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 hoid 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 enthuslasts. 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 32,000 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. July 22 Because of the success of the first mountain biking clinie, Tony and suzie holds another July 24 Pay $760 to a local radio ntation for advertising to appear immediately. A kayaking olinic will July 30 Ge held on August 10 , and attendees can pay $150 in advance or $200 on the day of the clinic. The following transactions occur over the remainder of 2024 . August 1 Great Adventures obtains a $45,000 low-interest loan for the company from the oity council, which has recently passed an initiative encouraging busines development rolated to outdoor activities. The loan is due in three years, and 68 annual interest is due each year on July 31. August 4. The company purchases 14 kayaks, paying $20,400 cash. August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $10,500 that was received in advance from kayakers on July 30, the company recelven additional cash of $4,000 from twenty new kayakers on the day of the clinic. August 17 Tony and suzie conducti a second kayak elinie, and the company receives $12,300 cash. August 24 office supplies of $1,400 purehased on July 4 are paid in fu11. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage ahed for one year, paying $2,400 (\$200 per month) in advance. September 21 Tony and 5uzie conduct a rock-climbing olinic. The company receivel $13,800 cash. october 17 Tony and Suzie conduet an orienteering elinic. Participants practice how to underatand a The company receives $19,800 cash. Decenber 1 Tony and suzie decide to hold the company' a first adventure race on December 15. Four-person teams vil1 race from cheokpoint to checkpoint uning a combination of mountain biking, kayaking, orienteering, trail running, and rock-elimbing skills. The firat tean in each category to complete al1 eheckpoints in order wins. The entry fee for each team is $580. December 5 To help organize and promote the race, Tony hiren his college roommate, Vietor. Vietor will be paid 530 in walary for each team that competen in the race. Hit nalary will be paid after the race. December # The company payn 51,300 to purchane a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expenne. December 12 The company purchases racing aupplies for $2,900 on account due in 30 daya. Supplies include trophien for the top-finishing teamn in each eategory, promotional ahirta, anaek foode and December 12 The company purchases raeing supplies for $2,900 on account due in 30 days. Supplies include trophien for the top-tiniabing teame in each category, promotilonal ahirtn, anack foodn and drinks for partielpante, and fleld markern to prepare the racecourse. December 15 The company receives $23,200 cash from a total of forty teams, and the race in held. December 16 The company pays Vietor's salary of $1,200. Decenber 31 The conpany pays a dividend of $3,400($1,700 to Tony and $1,700 to $ tazie ). Decenber 31 Uning his personal noney. Tony prirchases a diamond ring for 54,500 , Tony surprises 5 uzfe by proposing that they get inarried. Suzie accepte and they get marriedi The following information relates to year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,600. 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 $1,400 of office supplies purchased on July 4,$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$280 remains; g. Suzie calculates that the company owes $13,100 in income taxes. 5. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7 . (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits befoce credits. The following information relates to year-end adjusting entries as of December 31, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,600. 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 $1,400 of office supplies purchased on July 4,$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. t. Of the $2,900 of racing supplles purchased on December 12,$280 remains. 9 . Suzie calculates that the company owes $13,100 in income taxes. 5. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. The following information relates to year-end adjusting entries as of December 31,2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,600. 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 $1,400 of office supplies purchased on July 4,$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$280 remains. g. Suzle calculates that the company owes $13,100 in income taxes. Record closing entries as of December 31, 2024 and post them to the T-accounts in Req 3 and 7. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits