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Sorry for the amount of pics. I just need help with last three to make sure they are correct, Thank you:) Tony and Suzie graduate
Sorry for the amount of pics. I just need help with last three to make sure they are correct, Thank you:)
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 24,000 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. July1July1July1participantsduringoutdoorclinics.Juty4Sell$12,000ofcommonstocktoSuzie.Sell$12,000ofcommonstocktoTony.Purchaseaone-yearinsurancepolicyfor$4,080($340permonth)tocoverinjuriestoPaylegalfeesof$1,500associatedwithincorporation.Purchaseofficesuppliesof$1,500onaccount.July7 July 1 Sell $12,000 of common stock to Suzie. July 1 Sell $12,000 of common stock to Tony. July 1 Purchase a one-year insurance policy for $4,080 ( $340 per month) to cover injuries to July 2 participants during outdoor clinics. July 4 Purchase of fice supplies of $1,500 on account. July 7 Pay $350 to a local newspaper for advertising to appear imediately for an upcoming mountain butly 8 bing clinic to be held on July 15. Attendees will be charged $60 on the day of the clinic. Purchase 10 mountain bikes, paying $15,000 cash. July 15 On the day of the clinic, Great Adventures receives cash of $4,800 from 80 bikers. Tony and July 22 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic, and the company receives $5,3e0. Juty 24 Pay $830 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $130 in advance or $180 on the day of the clinic. July 30 Great Adventures receives cash of $7,800 in advance from 60 kayakers for the upcoming kayak clinie. The following transactions occur over the remainder of 2024. August 1 August 4 August 10 August 17 August 24 September 1 September 21 October 17 December 1 Decenber 5 December 8 December 12 December 15 December 16 Great Adventures obtains a $44,000 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 68 annual interest is due each year on July 31. The company purchases 14 kayaks, paying $21,000 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $7,800 that was received in advance from kayakers on Juty 30 , the company receives additional cash of $3,600 from 20 new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak elinfe, and the company receives $10,800 cash. office supplies of $1,500 purchased on July 4 are paid in fult. 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. Tony and Suzie conduct a rock-climbing clinic. The company receives $15,100 cash. Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,700 cash. Tony and Suzie decide to hold the company's first adventure race on December 15 . Four-person teams witl 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 $620. To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $2,000 to purchase a permit from a state park where the race will be held. The amount is recorded as a misceltaneous expense. The company purchases racing supplies for $2,200 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. The company receives $24,800 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $2,400. vecember is ine company receives $24,406 casn tron a total of rorty teams, and the race is neld. Decenber 16 The company pays Victor's satary of $2,400. Decenber 31 The company pays a dividend of $3,400($1,700 to Tony and $1,700 to Suzie). Decenber 31 Using his personat money, Tony purchases a diamond ring for $5,200. 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 $7,200. 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 $1,500 of office supplies purchased on July 4,$340 remains. e. Interest expense on the $44,000 loan obtained from the city council on August 1 should be recorded. f Of the $2,200 of racing supplies purchased on December 12,$240 remains. 9. Suzle calculates that the company owes $14,500 in income taxes. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. entures FroDicm - Manual Fostm... \begin{tabular}{|c|c|c|c|c|} \hline 17 & September 01 & 1 Prepaid Rent & 2,400 & \\ \hline & & Cash & & 2,400 \\ \hline \multirow[t]{2}{*}{18} & & & 15,100 & \\ \hline & & Service Revenue (Clinic) & & 15,100 \\ \hline & & & & \\ \hline \multirow[t]{2}{*}{19} & October 17 & Cash & 18,700 & \\ \hline & & Service Revenue (Clinic) & & 18,700 \\ \hline 20 & December 01 & No Journal Entry Required & & \\ \hline 21 & December 05 & No Journal Entry Required & & \\ \hline \multirow[t]{2}{*}{22} & December 08 & Miscellaneous Expense & 2,000 & \\ \hline & & Cash & 77 & 2,000 \\ \hline \multirow[t]{2}{*}{23} & December 12 & Supplies (Racing) & 2,200 & 7 \\ \hline & & Accounts Payable & & 2,200 \\ \hline \multirow[t]{2}{*}{24} & December 15 & Cash & 24,800 & \\ \hline & & Service Revenue (Racing) & & 24,800 \\ \hline 25 & December 16 & Salaries Expense & 2,400 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline 26 & December 31 & Dividends & 3,400 & \\ \hline & & Cash & & 3,400 \\ \hline 27 & December 31 & No Joumal Entry Required & & \\ \hline \multirow[t]{2}{*}{28} & Docember 31 & Depreciation Expense & 7,200 & \\ \hline & & Accumulated Depreciation & & 7,200 \\ \hline \multirow[t]{3}{*}{29} & December 31 & Insurance Expense & 2,040 & \\ \hline & & Prepaid Insurance & & 2.040 \\ \hline & & & & \\ \hline \multirow[t]{2}{*}{30} & December 31 & Rent Expense & 800 & \\ \hline & & Propaid Rent & & 800 \\ \hline \multirow[t]{2}{*}{31} & December 31 & Supplies Exponse (Office) & 1,160 & \\ \hline & & Supplies (Office) & & 1,160 \\ \hline \multirow[t]{2}{*}{32} & December 31 & Interest Expense & 1,100 & \\ \hline & & Interest Payable & & 1,100 \\ \hline \multirow[t]{2}{*}{33} & December 31 & Supplies Expense (Racing) & 1,960 & \\ \hline & & Supplies (Racing) & & 1,960 \\ \hline 34 & December 31 & Income Tax Expense & 14,500 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & & & 1,160 & \\ \hline & December 31 & Supplies Expense (Office) & & 1,160 \\ \hline & & Supplies (Office) & 1,100 & \\ \hline 32 & December 31 & Interest Expense & & 1,100 \\ \hline & & Interest Payable & 1,960 & \\ \hline 33 & December 31 & Supplies Expense (Racing) & & 1,960 \\ \hline & & Supplies (Racing) & & \\ \hline & & & 14,500 & \\ \hline 34 & December 31 & Income Tax Expense & & \\ \hline & & Income Taxes Payable & 14,500 \\ \hline 35 & December 31 & No Journal Entry Required & & \\ \hline & & & & \\ \hline 36 & December 31 & No Joumal Entry Required & & \\ \hline & & & & \\ \hline 37 & December 31 & No Journal Entry Required & & \\ \hline \end{tabular} Requirement General Ledger GREAT ADVENTURES, INCORPORATED Trial Balance December 31, 2024 \begin{tabular}{|c|c|c|c|} \hline & Account Title & Debit & Credit \\ \hline QCash & & 104,440 & \\ \hline Q Accounts Recolvablo A & & 7,800 & \\ \hline Pupples (Orfice) & & 340 & \\ \hline S Supplies (Racing) & & 240 & \\ \hline Erepaid Rent & & 1.600 & \\ \hline Prepaid Insurance & & 2,040 & \\ \hline DEquipment(Bkes) & & 15,000 & \\ \hline Equipment (Kayaks) & & 21,000 & \\ \hline Accumutated Depreciation & & & 7,200 \\ \hline BAccountsPayable & & & 2,200 \\ \hline EinterostPayable & & & 1,100 \\ \hline Eincome Taxes Payable & & & 14,500 \\ \hline QNotesPayable & & & 44,000 \\ \hline Q Common Stock & & & 24,000 \\ \hline PDividends & & 3,400 & \\ \hline QServiceRevenue(Clinic) & & & 73,900 \\ \hline Pservice Revenue (Racing) & & & 24,800 \\ \hline CAdvertising Expense & & 1,180 & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline QCommonStock & & 24,000 \\ \hline Dividends & 3,400 & \\ \hline QSemice Revenuo (Clinic) & & 73,900 \\ \hline Wervide Revenue (Racing) & & 24,800 \\ \hline Advertising Expense. & 1,180 & \\ \hline QDeprociation Expense & 7.200 & \\ \hline QSuppliesExpense(Office) & 1,160 & \\ \hline Q Supples Expense (Racing) & 1.960 & \\ \hline QSalariesExpense & 2,400 & \\ \hline Einterest Expense & 1,100 & \\ \hline Prent Expense & 800 & \\ \hline Dincome Tax Expense & 14,500 & \\ \hline DLgal Fees Expense & 1,500 & \\ \hline Pinsurance Expense & 2,040 & \\ \hline QMiscollaneous Expense & 2,000 & \\ \hline Total & 191.700 & 191.700 \\ \hline \end{tabular} GREAT ADVENTURES, INCORPORATED Adjusted \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ GREAT ADVENTURES, INCORPORATED } \\ \hline \multicolumn{6}{|c|}{ Statement of Stockholders' Equity } \\ \hline \multicolumn{6}{|c|}{ For the year ended December 31, 2024} \\ \hline & & Stock & \begin{tabular}{l} Retained \\ Earnings \end{tabular} & Stoc & \begin{tabular}{l} tal \\ olders' \\ uity \end{tabular} \\ \hline Balance at July 1 & $ & 12,000 & & $ & 12,000 \\ \hline Add: Issuance of Common Stock & & 24,000 & & & 24,000 \\ \hline Add: Net Income for 2024 & & & 62,860 & & 62,860 \\ \hline Less: Dividends & & & (3,400) & & (3,400) \\ \hline Balance at December 31 & $ & 36,000 & 59,460 & $ & 95,460 \\ \hline \end{tabular} Income Statement Balance Sheet > Adjusted \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ GREAT ADVENTURES, INCORPORATED } \\ \hline \multicolumn{6}{|c|}{ Balance Sheet } \\ \hline \multicolumn{6}{|c|}{ December 31,2024} \\ \hline & & & Liabilities & & \\ \hline Current Assets: & & & Current Liabilities: & & \\ \hline Cash & Q5 & 104,440 & Accounts Payable & s & 2,200 \\ \hline Prepaid Insurance & & 2,040 & Income Taxes Payable & e & 14,500 \\ \hline Supplies (Office) & & 340 & Interest Payable & & 1,100 \\ \hline \multirow[t]{4}{*}{ Supplies (Racing) } & & 240 & & & \\ \hline & & & Total Current Liabilities & & 17,800 \\ \hline & & & \multicolumn{3}{|l|}{ Long-term Liabilities: } \\ \hline & & & Notes Payable & & 44,000 \\ \hline Total Current Assets & & 107,060 & Total Long-term Liabilities & & 61,800 \\ \hline \multicolumn{3}{|l|}{ Long-term assets: } & \multicolumn{3}{|c|}{ Stockholders' Equity } \\ \hline Accumulated Depreciation & & (7,200) & Common Stock & & 24,000 \\ \hline Equipment (Bikes) & & 15,000 & Retained Earnings & & 59,460 \\ \hline \multirow{2}{*}{ Equipment (Kayaks) } & & 21,000 & & & \\ \hline & & 0 & Total Stockholders' Equity & & 83,460 \\ \hline Total Assets & $ & 135,860 & Total Liabilities and Stockholders' Equity & $ & 145,260 \\ \hline \end{tabular} Statement of SE Step by Step Solution
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