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 irvolve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain being. Orienteering, and trail running. In the long run, they plon to sell outdoor gear and develop a ropes course for outdoor enthusiasts. 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 wil sell 37,000 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 transactions occur from July 1 through December 31 Jul. 1 Sel1 518, see of ccenon stock to Suzie. Ju1. 1 Sell 515 , see of comion stock to Tocy. Jol. 1 purchase 2 one-year insurance policy for 54,440 (5373 per acnth) to cover lajuries to participants during outdoor clinics. Jul. 2 pay legal fees of 51,36e associated with incerponation. Jul. 4 Purchase office supplies of 51,6e9 on account. Jul. 7 Pay for asvertising of 5200 to 2 local pewspapen for an upcotirg noustaln biking clinte to be beld on July 15 . Attendees wil be chariged 550 on the day of the clindc. Jul, 8 purchare io mountain bikes, pyying $10,70 cash. Jol. 15 On the day of the clinic, Great Advotures cecelves cash of 52, Sed froe se bikers. Tony conducts theimountain biking clintic. Jul. 22 because of the soccess of the first nountain biking clinfc, fony holds another mountain biking clinic and the coepany Ja1. 24 Pay $700 to a local radio station for advertising to appear infediately. A kayaking clingc wil11 be held oo Aogust 10, and Jol. Ja Grevt. Adventures receives cash of $7,300 on the day of the clinjc. AQk- 1 Great Adventures obtains a $48, Edy lowinterest losn for the corpary for the upconing kayak clinic. inftiative encouraging business develocepterte related for the cotpary fros the city council, which has recently passed an interest is due each year on July 31. toutdoor activities. The loan is due in three years, and 6t anneal Aog. 19 Twenty additional kayakers pay 53 , eatis. $14,200 calh. day of the clinic. Tooy conducts the (517s each), in addition to the 57,200 that was paid in advance on Jaly 30 , oo the Aug. 17 Tomy conducts a second kayak clinfic, first kayak clintc. Sep. 1 To provide better, storape of sountain bikes and kayaks when not in paying 53,4kg(5290 per, nonth) in advance, Sep. 21 . Tony congs Gep. 21 Tony conducts a rock-clifebinit clinfc. The coepaty rectives 115,06a cast. coopass, and arient through heav2ly wooded areas. The compary recelves s19, 169 caih. first teat in each category to copplete all chtckpoints in cherienterbrigg, trail running, and rockrelinbing skills. The Aec. 5 to help organdze and prosote the race, Toby hires his college motrat. The entry fee for pach rean is 5500 . tean that corpetes in the rake. His salary will be padd after phe race, victor, Victor will be pald ise in salary for tach 8. The cotpany pays 51,9ed to purchare a pertit from paid after che race. mircellaneous expense. racecourse, Dec. 16 the coepany pays. Victor's isalary of s2, total of forty teass, and the race is held. Dec. 31 The coepany pays a dividend of $4,3eg ( $2,15e to Tony and $2,159 to surte). Dec, 31 Uning his perional eoniy, Tony purchases a diatond ring for 55, eev. Tony wurprises surie by preposing that they get married, Suzie accepts and they eit rarried! 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 $5.000 b. Sox monthg' of the onesyear ingurance policy purchased on Juy 1 has expired. c. Four months of the oneyear rental agreement purchased on Septernber 1 has expired. d. Or the $1,600 of office supples purchased on July 4, $280 remains. e. Interest expense on the $48.000 ioan obtained frorn the cay council on August 1 should be recorded. 9. Suzie celcurates of recing supples purchased on December 12,5220 remains. Iournal entrv worksheet Note: Enter debits before credits Choose the appropriate accounts to be reported on the income staternent. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Wying the dropolowm buttons, sebect the kerm that accurately descrbes the values that elther increase or decrease the balance indicated. Selfet'Adjustod' freen the dropdovvn, which will then popalate the bolances in these accounter fiom thee tris balance, The balance sheet is the accounting equation: Assets = Libilibes + Equity. Each asset and liability account is reported separrately on the balince aheet. 