The following information applies to the questions displayed below] On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 31 articles of c the company, The o state that the e e Grear Advens on stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as Co-presidents of occur during July fo usiness activitie Jul. 1 Sell $14.,000 of common stock to Suzie. Jul. 1 Sell $14,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,200 ($350 per month) to cover injuries to participants during outdoor clinics. oration. Jul. 4 Purchase office supplies of $1,500 on account Jul. 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain biking clinic Jul. 8 Purchase 10 mountain bikes, paying $19,900 cash. Jul. 15 On the day of the clinic, Great Adventures recelves cash of $4,000 from 80 bikers. Tony conducts the mountain biking clinic. the clinic. be held on July 15. Attendees will be charged $50 the day $4,500 Jul. 24 Pay for advertising of $830 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $120 in advance or $170 on the day f $6.000 in advance from 50 kayakers for the upcoming kayak clinic. the clinic. Jul. 30 Great Adventures receives cash Aug. 1 Great Adventures obtains a $42,000 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 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $13.200 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to e 000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. cash es Aug. 24 Office supplies of $1.50o0 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $3.480 ($290 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,600 cash. Oct 17 Tony conducts 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 ,5 cash. receives Dec. 1 Tony decides 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 $580.Dec. 5 To help organize and promote the race. Tony from a state park where the race will be held. The amount is recorded as a miscellaneous expense.Dec. 12 The company purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams from a total of forty teams, and the race is held.Dec. 16 The company pays Victor's salary of $1,600. each category. promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.Dec. 15 The company receives $23,200 cash ec. 31 The company pays a dividend of $4,700 (S2,350 to Tony and 100 Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! to Suzie) Dec. 31 Using his personal money. Tony purcha diamond ring for The following information relates to year-end adjusting entries as f December 31, 2018. sed on July 8 and kayaks purchased on August 4 totals $7,500. h Six monthe' worh of ineurance basoved c. Four months' worth d. Of the $1,500 of office supplies purchased on July 4, $340 remains. e. Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded. rent has expired. remains g. Suzie calculates that the company owes $14.800 in income taxes. Assume the following ending balances for the month of July Balance 16.020 Cash Prepald Insurance 4,200 1,500 Supplies (Office) Equipment (Blkes) 19,900 6.000 Deferred revenue Common stock 28,000 Service revenue (Clinic) 8,500 dvertsing expense 1,200 Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 8. . 1 2 3 4 5 6 7 24 Sell $14,000 of common stock to Suzie. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2018 Clear entry ecord entry View general journal 2. Record adjusting entries as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 6 1 2 3 4 5 7 Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. Note: Enter debits before credits. General Journal Date Debit Credit Dec 31, 2018 Record entry Clear entry View general journal 3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. (Be sure to include beginning balances in the T-accounts.) Prepaid Insurance Cash Beg. Bal. Beg. Bal. End. Bal End. Bal. Prepaid Rent Supplies (Office) Beg. Bal. Beg. Bal. End. Bal. End. Bal Supplies (Racing) Equipment (Bikes) Beg. Bal. Beg. Bal. End. Bal 0 End. Bal 0 Equipment (Kayaks) Accumulated Depreciation Beq. Bal Beg. Bal. Deferred Revenue Accounts Payable Beg. Bal. Beg. Bal. End, Bal. End. Bal. Interest Payable Income Tax Payable Beg. Bal Beg. Bal End. Bal End. Bal. Notes Payable Common Stock Beq. Bal. Beq. Bal. End. Bal 0 End. Bal 0 Dividends Service Revenue (Clinic) Beg. Bal Beg. Bal. 0 End. Bal. End. Bal End. Bal. 0 End. Bal. Miscellaneous Expense Legal Fees Expense Beq. Bal. Beq. Bal. End. Bal. End. Bal. Salaries Expense Depreciation Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Rent Expense Insurance Expense Beg. Bal. Beg. Bal End. Bal. End. Bal. Supplies Expense (Office Supplies Expense (Racing) Beg. Bal Beg. Bal