The following transactions occur over the remainder of the year.

Aug.	1	Great Adventures obtains a $39,000 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 $18,200.
Aug.	10	Twenty additional kayakers pay $4,000 ($200 each), in addition to the $7,500 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 the company receives $12,100 cash.
Aug.	24	Office supplies of $1,300 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 $4,440 ($370 per month).
Sep.	21	Tony conducts a rock-climbing clinic. The company receives $13,700 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 $18,600.
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 $590.
Dec.	5	To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race.
Dec.	8	The company pays $1,100 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 $2,600 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 $23,600 to race. The race is held.
Dec.	16	The company pays Victors salary of $2,800.
Dec.	31	The company pays a dividend of $3,100 ($1,550 to Tony and $1,550 to Suzie).
Dec.	31	Using his personal money, Tony purchases a diamond ring for $3,900. Tony surprises Suzie by proposing that they get married. Suzie accepts!

The following information relates to year-end adjusting entries as of December 31, 2015.

a.	Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,400.
b.	Six months worth of insurance has expired.
c.	Four months worth of rent has expired.
d.	Of the $1,300 of office supplies purchased on July 4, $200 remains.
e.	Interest expense on the $39,000 loan obtained from the city council on August 1 should be recorded.
f.	Of the $2,600 of racing supplies purchased on December 12, $280 remains.
g.	Suzie calculates that the company owes $13,100 in income taxes.

Assume the following ending balances for the month of July.

	Balance
Cash	$	32,580
Prepaid insurance		4,680
Supplies (Office)		1,300
Equipment (Bikes)		12,400
Accounts payable		1,300
Unearned revenue		7,500
Common stock		39,000
Service revenue (Clinic)		5,350
Advertising expense		990
Legal fees expense		1,200

**Prepare the adjusted trail balance as of December 31, 2015.