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 39,000 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 1 July 1 July 1 Sell $19,500 of common stock to Suzie. Sell $19,500 of common stock to Tony. Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. July 2 July 4 July 7 Pay legal fees of $1,900 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,200 cash. July 8 July 15 On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. July 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. July 30 Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024. August 1 Great Adventures obtains a $41,000 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 The owing transacLIUS OCCur over che rendinger 0 2024. August 1 August 4 August 10 August 17 August 24 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 $4,440 ($370 per month) in advance. September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 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 $18,800 cash. December 1 Great Adventures obtains a $41,000 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. The company purchases 14 kayaks, paying $16,900 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. Office supplies of $1,500 purchased on July 4 are paid in full. December 5 December 8 December 12 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 $620. To help organize and promote the race, Tony hires his college roomnate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 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 $24,800 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,000. December 31 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,700. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. 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, $350 remains. laborant the & Akthell e Project i they get married. Suzie accepts and they get married! 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 $7,500. 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. $350 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $250 remains. g. Suzie calculates that the company owes $13,500 in income taxes. 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Saved Cash Credit Debit Beginning Balance Ending Balance Prepaid Insurance Cre 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Ending Balance Debit Beginning Balance Cash Prepaid Rent Credit Credit Beginning Balance Ending Balance Debit Debit Beginning Balance Prepaid Insurance 0 Supplies (Office) Credit Credit itsey YouTube M Inbox (2,073)-nvas... Home - Chemeketa.. My Courses Home me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Beainnino Balance: Prepaid Rent 0 Supplies (Racing) Equipment (Kayaks) Accounts Payable Credit Credit Credit Credit Seved VitalSource Booksh. M Inbox (4,369)-vasq. B Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Beginning Balance Debit Debit Debit Supplies (Office) 0 Equipment (Bikes) 0 Accumulated Depreciation 0 Deferred Revenue Pretzel 30-Twitch Credit Credit Credit Credit Fre Help Save Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Accounts Payable 0 Interest Payable 0 Notes Payable 0 Retained Earnings Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Deferred Revenue 0 Income Tax Payable 0 Common Stock. 0 Dividends Credit Credit Credit Credit me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Retained Earnings 0 Service Revenue (Clinic) Advertising Expense Credit Credit Credit Seved Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Debit Dividends Service Revenue (Racing). Legal Fees Expense Credit Credit Credit Help Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Advertising Expense 0 Miscellaneous Expense 0 Depreciation Expense 0 Rent Expense Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Ending Balance Beginning Balance Debit Debit Legal Fees Expense 0 Salaries Expense Insurance Expense 0 Supplies Expense (Office) Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Rent Expense Supplies Expense (Racing) 0 Income Tax Expense 0 Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Supplies Expense (Office) 0 Interest Expense 0 Credit Credit uired information ww transaction list ournal entry worksheet 1 2 Sell $19,500 of common stock to Suzie. Date July 01 Note: Enter debits before credits. Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 < Prev 8 1 2 Debit 19,500 ..... 8m 27 Credit 19,500 View general journal 7 of 7 equired information iew transaction list Journal entry worksheet < 2 Sell $19,500 of common stock to Tony. Note: Enter debits before credits. Date July 01 Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 Prev 7 1 2 8 ****. Debit 19,500 GO 3 27 Credit View general journal 7 19,500 of 7 equired information ew transaction list Journal entry worksheet < 2 Date July 01 3 Note: Enter debits before credits. Record entry 5 Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. General Journal Prepaid Insurance Cash Clear entry 6 7 Prev 8 1 2 Debit ..... 4,320 8 3 THE 27 Credit View general journal 7 4,320 of 7 equired information iew transaction list Journal entry worksheet < 1 2 Date July 02 3 Note: Enter debits before credits. Record entry 4 Pay legal fees of $1,900 associated with incorporation. 5 General Journal Legal Fees Expense Cash Clear entry 6 < Prev 7 1 2 8 Debit 1,900 ***** B 3 27 Credit View general journal 7 1,900 of 7 equired information iew transaction list Journal entry worksheet < 2 Date July 04 3 Purchase office supplies of $1,500 on account. Note: Enter debits before credits. Record entry Supplies (Office) 5 General Journal Accounts Payable Clear entry 6 Prey 7 1 2 8 Debit 1,500 .... B 3 27 Credit 1,500 View general journal of 7 Lequired information View transaction list Journal entry worksheet 2 Date July 07 3 Note: Enter debits before credits. Record entry 5 Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. General Journal Advertising Expense Cash 6 Clear entry 7 Prev 8 Debit 280 12 3 8.0 ..... CAME View general journal 27 Credit 7 280 of 7 quired information ew transaction list Journal entry worksheet < 2 Date July 08 3 Note: Enter debits before credits. Purchase 10 mountain bikes, paying $12,200 cash. Record entry 5 General Journal Equipment (Bikes) Cash 6 Clear entry < Prev 7 1 2 8 Debit 12,200 ***** 8m Credit 27 View general journal 7 12,200 of 7 Cequired information View transaction list Journal entry worksheet 2 Date July 15 Note: Enter debits before credits. 3 Record entry Cash On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. General Journal Service Revenue (Clinic) 6 Clear entry 7 Prev 8 1 2 Debit 3,500 ..... 