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 irvolve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain being. Orienteering, and trail running. In the long run, they plon to sell outdoor gear and develop a ropes course for outdoor enthusiasts. 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 wil sell 37,000 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 transactions occur from July 1 through December 31 Jul. 1 Sel1 518, see of ccenon stock to Suzie. Ju1. 1 Sell 515 , see of comion stock to Tocy. Jol. 1 purchase 2 one-year insurance policy for 54,440 (5373 per acnth) to cover lajuries to participants during outdoor clinics. Jul. 2 pay legal fees of 51,36e associated with incerponation. Jul. 4 Purchase office supplies of 51,6e9 on account. Jul. 7 Pay for asvertising of 5200 to 2 local pewspapen for an upcotirg noustaln biking clinte to be beld on July 15 . Attendees wil be chariged 550 on the day of the clindc. Jul, 8 purchare io mountain bikes, pyying $10,70 cash. Jol. 15 On the day of the clinic, Great Advotures cecelves cash of 52, Sed froe se bikers. Tony conducts theimountain biking clintic. Jul. 22 because of the soccess of the first nountain biking clinfc, fony holds another mountain biking clinic and the coepany Ja1. 24 Pay $700 to a local radio station for advertising to appear infediately. A kayaking clingc wil11 be held oo Aogust 10, and Jol. Ja Grevt. Adventures receives cash of $7,300 on the day of the clinjc. AQk- 1 Great Adventures obtains a $48, Edy lowinterest losn for the corpary for the upconing kayak clinic. inftiative encouraging business develocepterte related for the cotpary fros the city council, which has recently passed an interest is due each year on July 31. toutdoor activities. The loan is due in three years, and 6t anneal Aog. 19 Twenty additional kayakers pay 53 , eatis. $14,200 calh. day of the clinic. Tooy conducts the (517s each), in addition to the 57,200 that was paid in advance on Jaly 30 , oo the Aug. 17 Tomy conducts a second kayak clinfic, first kayak clintc. Sep. 1 To provide better, storape of sountain bikes and kayaks when not in paying 53,4kg(5290 per, nonth) in advance, Sep. 21 . Tony congs Gep. 21 Tony conducts a rock-clifebinit clinfc. The coepaty rectives 115,06a cast. coopass, and arient through heav2ly wooded areas. The compary recelves s19, 169 caih. first teat in each category to copplete all chtckpoints in cherienterbrigg, trail running, and rockrelinbing skills. The Aec. 5 to help organdze and prosote the race, Toby hires his college motrat. The entry fee for pach rean is 5500 . tean that corpetes in the rake. His salary will be padd after phe race, victor, Victor will be pald ise in salary for tach 8. The cotpany pays 51,9ed to purchare a pertit from paid after che race. mircellaneous expense. racecourse, Dec. 16 the coepany pays. Victor's isalary of s2, total of forty teass, and the race is held. Dec. 31 The coepany pays a dividend of $4,3eg ( $2,15e to Tony and $2,159 to surte). Dec, 31 Uning his perional eoniy, Tony purchases a diatond ring for 55, eev. Tony wurprises surie by preposing that they get married, Suzie accepts and they eit rarried! 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 $5.000 b. Sox monthg' of the onesyear ingurance policy purchased on Juy 1 has expired. c. Four months of the oneyear rental agreement purchased on Septernber 1 has expired. d. Or the $1,600 of office supples purchased on July 4, $280 remains. e. Interest expense on the $48.000 ioan obtained frorn the cay council on August 1 should be recorded. 9. Suzie celcurates of recing supples purchased on December 12,5220 remains. Iournal entrv worksheet Note: Enter debits before credits Choose the appropriate accounts to be reported on the income staternent. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Wying the dropolowm buttons, sebect the kerm that accurately descrbes the values that elther increase or decrease the balance indicated. Selfet'Adjustod' freen the dropdovvn, which will then popalate the bolances in these accounter fiom thee tris balance, The balance sheet is the accounting equation: Assets = Libilibes + Equity. Each asset and liability account is reported separrately on the balince aheet