These are all parts of the same question, not separate questions. Also for part 3, that is how the problem is supposed to be set up.

Tony and Suzie graduate from college in May 2021 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 their first 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. Part 3 of 8 On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 23,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following transactions occur from July 1 through December 31. 9.37 points eBook Print References Jul. 1 Sell $11,500 of common stock to Suzie. Jul. 1 Sell $11,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,980 associated with incorporation. Jul. 4 Purchase office supplies of $1,989 on account. Jul. 7 Pay for advertising of $299 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 on the day of the clinic. Jul. & Purchase 10 mountain bikes, paying $18,300 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,200 from 70 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,750. Jul. 24 Pay $800 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,800 in advance from 62 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $41,088 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 $18,700 cash. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $7,800 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 $11,600 cash. Aug. 24 Office supplies of $1,980 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 for one year, paying $4,200 ($350 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $15,280 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 receives $18,180 cash. 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 $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 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 $2,900 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 The company receives $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,800. Dec. 31 The company pays a dividend of $4,980 ($2,450 to Tony and $2,450 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,780. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following Information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,900. b. Six months of the one-year Insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. Dec. 16 The company pays victor's salary of $2,000 Dec. 31 The company pays a dividend of $4,980 ($2,458 to Tony and $2,450 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,780. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! Part 3 of 8 The following Information relates to year-end adjusting entries as of December 31, 2021. 9.37 points a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,9 b. Six months of the one-year Insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,900 of office supplies purchased on July 4, $290 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12, $270 remains. g. Suzle calculates that the company owes $13,500 In Income taxes. eBook Print 3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. References Prepaid Insurance Beg. Bal. Beg. Bal. Aug. 1 Aug. 17 Sep. 21 Oct. 17 Dec. 15 Cash 13.780 41,000 11,600 15,200 18,100 20,000 End. Bal 0 18,700 (Aug. 4 1,900 Aug. 24 4,200 Sep. 1 1,700 Dec. 8 2,000 Dec. 16 4,900 Dec. 31 86,280 Prepaid Rent Supplies (Office) Beg Bal Beg. Bal. End. Bal. End. Bal Supplies (Racing) Equipment (Bikes) Beg. Bal Beg. Bal End. Bal. End. Bal. Equipment (Kayaks) Accumulated Depreciation Bea Bal Bea. Bal. Required information Accounts Payable Deferred Revenue Part 3 of 8 Beg. Bal. Beg. Bal. 9.37 points End. Bal. O End. Bal. O Interest Payable Income Tax Payable Beg. Bal. Beg. Bal. eBook End. Bal. 0 End. Bal. o Print Notes Payable Common Stock References Beg. Bal. Beg. Bal. 23.000 End. Bal. 0 End. Bal. 23,000 Dividends Service Revenue (Clinic) 8,950 Beg. Bal. Beg. Bal. End. Bal. o End. Bal. 8.950 Service Revenue (Racing) Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Legal Fees Expense Miscellaneous Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Expense Depreciation Expense Beg. Bal. Beg. Bal. ....Find.. Bal ..... . .. Bal. Service Revenue (Racing) Advertising Expense Part 3 of 8 Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 9.37 points Legal Fees Expense Miscellaneous Expense Beg. Bal. Beg. Bal. eBook End. Bal. End. Bal Print Salaries Expense Depreciation Expense Beg. Bal. Beg. Bal. References End. Bal. End. Bal. Insurance Expense Rent Expense Beg. Bal Beg. Bal. End. Bal. End. Bal. Supplies Expense (Office) Supplies Expense (Racing) Beg. Bal Beg. Bal. End. Bal. 0 End. Bal. 0 Interest Expense Income Tax Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Part 6 of 8 Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $4,980 ($2,450 to Tony and $2,450 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,788. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. 9.37 points Skipped a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,900. b. Six months of the one-year Insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,900 of office supplies purchased on July 4, $290 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12, $270 remains. g. Suzle calculates that the company owes $13,500 In Income taxes. eBook Print References 6. Record closing entries as of December 31, 2021. (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 Record the closing of revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Record entry Clear entry View general journal Part 6 of 8 Dec. 31 The company pays a dividend of $4,980 ($2,450 to Tony and $2,450 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,789. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. 9.37 points Skipped a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,900. b. Six months of the one-year Insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,900 of office supplies purchased on July 4, $290 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12, $270 remains. g. Suzle calculates that the company owes $13,500 In Income taxes. eBook Print References 6. Record closing entries as of December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list 1 Record the closing of revenue accounts. 2 Record the closing of expense accounts. 3 Record the closing of dividends account. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Part 7 of 8 9.37 points Skipped ULL. 1 TUM LUHUULLS dll Ullereering LIINIL. Pal'LILI PalllS rallile luw LU undersLallu d LupograprILal lla, Fedu dll altimeter, use a compass, and orient through heavily wooded areas. The company receives $18, 180 cash. 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 $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 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 $2,900 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 The company receives $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $4,980 ($2,450 to Tony and $2,450 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,780. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! eBook Print The following Information relates to year-end adjusting entries as of December 31, 2021. References a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,900. b. Six months of the one-year Insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,900 of office supplies purchased on July 4, $290 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12, $270 remains. g. Suzle calculates that the company owes $13,500 In Income taxes. 7. Post the closing entries of retained earnings to the T-account. Retained Earnings Beg. Bal. End. Bal "TOf the $2,900 of racing supplies purchased on December 12, $270 remains. g. Suzle calculates that the company owes $13,500 In Income taxes. Part 8 of 8 8. Prepare a post-closing trial balance as of December 31, 2021. 9.37 points Skipped GREAT ADVENTURES, Inc. Post-closing Trial Balance December 31, 2021 Accounts Debit Credit Cash eBook Prepaid Insurance Print References Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Totals