 per nonth) in advance. septenber 21 Tony and suzle conduct a rock-climbing clinic. The conpany recelves $14,700 cash. october 17 Tony and suzie conduct an orienteering clinic. Participants practice how to understand a topographical nap, resd an altineter, use a compass, and orient through heavily wooded areas. The coepany receives $18,900 cash. Decenber 1 Tony and suzfe decide to hold the coopany's first adventure race on Decenber 15, Four-person teaas wil1 cace fros checkpoint to checkpoint using a conbination of mountain biking, kayaking, orienteering, trail running, and rock-ciimbing skills. The first tean in each category to copplete all checkpoints in order wins. The entry fee for each tean is 5680. 0ecenber 5 To help oreanize and pronote the race, Tony hires his college roomate, victor. victor wa11 be paid s7o in salary for each tean that conpetes in the race. His salary, will be paid after the race. Decenber i the coopary pays $1, see to purchase a pereit fron a state park where the race ian be held. The anount is recorded as a aiscellaneous expense. Decesber 12 The coopany purchases racing supplies for $2,700 on account due in 30 days. Supplies include trophies for Sel1 $12,600 of conmon stock to Suzie. Sell $12,060 of common stock to Tony. Purchase a one-year insurance policy for \$4,920 (\$410 per month) to cover injuries to participants during outdoor clinics. july 7 Pay $350 to a local newspaper for advertising to appear immediately for an upcoming nountain biking clinic to be held on july 15 . Attendees will be charged s4e the day of the clinic. July 8 Purchase 10 mountain bikes, paying $19,700 cash. July 15 on the day of the clinic, Great Adventures receives cash of 52,800 in total fron 70 bikers. Tony and Suzie July 22 conducts the mountain biking clinic. July 24 clinic and the company receives $3,100. July 30 August 10 , and attendees can pay $120 in advance or $17 on the day of the clinic. The following transactions occur over the remainder of 2024 . August 1 Great Adventures obtains a $30,000. 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. August 4 The conpany purchases 14 kayaks, paying $20,408 cash. August 10 Tony and suzie conduct the first kayak clinic. In addition to the $7,280 that was received in advance fron kayakers on July 30 , the company receives additional cash of $3,400 from twenty new kayakers on the day of the clinic. August 17 Tony and suzie conducts a second kayak clinic, and the conpany receives \$11, 50e cash. August 24 office supplies of $1,300 purchased on July 4 are paid in full. septenber 1 To provide better storage of nountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,800 ( $400 per nonth) in advance. septenber 21 tony and suzie conduct a rock-climbing clinic. The conpany receives $14,760 cash. october 17 Tony and suzle conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altineter, use a compass, and orient through heavily wooded areas. The company receives $18,900 cash. December 1 Tony and suzie decide to hold the conpany's first adventure race on Decenber 15. Four-person teans will race fron checkpoint to checkpoint using a combination of nountain biking, kayaking, orienteering, trail running, and rock-clinbing skills. The first tean in each category to complete all checkpoints in order wins. The entry fee for each tean is $680. Decenber 5 To help organize and pronote the race, Tony hires his college roomate, victor. victor will be paid s7e in salary for each team that competes in the race. His salary will be paid after the race. december 8 The company pays $1,860 to purchase a perait from a state park where the race will be held. The anount is recorded as a niscellaneous expense. Decenber 12 The company purchases racing supplies for $2,760 on account due in 3e days. Supplies include trophies for the top-finishing teans in each category, promotionsl shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Deceeber 15 The coopany receives 527,200 cash fron a total of forty teans, and the race is held. Decenber 16 The company pays victor's salary of $2,383. Decenber 31 the company pays a dividend of $4,900($2,450 to tony and $2,450 to suzie). December 31 using his personal money, Tony purchases a diamond ring for $5,4ee. Tony surprises 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, 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 pollcy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,300 of office suppiles purchased on July 4,$360 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f of the $2.700 of racing supplies purchased on December 12,$290 remains: 9. Suzle calculates that the company owes $13,600 in income taxes. 4. Prenare an adiusted trial balance as of December 31,2024. Required Information [The following information applies to the questions displayed below] Tony and Suzle 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 hil hold their first acventure races. These races wilf involve four-person teams that race from one checkpoint to the next using a combination of kayaking. mountain biking. orienteering. and tral running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthuslasts. 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 24,000 shares of common stock for \$1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following business activities occur during July for Greot Adventures. July 1 Sell $12, ees of coenon stock to Suzie. July 1 sel1 $12,000 of conton stock to Tony. July 1 Purchase a one-year insurance policy for $4,920 (\$41e per month) to cover injuries to participants during july 2 Pay legal fees of $1,200 associated with incorporation. july 4 Purchase office supplies of $1,300 on account. july 7 Pay $350 to a local newspoper for advertising to appear innediately for an upcoming nountain biking clinic july g to be held on July 15. Attendees will be charged $40 the day of the clinic. july 15 furchase 10 nountain bikes, paying $19,790 cash. July 15 On the day of the clinic, Great Adventures receives cast of 32 , 800 in total fron 70 , bikers. Tony and sutle july 22 conducts the sountain biking clinic. 