3 27 Credit View general journal 7 3,500 of 7 Required information View transaction list Journal entry worksheet < 1 ..... Note: Enter debits before credits. Date July 22 Record entry 5 Cash 6 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. General Journal Service Revenue (Clinic) Clear entry 8 Prev 9 1 2 .... Debit 4,050 BD 3 27 HE Credit View general journa 4,050 of 7 Required information View transaction list Journal entry worksheet < ..... Note: Enter debits before credits. Date July 24 6 Record entry 7 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Advertising Expense Cash 8 General Journal Clear entry 9 Prev. 10 ***** Debit 3 1 23 720 *** 27 Credit View general journal 7 720 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 quired information ew transaction list Journal entry worksheet < 1 ***** 8 Note: Enter debits before credits. Date August 04 Record entry 9 The company purchases 14 kayaks, paying $16,900 cash. 10 Equipment (Kayaks) Cash 11 General Journal Clear entry 12 Prev 13 12 Debit 16,900 8m *** 27 Credit View general journal 7 16,900 of 7 Required information View transaction list Journal entry worksheet < ***** Date August 10 9 Note: Enter debits before credits. Record entry 10 11 Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Deferred Revenue Cash General Journal 12 Service Revenue (Clinic) Clear entry 13 Prev. 14 Debit 6,000 3,000 8m 12 3 View general journal LARE 27 Credit 7 9,000 of 7 Required information View transaction list Journal entry worksheet ..... 10 Note: Enter debits before credits. Date August 17 Record entry 11 Cash 12 13 Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. General Journal Service Revenue (Clinic) Clear entry 14 Prev 15 ****. Debit 12,300 8m 12 3 View general journa Fe 27 Credit 7 12,300 of 7 Required information View transaction list Journal entry worksheet < ..... 11 Note: Enter debits before credits. 12 Record entry Date August 24 Accounts Payable Cash 13 Office supplies of $1,500 purchased on July 4 are paid in full. 14 General Journal Clear entry 15 Prev 16 1 2 Debit 1,500 8 3 27 Credit View general journa 7 1,500 of 7 Required information View transaction list Journal entry worksheet ... 12 Note: Enter debits before credits. Date September 01 Prepaid Rent Cash Record entry 13 14 15 the To provide better storage of mountain bikes and kayaks when not in use, company rents a storage shed for one year, paying $4,440 ($370 per month) in advance. General Journal Clear entry 16 < Prev 17 ***** Debit 4,440 8m 1 2 3 27 Credit View general journa 7 4,440 of 7 Required information View transaction list Journal entry worksheet < ..... 13 14 Note: Enter debits before credits. Date September 21 Record entry 15 Cash Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 cash. 16 General Journal Service Revenue (Clinic) Clear entry 17 Prex. 18 ..... Debit 15,000 B 1 23 27 *** Credit View general journa 7 15,000 of 7 Required information View transaction list Journal entry worksheet < 1 ..... 14 Note: Enter debits before credits. Date October 17 Record entry 15 Cash 16 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 $18,800 cash. 17 General Journal Service Revenue (Clinic) Clear entry 18 Prev 19 1 2 Debit 18,800 S 3 27 1 Credit View general journal 7 18,800 of 7 Required information View transaction list Journal entry worksheet < ***** 15 16 17 Record entry Date December 01 No Journal Entry Required 18 General Journal Clear entry 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 Note: Enter debits before credits. 19 Prev 20 1 2 ***** Debit 27 B 3 Credit View general journ 7 of. iew transaction list Journal entry worksheet < ...... 16 Note: Enter debits before credits. 17 Record entry 18 Date December 05 No Journal Entry Required 19 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. General Journal Clear entry 20 Prev 21 1 ***** Debit 8m 2 3 View general journa *** 27 Credit 7 of 7 equired information iew transaction list Journal entry worksheet < 17 Note: Enter debits before credits. 18 Record entry 19 Date December 08 Miscellaneous Expense Cash The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 20 21 General Journal Clear entry 22 Prev Debit 1,500 wg 8 View general journal 1 2 3 27 *** Credit 7 1,500 of 7 equired information iew transaction list Journal entry worksheet < 18 .... Note: Enter debits before credits. Date December 12 19 20 21 Record entry The company purchases racing supplies for $2,700 on account due in 30 days. General Journal Supplies (Racing) Accounts Payable Clear entry 22 < Prev 23 **** 1 2 Debit 2,700 27 THE Credit 2,700 View general journal of 7 quired information ew transaction list Journal entry worksheet < 1 19 Note: Enter debits before credits. Date December 15 Cash Record entry 20 21 22 The company receives $24,800 cash from a total of forty teams, and the race is held. General Journal Service Revenue (Racing) Clear entry 23 Prev 24 1 Debit 24,800 27 350 23 Credit 24,800 View general journal 7 of 7 Required information View transaction list Journal entry worksheet < 20 ... Note: Enter debits before credits. 21 The company pays Victor's salary of $2,000. Date December 16 Salaries Expense Cash Record entry 22 23 24 General Journal Clear entry Prev 25 1 2 Debit 2,000 BO 3 27 Credit View general journal 7 2,000 of 7 Information Wiew transaction list Journal entry worksheet < 1 .... 20 Note: Enter debits before credits. Date December 31 Dividends Cash Record entry 21 22 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). 23 24 25 General Journal Clear entry < Prev 1 Debit 26 3,600 3 2 3 Credit *** View general journal 27 7 3,600 of 7 Cequired information View transaction list Journal entry worksheet < 20 ***** Note: Enter debits before credits. 21 22 23 24 Date December 31 No Journal Entry Required Record entry Using his personal money, Tony purchases a diamond ring for $3,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! General Journal Clear entry Prev 25 1 26 Debit 8 27 23 View general journal Credit 7 of 7 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 39,000 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 1 July 1 July 1 Sell $19,500 of common stock to Suzie. Sell $19,500 of common stock to Tony. Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. July 2 July 4 July 7 Pay legal fees of $1,900 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,200 cash. July 8 July 15 On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. July 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. July 30 Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024. August 1 Great Adventures obtains a $41,000 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 The owing transacLIORIS OLLUr over the remainder of 2024. August 1 August 4 August 10 August 17 August 24 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 $4,440 ($370 per month) in advance. September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 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 $18,800 cash. December 1 Great Adventures obtains a $41,000 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. The company purchases 14 kayaks, paying $16,900 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. Office supplies of $1,500 purchased on July 4 are paid in full. December 5 December 8 December 12 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 $620. 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. The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 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 $24,800 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,000. December 31 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,700. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. 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, $350 remains. laborant the & Akthell e Project i they get married. Suzie accepts and they get married! 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 $7,500. 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. $350 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $250 remains. g. Suzie calculates that the company owes $13,500 in income taxes. 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Saved Cash Credit Debit Beginning Balance Ending Balance Prepaid Insurance Cre 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Ending Balance Debit Beginning Balance Cash Prepaid Rent Credit Credit Beginning Balance Ending Balance Debit Debit Beginning Balance Prepaid Insurance 0 Supplies (Office) Credit Credit itsey YouTube M Inbox (2,073)-nvas... Home - Chemeketa.. My Courses Home me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Beainnino Balance: Prepaid Rent 0 Supplies (Racing) Equipment (Kayaks) Accounts Payable Credit Credit Credit Credit Seved VitalSource Booksh.. M Inbox (4,369) vasq. B Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Beginning Balance Debit Debit Debit Supplies (Office) 0 Equipment (Bikes) 0 Accumulated Depreciation 0 Deferred Revenue Pretzel 30-Twitch Credit Credit Credit Credit Fre Help Save Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Accounts Payable 0 Interest Payable 0 Notes Payable 0 Retained Earnings Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Deferred Revenue 0 Income Tax Payable 0 Common Stock. 0 Dividends Credit Credit Credit Credit me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Retained Earnings 0 Service Revenue (Clinic) Advertising Expense Credit Credit Credit Seved Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Debit Dividends Service Revenue (Racing). Legal Fees Expense Credit Credit Credit Help Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Advertising Expense 0 Miscellaneous Expense 0 Depreciation Expense 0 Rent Expense Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Ending Balance Beginning Balance Debit Debit Legal Fees Expense 0 Salaries Expense Insurance Expense 0 Supplies Expense (Office) Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Rent Expense Supplies Expense (Racing) 0 Income Tax Expense 0 Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Supplies Expense (Office) 0 Interest Expense 0 Credit Credit uired information ww transaction list ournal entry worksheet 1 2 Sell $19,500 of common stock to Suzie. Date July 01 Note: Enter debits before credits. Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 < Prev 8 1 2 Debit 19,500 ..... 8m 27 Credit 19,500 View general journal 7 of 7 equired information iew transaction list Journal entry worksheet < 2 Sell $19,500 of common stock to Tony. Note: Enter debits before credits. Date July 01 Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 Prev 7 1 2 8 ****. Debit 19,500 GO 3 27 Credit View general journal 7 19,500 of 7 equired information ew transaction list Journal entry worksheet < 2 Date July 01 3 Note: Enter debits before credits. Record entry 5 Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. General Journal Prepaid Insurance Cash Clear entry 6 7 Prev 8 1 2 Debit ..... 4,320 8 3 THE 27 Credit View general journal 7 4,320 of 7 equired information iew transaction list Journal entry worksheet < 1 2 Date July 02 3 Note: Enter debits before credits. Record entry 4 Pay legal fees of $1,900 associated with incorporation. 5 General Journal Legal Fees Expense Cash Clear entry 6 < Prev 7 1 2 8 Debit 1,900 ***** B 3 27 Credit View general journal 7 1,900 of 7 equired information iew transaction list Journal entry worksheet < 2 Date July 04 3 Purchase office supplies of $1,500 on account. Note: Enter debits before credits. Record entry Supplies (Office) 5 General Journal Accounts Payable Clear entry 6 Prey 7 1 2 8 Debit 1,500 .... B 3 27 Credit 1,500 View general journal of 7 Lequired information View transaction list Journal entry worksheet 2 Date July 07 3 Note: Enter debits before credits. Record entry 5 Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. General Journal Advertising Expense Cash 6 Clear entry 7 Prev 8 Debit 280 12 3 8.0 ..... CAME View general journal 27 Credit 7 280 of 7 quired information ew transaction list Journal entry worksheet < 2 Date July 08 3 Note: Enter debits before credits. Purchase 10 mountain bikes, paying $12,200 cash. Record entry 5 General Journal Equipment (Bikes) Cash 6 Clear entry < Prev 7 1 2 8 Debit 12,200 ***** 8m Credit 27 View general journal 7 12,200 of 7 Cequired information View transaction list Journal entry worksheet 2 Date July 15 Note: Enter debits before credits. 3 Record entry Cash On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. General Journal Service Revenue (Clinic) 6 Clear entry 7 Prev 8 1 2 Debit 3,500 ..... 