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Required information [The following information applles to the questions displayed below.] Tony and Suzie graduate from college in May 2024 and begin developing their new

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Required information [The following information applles 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 activlties such as mountain biking or kayaking. Upon developing a customer base, theyll 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 nun, they plan to sell outdoor qear 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. Iony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 2 Sell $10,000 of comon stock to Suzie. July 2 Sell 510 , eve of comion stock to Tony. July 1 Purchase a one-year insurance policy for $4,300 (\$460 per nenth) to cover injuries to participanti during July 2 Pay legal fees of 31,5e0 essociated with iscorporation. July 4 Purchase office supplies of 11 , 800 on accourt. July 7 Pay 5300 to a local nemsper foe ddvertisine to appear imediately for an upcomine nountain biking clinic: Toly to to be held on July 15. Attendees will be chareed sse the doy of the clinic. July 22 conduct the mountazn biking clinic. Because of the success of the first movntain biking clinic, Tony and Surie hold another movitain bikines. July 24 Clinie and the coppaoy recelves \$2,300. 5700 to a local cadio station for advertising to uppear innediately. A koyaking clinic will be held on. The following trantactions occur over the reasinder of 2024. recently passed an initiative encouraging business developaent related to outdoor activities. The loan is due in three years, and 65 annual interest is due each year on July 31 . August A The company purchases 14 kayaks, paying $28,090cash. August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $4, 000 that was received in advance from kayakers on July 30, the conpany receives additional cash of $3,090 fnoe 20 new kayakers on the day of the clinic. August 17 Tony and Suzie conduct a second kayak clinic, and the company receives 510,500 cash. August 24 0ffice supplies of $1,800 purchased on July 4 are paid in ful1. September 1 To provide better storage of nountain bikes and kayaks when not in use, the conpany rents a storage shed for one year, paying $12,490 (\$20e per month) in advance. September 21. Tony and Suzie conduct a cock-climbing clinic. The conpany receives $13,200 cash. October 17 Tony and Suzie 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 coepany receives $17,900 cash. Deceeber 1. Tony and Suzie decide to hold the company's first adventure race on Decenber 15. Four-persae teans will race fron checkpoint to checkpoint using a conbination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in each category to conplete all checkpoints in order wins. The entry fee for each teain is $500. December 5 To help organize and pronote the race, Tony hires his college roonmate, Victer. Victor will be paid s5e in salary for each tean that conpetes 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 anount is recorded as a miscellaneous expense. Deceeber 12. The coepany purchases cacing supplies for 32,890 on account due in Je days. Sopplies include troplies for the top-finishing teass in each categony, pronotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Decenber 15 The company receives 520,600 cash from a total of forty teans, and the race is held. December 16 The company pays Yictor's salary of $2,000. Deceeber 31 The company pays a dividend of 14,000($2,000 to Tony and $2,000 to 5 Suzie). Decenber 31 Using his personal money, Tony purchoses a dianond ring for 54,500. fony wurprises suite by proposirie that they get married. Suzie accepts and they ttet narried! The Iollowing information relates 10 year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on Auguat 4 totals $8.000 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. 1. 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. 3. Post transactions from July 1 through December 31 and adlusting and closing entries on December 31 to T.accounts. 7. Post the closing entries of retained earnings to the T-account. Notes Payable Credit Beginning Balarice Boginning Belance Endiog Balance Required information [The following information applles 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 activlties such as mountain biking or kayaking. Upon developing a customer base, theyll 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 nun, they plan to sell outdoor qear 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. Iony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 2 Sell $10,000 of comon stock to Suzie. July 2 Sell 510 , eve of comion stock to Tony. July 1 Purchase a one-year insurance policy for $4,300 (\$460 per nenth) to cover injuries to participanti during July 2 Pay legal fees of 31,5e0 essociated with iscorporation. July 4 Purchase office supplies of 11 , 800 on accourt. July 7 Pay 5300 to a local nemsper foe ddvertisine to appear imediately for an upcomine nountain biking clinic: Toly to to be held on July 15. Attendees will be chareed sse the doy of the clinic. July 22 conduct the mountazn biking clinic. Because of the success of the first movntain biking clinic, Tony and Surie hold another movitain bikines. July 24 Clinie and the coppaoy recelves \$2,300. 5700 to a local cadio station for advertising to uppear innediately. A koyaking clinic will be held on. The following trantactions occur over the reasinder of 2024. recently passed an initiative encouraging business developaent related to outdoor activities. The loan is due in three years, and 65 annual interest is due each year on July 31 . August A The company purchases 14 kayaks, paying $28,090cash. August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $4, 000 that was received in advance from kayakers on July 30, the conpany receives additional cash of $3,090 fnoe 20 new kayakers on the day of the clinic. August 17 Tony and Suzie conduct a second kayak clinic, and the company receives 510,500 cash. August 24 0ffice supplies of $1,800 purchased on July 4 are paid in ful1. September 1 To provide better storage of nountain bikes and kayaks when not in use, the conpany rents a storage shed for one year, paying $12,490 (\$20e per month) in advance. September 21. Tony and Suzie conduct a cock-climbing clinic. The conpany receives $13,200 cash. October 17 Tony and Suzie 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 coepany receives $17,900 cash. Deceeber 1. Tony and Suzie decide to hold the company's first adventure race on Decenber 15. Four-persae teans will race fron checkpoint to checkpoint using a conbination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in each category to conplete all checkpoints in order wins. The entry fee for each teain is $500. December 5 To help organize and pronote the race, Tony hires his college roonmate, Victer. Victor will be paid s5e in salary for each tean that conpetes 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 anount is recorded as a miscellaneous expense. Deceeber 12. The coepany purchases cacing supplies for 32,890 on account due in Je days. Sopplies include troplies for the top-finishing teass in each categony, pronotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Decenber 15 The company receives 520,600 cash from a total of forty teans, and the race is held. December 16 The company pays Yictor's salary of $2,000. Deceeber 31 The company pays a dividend of 14,000($2,000 to Tony and $2,000 to 5 Suzie). Decenber 31 Using his personal money, Tony purchoses a dianond ring for 54,500. fony wurprises suite by proposirie that they get married. Suzie accepts and they ttet narried! The Iollowing information relates 10 year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on Auguat 4 totals $8.000 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. 1. 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. 3. Post transactions from July 1 through December 31 and adlusting and closing entries on December 31 to T.accounts. 7. Post the closing entries of retained earnings to the T-account. Notes Payable Credit Beginning Balarice Boginning Belance Endiog Balance

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