[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 theirfirst 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 27.000 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. July 1 Sell $13,500 of common stock to suzie. 201y 1 Sell $13,580 of common stock to Tony. july 1 Purchase a one-year insurance policy for $4,320 ( $360 per month) to cover injurles to participants during outdooe cilnics. Pay legal fees of 51,100 afsociated with incarporotion. Purchesin office supplises of $1,400 on account. to be hete on guly is. Attendece aill be charged sso the doy of the elinic. Purshase 10 nountaln bikes, poying 517,250 caph. condricts the mountsin biking clinite. fecsuse of the sucess of the flrst mourtain biking clinfe, Tony and suzfe holds another mountoin biking: silinte and the company recelves $4,329. The company purchoses ta kaysiks. payins 519,000 cosh. the clinse. August 17 Tony and Suzle conducts a second kayak elinic, and the company receives.\$11,800:cash. August 24 Offlce supplies of $1,409 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 $3,090 ( $250 per month) in advance. September 21 Tony opd Suzie conduct a rock-cliebing clinic. The company receives $14,400 cash. october 17 Tony and Suzle conduct on orienteering clinic. Participants practice how to understand a topographical eap, read on altimeter, use o conposs, and ocient through heavily wooded areas. The cenpany recelves. $10,200cash. December 1 Tony and Suzie decide to hold the company's first adventure race on December 15 . Four-person teans inll1 roce from checkpoint to checkpoint using a conbination of nountain biking, Kayoking, orienteening, trail runatig, and rock-cilabing skills, The first team in each category to complete all checkpoinks in order wins, The entry fee for each team is $540. December s To belp organize and promote the race, Tony hires his college roocmate, Victor. Victor will be paid s5e in salary for each tean that competes in the race. His salary will be pald after the race. Decenber 8 . The company pays $1,560 to purchase a pernit froin a state pork where the race will be held. The ainount 1 . recorded as a miscellaneous expense. December 12 The conpary purchases rocing supplies for $2,000 on account due in 30 doys, Supplies 1 include trophies for the top-finishing teans in each cotegory, pronotional shirts, snack foods and drinks for participants, and tield harkers to prepare the resecourse. Decenber 15 The compeny recelves 521,600 cash from a total of forty teals, and the cace is held, December 16 . The company pays victor's salory of $2,000. Decenber 31 . The company pays a dividend of $4,102($2,050 to Tony and $2,050 to 54z1e). December 31 Using his pecsonal money. Tony furchoses o diamond ring for $4,000. Tony surpelses suzie by proposirig that thity get narpied, Suzie occepts and they get bacriedi The following information relates to year-end adjusting entries as of Decembei 31,2024 a: Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,500 b. Six months of the one-year insurance policy purchased on July 1 has expired c. Fourmonths of the oneyear rental agreement purchased on September 1 has expired: d. Of the $1,400 of office supplies purchased on July 4,$230 remains: e Interest expense on the $49.000 loan obtained from the city courtil on August 1 shoutd be recorded. 1 Of the $2000 of racing supplies purchased on December 12, $190 remains. 9 Suzie calculates that the company owes $14,400 in income taxes. 8. Prepare a post-closina trial balance as of December 312024 \begin{tabular}{l} Supplies (Racing) \\ Equipment (Bikes) \\ Equipment (Kayaks) \\ Accumulated Depreciation \\ \hline Accounts Payable \\ \hline Income Tax Payable \\ \hline Interest Payable \\ \hline Notes Payable \\ \hline Common Stock \\ \hline Retained Earnings \\ \hline Dividends \\ \hline Service Revenue (Clinic) \\ \hline Service Revenue (Racing) \\ \hline Advertising Expense \\ \hline Depreciation Expense \\ \hline Income Tax Expense \\ \hline Insurance Expense \\ \hline Interest Expense \\ \hline Legal Fees Expense \\ \hline Miscellaneous Expense \\ \hline Rent Expense \\ \hline Salaries Expense \\ \hline Supplies Expense (Office) \\ \hline Supplies Expense (Racing) \\ \hline Totals \end{tabular}