3 27 Credit View general journal 7 3,500 of 7 Required information View transaction list Journal entry worksheet < 1 ..... Note: Enter debits before credits. Date July 22 Record entry 5 Cash 6 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. General Journal Service Revenue (Clinic) Clear entry 8 Prev 9 1 2 .... Debit 4,050 BD 3 27 HE Credit View general journa 4,050 of 7 Required information View transaction list Journal entry worksheet < ..... Note: Enter debits before credits. Date July 24 6 Record entry 7 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Advertising Expense Cash 8 General Journal Clear entry 9 Prev. 10 ***** Debit 3 1 23 720 *** 27 Credit View general journal 7 720 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 quired information ew transaction list Journal entry worksheet < 1 ***** 8 Note: Enter debits before credits. Date August 04 Record entry 9 The company purchases 14 kayaks, paying $16,900 cash. 10 Equipment (Kayaks) Cash 11 General Journal Clear entry 12 Prev 13 12 Debit 16,900 8m *** 27 Credit View general journal 7 16,900 of 7 Required information View transaction list Journal entry worksheet < ***** Date August 10 9 Note: Enter debits before credits. Record entry 10 11 Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Deferred Revenue Cash General Journal 12 Service Revenue (Clinic) Clear entry 13 Prev. 14 Debit 6,000 3,000 8m 12 3 View general journal LARE 27 Credit 7 9,000 of 7 Required information View transaction list Journal entry worksheet ..... 10 Note: Enter debits before credits. Date August 17 Record entry 11 Cash 12 13 Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. General Journal Service Revenue (Clinic) Clear entry 14 Prev 15 ****. Debit 12,300 8m 12 3 View general journa Fe 27 Credit 7 12,300 of 7 Required information View transaction list Journal entry worksheet < ..... 11 Note: Enter debits before credits. 12 Record entry Date August 24 Accounts Payable Cash 13 Office supplies of $1,500 purchased on July 4 are paid in full. 14 General Journal Clear entry 15 Prev 16 1 2 Debit 1,500 8 3 27 Credit View general journa 7 1,500 of 7 Required information View transaction list Journal entry worksheet ... 12 Note: Enter debits before credits. Date September 01 Prepaid Rent Cash Record entry 13 14 15 the To provide better storage of mountain bikes and kayaks when not in use, company rents a storage shed for one year, paying $4,440 ($370 per month) in advance. General Journal Clear entry 16 < Prev 17 ***** Debit 4,440 8m 1 2 3 27 Credit View general journa 7 4,440 of 7 Required information View transaction list Journal entry worksheet < ..... 13 14 Note: Enter debits before credits. Date September 21 Record entry 15 Cash Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 cash. 16 General Journal Service Revenue (Clinic) Clear entry 17 Prex. 18 ..... Debit 15,000 B 1 23 27 *** Credit View general journa 7 15,000 of 7 Required information View transaction list Journal entry worksheet < 1 ..... 14 Note: Enter debits before credits. Date October 17 Record entry 15 Cash 16 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 $18,800 cash. 17 General Journal Service Revenue (Clinic) Clear entry 18 Prev 19 1 2 Debit 18,800 S 3 27 1 Credit View general journal 7 18,800 of 7 Required information View transaction list Journal entry worksheet < ***** 15 16 17 Record entry Date December 01 No Journal Entry Required 18 General Journal Clear entry 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 Note: Enter debits before credits. 19 Prev 20 1 2 ***** Debit 27 B 3 Credit View general journ 7 of. iew transaction list Journal entry worksheet < ...... 16 Note: Enter debits before credits. 17 Record entry 18 Date December 05 No Journal Entry Required 19 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. General Journal Clear entry 20 Prev 21 1 ***** Debit 8m 2 3 View general journa *** 27 Credit 7 of 7 equired information iew transaction list Journal entry worksheet < 17 Note: Enter debits before credits. 18 Record entry 19 Date December 08 Miscellaneous Expense Cash The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 20 21 General Journal Clear entry 22 Prev Debit 1,500 wg 8 View general journal 1 2 3 27 *** Credit 7 1,500 of 7 equired information iew transaction list Journal entry worksheet < 18 .... Note: Enter debits before credits. Date December 12 19 20 21 Record entry The company purchases racing supplies for $2,700 on account due in 30 days. General Journal Supplies (Racing) Accounts Payable Clear entry 22 < Prev 23 **** 1 2 Debit 2,700 27 THE Credit 2,700 View general journal of 7 quired information ew transaction list Journal entry worksheet < 1 19 Note: Enter debits before credits. Date December 15 Cash Record entry 20 21 22 The company receives $24,800 cash from a total of forty teams, and the race is held. General Journal Service Revenue (Racing) Clear entry 23 Prev 24 1 Debit 24,800 27 350 23 Credit 24,800 View general journal 7 of 7 Required information View transaction list Journal entry worksheet < 20 ... Note: Enter debits before credits. 21 The company pays Victor's salary of $2,000. Date December 16 Salaries Expense Cash Record entry 22 23 24 General Journal Clear entry Prev 25 1 2 Debit 2,000 BO 3 27 Credit View general journal 7 2,000 of 7 Information Wiew transaction list Journal entry worksheet < 1 .... 20 Note: Enter debits before credits. Date December 31 Dividends Cash Record entry 21 22 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). 23 24 25 General Journal Clear entry < Prev 1 Debit 26 3,600 3 2 3 Credit *** View general journal 27 7 3,600 of 7 Cequired information View transaction list Journal entry worksheet < 20 ***** Note: Enter debits before credits. 21 22 23 24 Date December 31 No Journal Entry Required Record entry Using his personal money, Tony purchases a diamond ring for $3,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! General Journal Clear entry Prev 25 1 26 Debit 8 27 23 View general journal Credit 7 of 7 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 39,000 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 1 July 1 July 1 Sell $19,500 of common stock to Suzie. Sell $19,500 of common stock to Tony. Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. July 2 July 4 July 7 Pay legal fees of $1,900 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,200 cash. July 8 July 15 On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. July 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. July 30 Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024. August 1 Great Adventures obtains a $41,000 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 The owing transacLIORS OCCUr over the remainder of 2024. August 1 August 4 August 10 August 17 August 24 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 $4,440 ($370 per month) in advance. September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 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 $18,800 cash. December 1 Great Adventures obtains a $41,000 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. The company purchases 14 kayaks, paying $16,900 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. Office supplies of $1,500 purchased on July 4 are paid in full. December 5 December 8 December 12 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 $620. 