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 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. October 17 Tony and Suzie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimeter, une a conpass, and orient through heavily wooded areas. The conpany receives December'I Tony and Suzie decide to hold the company's first adventure race on Deceaber 15 . Four-person teame will race fron checkpoint to checkpoint using a conbination of mountain biking, kayaking, orlenteering, trail running, and rock-elinbing skills. The first tean in each eategory to conplete all checkpoints in order vins. The entry fee for each team is $570. December 5 To help organize and pronote the race, Tony hirea his college roanate, victor, vietor will be pald $70 In nalary for each teas that conpetes in the race. Hin salary will be paid after the race. Decenber 8 The conpany payn $1,200 to purchase a permit fron a atate park where the race wil1 bo held. The aatount is Decenber 12 rocorded as a miscellaneodin expense. Decenber 12 The company purchasen racing nupplies for 52,200 on account due in 30 days. 3 upplies include trophies for the top-finishing teass in each category, pronotional shirts, snaek foods and drinks for participants, and field narkers to prepare the racecourse. December 15 The eompany recelves 522,800 eash from a total of forty teans, and the race in held. December 16 The eompany pays Vletor's nalary of $2,1000. December 31 The company pays a dividend of 54,900(52,450 to Tony and 52,450 to stuaie ). Decenber 11 Using his personal money, Tony purehases a dianond ring for 53 , 800. Tony burprisen suzie by propening that they get married. Surie accepts and they get marriedt 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 $5,600. 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 $1,600 of office supplies purchased on July 4,$250 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,200 of racing supplies purchased on December 12,$230 remains. g. Suzie calculates that the company owes $13,400 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31,2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockhoider's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 ). Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. General Ledger Account Data is not available until journal entries have been entered. he ending balance values from the General Ledger tab flows through to the Trial Balance below. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, w then populate the balances in those accounts from the trial balance. Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separate balance sheet