The following transactions occur over the remainder of the year Aug 1 Great Adventures obtains a $38,000 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 $24,700 Aug 10 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $11,200 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 the company receives $12,100 cash Aug 24 Office supplies of $1,600 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 $3,600 ($300 per month) Sep 21 Tony conducts a rock climbing clinic The company receives $14,000 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 $19,300 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 $520 Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor Victor will be paid $30 in salary for each team that competes in the race His salary will be paid after the race Dec 8 The company pays $1,700 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 $20,800 to race The race is held Dec 16 The company pays Victors salary of $1,200 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 $4,500 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 $1,600 of office supplies purchased on July 4, $270 remains e Interest expense on the $38,000 loan obtained from the city council on August 1 should be recorded f Of the $2,700 of racing supplies purchased on December 12, $140 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 $ 35,230 Prepaid insurance 3,720 Supplies (Office) 1,600 Equipment (Bikes) 12,300 Accounts payable 1,600 Unearned revenue 11,200 Common stock 36,000 Service revenue (Clinic) 6,400 Advertising expense 1,050 Legal fees expense 1,300 Record transactions from August 1 through December 31 Record adjusting entries as of December 31, 2015 Post transactions from August 1 through December 31 and adjusting entries on December 31 to T accounts Prepare an adjusted trial balance as of December 31, 2015 For the period July 1 to December 31, 2015, prepare an income statement For the period July 1 to December 31, 2015, prepare an statement of stockholders equity All account balances on July 1 were zero Prepare a classified balance sheet as of December 31, 2015 Record closing entries as of December 31, 2015 Post the closing entries of retained earnings to the T accounts Prepare a post closing trial balance as of December 31, 2015

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The following transactions occur over the remainder of the year. Aug. 1 Great Adventures obtains a $38,000 low-interest loan for the company from the city

The following transactions occur over the remainder of the year.

Aug.	1	Great Adventures obtains a $38,000 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 $24,700.
Aug.	10	Twenty additional kayakers pay $3,800 ($190 each), in addition to the $11,200 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 the company receives $12,100 cash.
Aug.	24	Office supplies of $1,600 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 $3,600 ($300 per month).
Sep.	21	Tony conducts a rock-climbing clinic. The company receives $14,000 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 $19,300.
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 $520.
Dec.	5	To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race.
Dec.	8	The company pays $1,700 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 $20,800 to race. The race is held.
Dec.	16	The company pays Victors salary of $1,200.
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 $4,500. 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 $1,600 of office supplies purchased on July 4, $270 remains.
e.	Interest expense on the $38,000 loan obtained from the city council on August 1 should be recorded.
f.	Of the $2,700 of racing supplies purchased on December 12, $140 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	$	35,230
Prepaid insurance		3,720
Supplies (Office)		1,600
Equipment (Bikes)		12,300
Accounts payable		1,600
Unearned revenue		11,200
Common stock		36,000
Service revenue (Clinic)		6,400
Advertising expense		1,050
Legal fees expense		1,300

Record transactions from August 1 through December 31.
Record adjusting entries as of December 31, 2015.
Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts
Prepare an adjusted trial balance as of December 31, 2015.
1. For the period July 1 to December 31, 2015, prepare an income statement.
2. For the period July 1 to December 31, 2015, prepare an statement of stockholders equity. All account balances on July 1 were zero.
3. Prepare a classified balance sheet as of December 31, 2015.
Record closing entries as of December 31, 2015.
Post the closing entries of retained earnings to the T-accounts.
Prepare a post-closing trial balance as of December 31, 2015