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. The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 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 $24,800 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,000. December 31 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,700. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. 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, $350 remains. laborant the Athe e Project i they get married. Suzie accepts and they get married! 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 $7,500. 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. $350 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $250 remains. g. Suzie calculates that the company owes $13,500 in income taxes. 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Saved Cash Credit Debit Beginning Balance Ending Balance Prepaid Insurance Cre 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Ending Balance Debit Beginning Balance Cash Prepaid Rent Credit Credit Beginning Balance Ending Balance Debit Debit Beginning Balance Prepaid Insurance 0 Supplies (Office) Credit Credit itsey YouTube M Inbox (2,073)-nvas... Home - Chemeketa.. My Courses Home me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Beainnino Balance: Prepaid Rent 0 Supplies (Racing) Equipment (Kayaks) Accounts Payable Credit Credit Credit Credit Seved VitalSource Booksh. Mi Inbox (4,369)-vasq. B Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Beginning Balance Debit Debit Debit Supplies (Office) 0 Equipment (Bikes) 0 Accumulated Depreciation 0 Deferred Revenue Pretzel 30-Twitch Credit Credit Credit Credit Fre Help Save Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Accounts Payable 0 Interest Payable 0 Notes Payable 0 Retained Earnings Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Deferred Revenue 0 Income Tax Payable 0 Common Stock. 0 Dividends Credit Credit Credit Credit me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Retained Earnings 0 Service Revenue (Clinic) Advertising Expense Credit Credit Credit Seved Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Debit Dividends Service Revenue (Racing). Legal Fees Expense Credit Credit Credit Help Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Advertising Expense 0 Miscellaneous Expense 0 Depreciation Expense 0 Rent Expense Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Ending Balance Beginning Balance Debit Debit Legal Fees Expense 0 Salaries Expense Insurance Expense 0 Supplies Expense (Office) Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Rent Expense Supplies Expense (Racing) 0 Income Tax Expense 0 Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Supplies Expense (Office) 0 Interest Expense 0 Credit Credit uired information ww transaction list ournal entry worksheet 1 2 Sell $19,500 of common stock to Suzie. Date July 01 Note: Enter debits before credits. Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 < Prev 8 1 2 Debit 19,500 ..... 8m 27 Credit 19,500 View general journal 7 of 7 equired information iew transaction list Journal entry worksheet < 2 Sell $19,500 of common stock to Tony. Note: Enter debits before credits. Date July 01 Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 Prev 7 1 2 8 ****. Debit 19,500 GO 3 27 Credit View general journal 7 19,500 of 7 equired information ew transaction list Journal entry worksheet < 2 Date July 01 3 Note: Enter debits before credits. Record entry 5 Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. General Journal Prepaid Insurance Cash Clear entry 6 7 Prev 8 1 2 Debit ..... 4,320 8 3 THE 27 Credit View general journal 7 4,320 of 7 equired information iew transaction list Journal entry worksheet < 1 2 Date July 02 3 Note: Enter debits before credits. Record entry 4 Pay legal fees of $1,900 associated with incorporation. 5 General Journal Legal Fees Expense Cash Clear entry 6 < Prev 7 1 2 8 Debit 1,900 ***** B 3 27 Credit View general journal 7 1,900 of 7 equired information iew transaction list Journal entry worksheet < 2 Date July 04 3 Purchase office supplies of $1,500 on account. Note: Enter debits before credits. Record entry Supplies (Office) 5 General Journal Accounts Payable Clear entry 6 Prey 7 1 2 8 Debit 1,500 .... B 3 27 Credit 1,500 View general journal of 7 Lequired information View transaction list Journal entry worksheet 2 Date July 07 3 Note: Enter debits before credits. Record entry 5 Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. General Journal Advertising Expense Cash 6 Clear entry 7 Prev 8 Debit 280 12 3 8.0 ..... CAME View general journal 27 Credit 7 280 of 7 quired information ew transaction list Journal entry worksheet < 2 Date July 08 3 Note: Enter debits before credits. Purchase 10 mountain bikes, paying $12,200 cash. Record entry 5 General Journal Equipment (Bikes) Cash 6 Clear entry < Prev 7 1 2 8 Debit 12,200 ***** 8m Credit 27 View general journal 7 12,200 of 7 Cequired information View transaction list Journal entry worksheet 2 Date July 15 Note: Enter debits before credits. 3 Record entry Cash On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. General Journal Service Revenue (Clinic) 6 Clear entry 7 Prev 8 1 2 Debit 3,500 ..... 3 27 Credit View general journal 7 3,500 of 7 Required information View transaction list Journal entry worksheet < 1 ..... Note: Enter debits before credits. Date July 22 Record entry 5 Cash 6 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. General Journal Service Revenue (Clinic) Clear entry 8 Prev 9 1 2 .... Debit 4,050 BD 3 27 HE Credit View general journa 4,050 of 7 Required information View transaction list Journal entry worksheet < ..... Note: Enter debits before credits. Date July 24 6 Record entry 7 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Advertising Expense Cash 8 General Journal Clear entry 9 Prev. 10 ***** Debit 3 1 23 720 *** 27 Credit View general journal 7 720 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 quired information ew transaction list Journal entry worksheet < 1 ***** 8 Note: Enter debits before credits. Date August 04 Record entry 9 The company purchases 14 kayaks, paying $16,900 cash. 10 Equipment (Kayaks) Cash 11 General Journal Clear entry 12 Prev 13 12 Debit 16,900 8m *** 27 Credit View general journal 7 16,900 of 7 Required information View transaction list Journal entry worksheet < ***** Date August 10 9 Note: Enter debits before credits. Record entry 10 11 Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Deferred Revenue Cash General Journal 12 Service Revenue (Clinic) Clear entry 13 Prev. 14 Debit 6,000 3,000 8m 12 3 View general journal LARE 27 Credit 7 9,000 of 7 Required information View transaction list Journal entry worksheet ..... 