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 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.

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 $25,000$ 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.

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 $$4,320($ $$360$ per month$)$ in advance.

September $21$ Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$14,800$ cash.

October $17$ Tony and Suzie conduct 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 $$19,800$

cash.

December $1$ Tony and Suzie decide 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 $$530.$

December $5$ 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.

December $8$ The company pays $$1,800$ to purchase a permit from a state park where the race will be held. The amount is

recorded as a miscellaneous expense.

December $12$ 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.

December $15$ The company receives $$21,200$ cash from a total of forty teams, and the race is held.

December $16$ The company pays Victor's salary of $$2,400.$

December $31$ The company pays a dividend of $$3,400($ $$1,700$ to Tony and $$1,700$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$5,200.$ 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 $f$ December $31,2024.$

a$.$ Depreciation of the mountain bikes purchased on July $8$ and kayaks purchased on August $4$ totals $$6,060.$

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 $$1,500$ of office supplies purchased on July $4,$$$260$ remains.

e$.$ Interest expense on the $$46,000$ loan obtained from the city council on August $1$ should be recorded.

f$.$ Of the $$2,700$ of racing supplies purchased on December $12,$$$210$ remains.

g$.$ Suzie calculates that the company owes $$14,300$ in income taxes.

Prepare the journal entries for transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first

account field.$)$