3uly 24 pay 1890 to a local radio station for advertising to appear inaediately. A kayaking clinic will be held on Auly'ust 10 , and attendees can pay $120 in advance or $170 on the day of the clinic. the following transactions occur over the remalnder of, 2024. August 1 Great adventures obtains a 530,000 low-interest loan for the coapany fron the city counci1, which has recently passed an initiative encouraging bosiness developnent related to outdoor activities. The loan is the in three years, and 6t annual interest is due each year on july 31. August 4 The conpany purchases 14 kayaks, payine 520,400 cash. August io Tony and suzie conduct the first kayak ciinic. In addition to the 57,200 that was received in advance from kayakers on 3uly 30 , the conpany recelves additional cash of $3,400 from tienty new kayakers on the day of the clinic. August 17 Tony and suzie conducts a second kayak clinic, and the company receives 511,500 cash. August 24 office supplies of $1,300 purchased on July 4 are pald in full. Septenber 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, poying $4, 300 ( 5400 per nonth) in advance. septenber 21 Tony and suzle conduct a rock-climbing clinic. The conpany recelves $14,700 cash. october 17 Tony and suzie conduct an orienteering clinic. Participants practice how to understand a topographical nap, resd an altineter, use a compass, and orient through heavily wooded areas. The coepany receives $18,900 cash. Decenber 1 Tony and suzfe decide to hold the coopany's first adventure race on Decenber 15, Four-person teaas wil1 cace fros checkpoint to checkpoint using a conbination of mountain biking, kayaking, orienteering, trail running, and rock-ciimbing skills. The first tean in each category to copplete all checkpoints in order wins. The entry fee for each tean is 5680. 0ecenber 5 To help oreanize and pronote the race, Tony hires his college roomate, victor. victor wa11 be paid s7o in salary for each tean that conpetes in the race. His salary, will be paid after the race. Decenber i the coopary pays $1, see to purchase a pereit fron a state park where the race ian be held. The anount is recorded as a aiscellaneous expense. Decesber 12 The coopany purchases racing supplies for $2,700 on account due in 30 days. Supplies include trophies for Sel1 $12,600 of conmon stock to Suzie. Sell $12,060 of common stock to Tony. Purchase a one-year insurance policy for \$4,920 (\$410 per month) to cover injuries to participants during outdoor clinics. july 7 Pay $350 to a local newspaper for advertising to appear immediately for an upcoming nountain biking clinic to be held on july 15 . Attendees will be charged s4e the day of the clinic. July 8 Purchase 10 mountain bikes, paying $19,700 cash. July 15 on the day of the clinic, Great Adventures receives cash of 52,800 in total fron 70 bikers. Tony and Suzie July 22 conducts the mountain biking clinic. July 24 clinic and the company receives $3,100. July 30 August 10 , and attendees can pay $120 in advance or $17 on the day of the clinic. The following transactions occur over the remainder of 2024 . August 1 Great Adventures obtains a $30,000. 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. August 4 The conpany purchases 14 kayaks, paying $20,408 cash. August 10 Tony and suzie conduct the first kayak clinic. In addition to the $7,280 that was received in advance fron kayakers on July 30 , the company receives additional cash of $3,400 from twenty new kayakers on the day of the clinic. August 17 Tony and suzie conducts a second kayak clinic, and the conpany receives \$11, 50e cash. August 24 office supplies of $1,300 purchased on July 4 are paid in full. septenber 1 To provide better storage of nountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,800 ( $400 per nonth) in advance. septenber 21 tony and suzie conduct a rock-climbing clinic. The conpany receives $14,760 cash. october 17 Tony and suzle conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altineter, use a compass, and orient through heavily wooded areas. The company receives $18,900 cash. December 1 Tony and suzie decide to hold the conpany's first adventure race on Decenber 15. Four-person teans will race fron checkpoint to checkpoint using a combination of nountain biking, kayaking, orienteering, trail running, and rock-clinbing skills. The first tean in each category to complete all checkpoints in order wins. The entry fee for each tean is $680. Decenber 5 To help organize and pronote the race, Tony hires his college roomate, victor. victor will be paid s7e in salary for each team that competes in the race. His salary will be paid after the race. december 8 The company pays $1,860 to purchase a perait from a state park where the race will be held. The anount is recorded as a niscellaneous expense. Decenber 12 The company purchases racing supplies for $2,760 on account due in 3e days. Supplies include trophies for the top-finishing teans in each category, promotionsl shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Deceeber 15 The coopany receives 527,200 cash fron a total of forty teans, and the race is held. Decenber 16 The company pays victor's salary of $2,383. Decenber 31 the company pays a dividend of $4,900($2,450 to tony and $2,450 to suzie). December 31 using his personal money, Tony purchases a diamond ring for $5,4ee. Tony surprises 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, 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 pollcy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,300 of office suppiles purchased on July 4,$360 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. f of the $2.700 of racing supplies purchased on December 12,$290 remains: 9. Suzle calculates that the company owes $13,600 in income taxes. 4. Prenare an adiusted trial balance as of December 31,2024