10 Note: Enter debits before credits. Date August 17 Record entry 11 Cash 12 13 Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. General Journal Service Revenue (Clinic) Clear entry 14 Prev 15 ****. Debit 12,300 8m 12 3 View general journa Fe 27 Credit 7 12,300 of 7 Required information View transaction list Journal entry worksheet < ..... 11 Note: Enter debits before credits. 12 Record entry Date August 24 Accounts Payable Cash 13 Office supplies of $1,500 purchased on July 4 are paid in full. 14 General Journal Clear entry 15 Prev 16 1 2 Debit 1,500 8 3 27 Credit View general journa 7 1,500 of 7 Required information View transaction list Journal entry worksheet ... 12 Note: Enter debits before credits. Date September 01 Prepaid Rent Cash Record entry 13 14 15 the To provide better storage of mountain bikes and kayaks when not in use, company rents a storage shed for one year, paying $4,440 ($370 per month) in advance. General Journal Clear entry 16 < Prev 17 ***** Debit 4,440 8m 1 2 3 27 Credit View general journa 7 4,440 of 7 Required information View transaction list Journal entry worksheet < ..... 13 14 Note: Enter debits before credits. Date September 21 Record entry 15 Cash Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 cash. 16 General Journal Service Revenue (Clinic) Clear entry 17 Prex. 18 ..... Debit 15,000 B 1 23 27 *** Credit View general journa 7 15,000 of 7 Required information View transaction list Journal entry worksheet < 1 ..... 14 Note: Enter debits before credits. Date October 17 Record entry 15 Cash 16 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 $18,800 cash. 17 General Journal Service Revenue (Clinic) Clear entry 18 Prev 19 1 2 Debit 18,800 S 3 27 1 Credit View general journal 7 18,800 of 7 Required information View transaction list Journal entry worksheet < ***** 15 16 17 Record entry Date December 01 No Journal Entry Required 18 General Journal Clear entry 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 Note: Enter debits before credits. 19 Prev 20 1 2 ***** Debit 27 B 3 Credit View general journ 7 of. iew transaction list Journal entry worksheet < ...... 16 Note: Enter debits before credits. 17 Record entry 18 Date December 05 No Journal Entry Required 19 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. General Journal Clear entry 20 Prev 21 1 ***** Debit 8m 2 3 View general journa *** 27 Credit 7 of 7 equired information iew transaction list Journal entry worksheet < 17 Note: Enter debits before credits. 18 Record entry 19 Date December 08 Miscellaneous Expense Cash The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 20 21 General Journal Clear entry 22 Prev Debit 1,500 wg 8 View general journal 1 2 3 27 *** Credit 7 1,500 of 7 equired information iew transaction list Journal entry worksheet < 18 .... Note: Enter debits before credits. Date December 12 19 20 21 Record entry The company purchases racing supplies for $2,700 on account due in 30 days. General Journal Supplies (Racing) Accounts Payable Clear entry 22 < Prev 23 **** 1 2 Debit 2,700 27 THE Credit 2,700 View general journal of 7 quired information ew transaction list Journal entry worksheet < 1 19 Note: Enter debits before credits. Date December 15 Cash Record entry 20 21 22 The company receives $24,800 cash from a total of forty teams, and the race is held. General Journal Service Revenue (Racing) Clear entry 23 Prev 24 1 Debit 24,800 27 350 23 Credit 24,800 View general journal 7 of 7 Required information View transaction list Journal entry worksheet < 20 ... Note: Enter debits before credits. 21 The company pays Victor's salary of $2,000. Date December 16 Salaries Expense Cash Record entry 22 23 24 General Journal Clear entry Prev 25 1 2 Debit 2,000 BO 3 27 Credit View general journal 7 2,000 of 7 Information Wiew transaction list Journal entry worksheet < 1 .... 20 Note: Enter debits before credits. Date December 31 Dividends Cash Record entry 21 22 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). 23 24 25 General Journal Clear entry < Prev 1 Debit 26 3,600 3 2 3 Credit *** View general journal 27 7 3,600 of 7 Cequired information View transaction list Journal entry worksheet < 20 ***** Note: Enter debits before credits. 21 22 23 24 Date December 31 No Journal Entry Required Record entry Using his personal money, Tony purchases a diamond ring for $3,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! General Journal Clear entry Prev 25 1 26 Debit 8 27 23 View general journal Credit 7 of 7 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 39,000 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 1 July 1 July 1 Sell $19,500 of common stock to Suzie. Sell $19,500 of common stock to Tony. Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. July 2 July 4 July 7 Pay legal fees of $1,900 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,200 cash. July 8 July 15 On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Teny and Suzie conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. July 24 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. July 30 Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024. August 1 Great Adventures obtains a $41,000 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 The owing transacLIUS OCCur over the remainder of 2024. August 1 August 4 August 10 August 17 August 24 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 $4,440 ($370 per month) in advance. September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 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 $18,800 cash. December 1 Great Adventures obtains a $41,000 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. The company purchases 14 kayaks, paying $16,900 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. Office supplies of $1,500 purchased on July 4 are paid in full. December 5 December 8 December 12 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 $620. 