The following transactions occur over the remainder of the year. Aug. 1 Suzie applies for and obtains a $47,000 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, costing $20,800. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $5,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic and receives $10,900 cash. Aug. 24 Office supplies of $1,800 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 $3,000 ($250 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,900 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. Clinic fees total $19,500. Dec. 1 Tony decides to hold the companys 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 $600. Dec. 5 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. Dec. 8 The company pays $1,200 to purchase a permit 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 $2,700 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 Forty teams pay a total of $24,000 to race. The race is held. Dec. 16 The company pays Victors salary of $2,400. Dec. 31 The company pays a dividend of $4,600 ($2,300 to Tony and $2,300 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,200. Tony surprises Suzie by proposing that they get married. Suzie accepts! The following information relates to year-end adjusting entries as of December 31, 2012. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,600. b. Six months worth of insurance has expired. c. Four months worth of rent has expired. d. Of the $1,800 of office supplies purchased on July 4, $320 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $270 remains. g. Suzie calculates that the company owes $13,600 in income taxes. Assume the following ending balances for the month of July. Balance Cash $ 9,030 Prepaid insurance 5,640 Supplies (Office) 1,800 Equipment (Bikes) 11,000 Accounts payable 1,800 Unearned revenue 5,200 Common stock 20,000 Service revenue (Clinic) 3,600 Advertising expense 1,230 Legal fees expense 1,900 Required: 1. Record transactions from August 1 through December 31. (Leave no cells blank. If no entry is required, select "No journal entry required" in the account field and enter zero (0) in the amount field. Omit the "$" sign in your response.) Date General Journal Debit Credit Aug.1, 2012 Aug.4, 2012 Aug.10, 2012 Aug.17, 2012 Aug.24, 2012 Sep.1, 2012 Sep.21, 2012 Oct.17, 2012 Dec.1, 2012 Dec.5, 2012 Dec.8, 2012 Dec.12, 2012 Dec.15, 2012 Dec.16, 2012 Dec.31, 2012 Dec.31, 2012 Record adjusting entries as of December 31, 2012. (Omit the "$" sign in your response.) Entry General Journal Debit Credit a. b. c. d. e. f. g. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. (Record the transactions in the given order. Omit the "$" sign in your response.) Cash Beg. Bal. Aug. 1 Aug. 4 Aug. 10 Aug. 24 Aug. 17 Sep. 1 Sep. 21 Dec. 8 Oct. 17 Dec. 16 Dec. 15 Dec. 31 End.bal Prepaid Insurance Beg. Bal. Dec. 31 End.bal Prepaid Rent Sep. 1 Dec. 31 End.bal Supplies (Office) Beg. Bal. Dec. 31 End.bal Supplies (Racing) Dec. 12 Dec. 31 End.bal Equipment (Bikes) Beg. Bal. End.bal Equipment (Kayaks) Aug. 4 End.bal Accumulated Depreciation Dec. 31 End.bal Accounts Payable Aug. 24 Beg. Bal. Dec. 12 End.bal Unearned Revenue Aug. 10 Beg. Bal. End.bal Interest Payable Dec. 31 End.bal Income Tax Payable Dec. 31 End.bal Notes Payable Aug. 1 End.bal Common Stock Beg. Bal. End.bal Dividends Dec. 31 End.bal Service Revenue (Clinic) Beg. Bal. Aug. 10 Aug. 17 Sep. 21 Oct. 17 End.bal Service Revenue (Racing) Dec. 15 End.bal Advertising Expense Beg. Bal. End.bal Legal Fees expense Beg. Bal. End.bal Miscellaneous Expense Dec. 8 End.bal Salaries Expense Dec. 16 End.bal Depreciation Expense Dec. 31 End.bal Insurance Expense Dec. 31 End.bal Rent Expense Dec. 31 End.bal Supplies Expense (Office) Dec. 31 End.bal Supplies Expense (Racing) Dec. 31 End.bal Interest Expense Dec. 31 End.bal Income Tax Expense Dec. 31 End.bal Prepare an adjusted trial balance as of December 31, 2012. (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity), Equity, Revenues, and Expenses. Omit the "$" sign in your response.) GREAT ADVENTURES, INC. Adjusted Trial Balance December 31, 2012 Accounts Debit Credit $ $ Totals $ $ For the period July 1 to December 31, 2012, prepare an income statement. (Input all amounts as positive values. Omit the "$" sign in your response.) GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2012 Revenues: $ Total revenues $ Expenses: Total expenses $ For the period July 1 to December 31, 2012, prepare an statement of stockholders equity. All account balances on July 1 were zero. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) GREAT ADVENTURES, INC. Statement of Stockholders Equity For the period ended December 31, 2012 Common Stock Retained Earnings Total Stockholders' Equity $ $ $ $ $ $ Prepare a classified balance sheet as of December 31, 2012. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.) GREAT ADVENTURES, INC. Balance Sheet December 31, 2012 Assets Liabilities $ $ Total current liabilities Total current assets Stockholders' Equity Total stockholders equity Total assets $ Total liabilities and stockholders equity $ Record closing entries as of December 31, 2012. (Omit the "$" sign in your response.) Date General Journal Debit Credit Dec.31, 2012 Post the closing entries of retained earnings to the T-accounts. (Record the transactions in the given order. Omit the "$" sign in your response.) Retained Earnings End.bal Prepare a post-closing trial balance as of December 31, 2012. (The items in a Trial Balance should be grouped as follows: Assets, Liabilities (in order of their liquidity), Equity, Dividend, Revenues, and Expenses. Omit the "$" sign in your response.) GREAT ADVENTURES, INC. Post-closing Trial Balance December 31, 2012 Accounts Debit Credit $ $ Totals $ $