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. The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 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 $24,800 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,000. December 31 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,700. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,500. 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, $350 remains. laborant the & Akthell e Project i they get married. Suzie accepts and they get married! 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 $7,500. 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. $350 remains. e. Interest expense on the $41,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $250 remains. g. Suzie calculates that the company owes $13,500 in income taxes. 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the Taccount. Debit Beginning Balance Saved Cash Credit Debit Beginning Balance Ending Balance Prepaid Insurance Cre 3. Post transactions from July 1 through December 31 and adjusting and closing entries on December 31 to T-accounts. 7. Post the closing entries of retained earnings to the T-account. Debit Beginning Balance Ending Balance Debit Beginning Balance Cash Prepaid Rent Credit Credit Beginning Balance Ending Balance Debit Debit Beginning Balance Prepaid Insurance 0 Supplies (Office) Credit Credit itsey YouTube M Inbox (2,073)-nvas... Home - Chemeketa.. My Courses Home me Projecti Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Beainnino Balance: Prepaid Rent 0 Supplies (Racing) Equipment (Kayaks) Accounts Payable Credit Credit Credit Credit Seved VitalSource Booksh. M Inbox (4,369)- vasq B Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Beginning Balance Debit Debit Debit Supplies (Office) 0 Equipment (Bikes) 0 Accumulated Depreciation 0 Deferred Revenue Pretzel 30-Twitch Credit Credit Credit Credit Fre Help Save Required information Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Accounts Payable 0 Interest Payable 0 Notes Payable 0 Retained Earnings Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Deferred Revenue 0 Income Tax Payable 0 Common Stock. 0 Dividends Credit Credit Credit Credit me Project i Required information Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Debit Retained Earnings 0 Service Revenue (Clinic) Advertising Expense Credit Credit Credit Seved Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Debit Dividends Service Revenue (Racing). Legal Fees Expense Credit Credit Credit Help Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Debit Advertising Expense 0 Miscellaneous Expense 0 Depreciation Expense 0 Rent Expense Credit Credit Credit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Ending Balance Beginning Balance Debit Debit Legal Fees Expense 0 Salaries Expense Insurance Expense 0 Supplies Expense (Office) Credit Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Beginning Balance Debit Ending Balance Debit Beginning Balance Rent Expense Supplies Expense (Racing) 0 Income Tax Expense 0 Credit Credit Credit Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Supplies Expense (Office) 0 Interest Expense 0 Credit Credit uired information ww transaction list ournal entry worksheet 1 2 Sell $19,500 of common stock to Suzie. Date July 01 Note: Enter debits before credits. Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 < Prev 8 1 2 Debit 19,500 ..... 8m 27 Credit 19,500 View general journal 7 of 7 equired information iew transaction list Journal entry worksheet < 2 Sell $19,500 of common stock to Tony. Note: Enter debits before credits. Date July 01 Record entry 3 Cash General Journal Common Stock 5 Clear entry 6 Prev 7 1 2 8 ****. Debit 19,500 GO 3 27 Credit View general journal 7 19,500 of 7 equired information ew transaction list Journal entry worksheet < 2 Date July 01 3 Note: Enter debits before credits. Record entry 5 Purchase a one-year insurance policy for $4,320 ($360 per month) to cover injuries to participants during outdoor clinics. General Journal Prepaid Insurance Cash Clear entry 6 7 Prev 8 1 2 Debit ..... 4,320 8 3 THE 27 Credit View general journal 7 4,320 of 7 equired information iew transaction list Journal entry worksheet < 1 2 Date July 02 3 Note: Enter debits before credits. Record entry 4 Pay legal fees of $1,900 associated with incorporation. 5 General Journal Legal Fees Expense Cash Clear entry 6 < Prev 7 1 2 8 Debit 1,900 ***** B 3 27 Credit View general journal 7 1,900 of 7 equired information iew transaction list Journal entry worksheet < 2 Date July 04 3 Purchase office supplies of $1,500 on account. Note: Enter debits before credits. Record entry Supplies (Office) 5 General Journal Accounts Payable Clear entry 6 Prey 7 1 2 8 Debit 1,500 .... B 3 27 Credit 1,500 View general journal of 7 Lequired information View transaction list Journal entry worksheet 2 Date July 07 3 Note: Enter debits before credits. Record entry 5 Pay $280 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. General Journal Advertising Expense Cash 6 Clear entry 7 Prev 8 Debit 280 12 3 8.0 ..... CAME View general journal 27 Credit 7 280 of 7 quired information ew transaction list Journal entry worksheet < 2 Date July 08 3 Note: Enter debits before credits. Purchase 10 mountain bikes, paying $12,200 cash. Record entry 5 General Journal Equipment (Bikes) Cash 6 Clear entry < Prev 7 1 2 8 Debit 12,200 ***** 8m Credit 27 View general journal 7 12,200 of 7 Cequired information View transaction list Journal entry worksheet 2 Date July 15 Note: Enter debits before credits. 3 Record entry Cash On the day of the clinic, Great Adventures receives cash of $3,500 in total from 70 bikers. Tony and Suzie conducts the mountain biking clinic. General Journal Service Revenue (Clinic) 6 Clear entry 7 Prev 8 1 2 Debit 3,500 ..... 3 27 Credit View general journal 7 3,500 of 7 Required information View transaction list Journal entry worksheet < 1 ..... Note: Enter debits before credits. Date July 22 Record entry 5 Cash 6 Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,050. General Journal Service Revenue (Clinic) Clear entry 8 Prev 9 1 2 .... Debit 4,050 BD 3 27 HE Credit View general journa 4,050 of 7 Required information View transaction list Journal entry worksheet < ..... Note: Enter debits before credits. Date July 24 6 Record entry 7 Pay $720 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Advertising Expense Cash 8 General Journal Clear entry 9 Prev. 10 ***** Debit 3 1 23 720 *** 27 Credit View general journal 7 720 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 Required information View transaction list Journal entry worksheet < ..... 6 Note: Enter debits before credits. Date July 30 Record entry 7 Cash Great Adventures receives total cash of $6,000 in advance from 60 kayakers for the upcoming kayak clinic. 9 General Journal Deferred Revenue Clear entry 10 Prev 11 Debit 6,000 8.00 27 1 2 3 View general journal *** Credit 6,000 7 of 7 quired information ew transaction list Journal entry worksheet < ***** Date August 01 Record entry 8 Cash 9 Notes Payable 10 Great Adventures obtains a $41,000 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. Note: Enter debits before credits. General Journal Clear entry 11 Prev 12 12 Debit 41,000 ... 8m B 3 27 View general journal Credit 7 41,000 of 7 quired information ew transaction list Journal entry worksheet < 1 ***** 8 Note: Enter debits before credits. Date August 04 Record entry 9 The company purchases 14 kayaks, paying $16,900 cash. 10 Equipment (Kayaks) Cash 11 General Journal Clear entry 12 Prev 13 12 Debit 16,900 8m *** 27 Credit View general journal 7 16,900 of 7 Required information View transaction list Journal entry worksheet < ***** Date August 10 9 Note: Enter debits before credits. Record entry 10 11 Tony and Suzie conduct the first kayak clinic. In addition to the $6,000 that was received in advance from kayakers on July 30, the company receives additional cash of $3,000 from twenty new kayakers on the day of the clinic. Deferred Revenue Cash General Journal 12 Service Revenue (Clinic) Clear entry 13 Prev. 14 Debit 6,000 3,000 8m 12 3 View general journal LARE 27 Credit 7 9,000 of 7 Required information View transaction list Journal entry worksheet ..... 10 Note: Enter debits before credits. Date August 17 Record entry 11 Cash 12 13 Tony and Suzie conducts a second kayak clinic, and the company receives $12,300 cash. General Journal Service Revenue (Clinic) Clear entry 14 Prev 15 ****. Debit 12,300 8m 12 3 View general journa Fe 27 Credit 7 12,300 of 7 Required information View transaction list Journal entry worksheet < ..... 11 Note: Enter debits before credits. 12 Record entry Date August 24 Accounts Payable Cash 13 Office supplies of $1,500 purchased on July 4 are paid in full. 14 General Journal Clear entry 15 Prev 16 1 2 Debit 1,500 8 3 27 Credit View general journa 7 1,500 of 7 Required information View transaction list Journal entry worksheet ... 12 Note: Enter debits before credits. Date September 01 Prepaid Rent Cash Record entry 13 14 15 the To provide better storage of mountain bikes and kayaks when not in use, company rents a storage shed for one year, paying $4,440 ($370 per month) in advance. General Journal Clear entry 16 < Prev 17 ***** Debit 4,440 8m 1 2 3 27 Credit View general journa 7 4,440 of 7 Required information View transaction list Journal entry worksheet < ..... 13 14 Note: Enter debits before credits. Date September 21 Record entry 15 Cash Tony and Suzie conduct a rock-climbing clinic. The company receives $15,000 cash. 16 General Journal Service Revenue (Clinic) Clear entry 17 Prex. 18 ..... Debit 15,000 B 1 23 27 *** Credit View general journa 7 15,000 of 7 Required information View transaction list Journal entry worksheet < 1 ..... 14 Note: Enter debits before credits. Date October 17 Record entry 15 Cash 16 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 $18,800 cash. 17 General Journal Service Revenue (Clinic) Clear entry 18 Prev 19 1 2 Debit 18,800 S 3 27 1 Credit View general journal 7 18,800 of 7 Required information View transaction list Journal entry worksheet < ***** 15 16 17 Record entry Date December 01 No Journal Entry Required 18 General Journal Clear entry 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 Note: Enter debits before credits. 19 Prev 20 1 2 ***** Debit 27 B 3 Credit View general journ 7 of. iew transaction list Journal entry worksheet < ...... 16 Note: Enter debits before credits. 17 Record entry 18 Date December 05 No Journal Entry Required 19 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. General Journal Clear entry 20 Prev 21 1 ***** Debit 8m 2 3 View general journa *** 27 Credit 7 of 7 equired information iew transaction list Journal entry worksheet < 17 Note: Enter debits before credits. 18 Record entry 19 Date December 08 Miscellaneous Expense Cash The company pays $1,500 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. 20 21 General Journal Clear entry 22 Prev Debit 1,500 wg 8 View general journal 1 2 3 27 *** Credit 7 1,500 of 7 equired information iew transaction list Journal entry worksheet < 18 .... Note: Enter debits before credits. Date December 12 19 20 21 Record entry The company purchases racing supplies for $2,700 on account due in 30 days. General Journal Supplies (Racing) Accounts Payable Clear entry 22 < Prev 23 **** 1 2 Debit 2,700 27 THE Credit 2,700 View general journal of 7 quired information ew transaction list Journal entry worksheet < 1 19 Note: Enter debits before credits. Date December 15 Cash Record entry 20 21 22 The company receives $24,800 cash from a total of forty teams, and the race is held. General Journal Service Revenue (Racing) Clear entry 23 Prev 24 1 Debit 24,800 27 350 23 Credit 24,800 View general journal 7 of 7 Required information View transaction list Journal entry worksheet < 20 ... Note: Enter debits before credits. 21 The company pays Victor's salary of $2,000. Date December 16 Salaries Expense Cash Record entry 22 23 24 General Journal Clear entry Prev 25 1 2 Debit 2,000 BO 3 27 Credit View general journal 7 2,000 of 7 Information Wiew transaction list Journal entry worksheet < 1 .... 20 Note: Enter debits before credits. Date December 31 Dividends Cash Record entry 21 22 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie). 23 24 25 General Journal Clear entry < Prev 1 Debit 26 3,600 3 2 3 Credit *** View general journal 27 7 3,600 of 7 Cequired information View transaction list Journal entry worksheet < 20 ***** Note: Enter debits before credits. 21 22 23 24 Date December 31 No Journal Entry Required Record entry Using his personal money, Tony purchases a diamond ring for $3,700. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! General Journal Clear entry Prev 25 1 26 Debit 8 27 23 View general journal Credit 7 of 7