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 35,000 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. July1July1July1outdoorelinies.July2July4July7Sell$17,500ofcommonBtocktosuzie.Sell$17,500ofcomnonBtocktoTony.Purchaneaone-yearInsurancepolicyfor$5,520($460permonth)tocoverinjuriestoparticipantsduringPaylegalfeenof$1,900asinoeiatedwithincorporatlon.Purchaneofficenupplienof$1,100onaccount,Pay$300toalocalnewapaperforadvertiningtoappearimanediatelyforanupeomingmountainbikingelinic to be held on July 15 . Attendees wil1 be eharged $50 on the day of the elinic. July 8 Purchase 10 mountain bikes, paying 517,300 eash. July 15 On the day of the elinie, Great Adventures recelves canh of $2,500 in total from 50 bikera. Tony and suzie July 22 conduets the mountain biking elinie. clinic and the company receiven $2,950. July 24 Pay $800 to a local radio ntation for advertising to appear immediately. A kayaking clinie will be held on July 30 Aggast 10 , and attendees can pay 5110 in advance or $160 on the day of the olinie. Treat Adventures receives total cash of $4,400 in advance from 40 kayakera for the upcoining kayak elinio. The following transactions oceur over the remainder of 2024 . Auguet 1 Great Adventures obtains a $47,000 low-interest loan for the company from the city councdi, which has recently passed an initiative encouraging businesa developsent related to outdoor activities. The loan io Mue in three years, and 61 ansial interest is due each year on Joly 31. Nugunt 4 The company purehases 14 kayaks, paying $15,600 cash. August 10 Tony and sazie conduct the firit kayak olinic, In addition to the $4,400 that wan received in advance from kayakere on July 30 , the company receives additional cash of $3,200 froe twenty nes kayakera on the day of the elinite. Arqust 17 Tony and suzie conducts a gecond kayak elinic, and the conpany receives $12,100 caak. August 24 oftice bupblies of $1,100 purchased on july 4 are paid in full. August 24 office supplies of $1,100 purchased on July 4 are paid in fuli. september 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed Lor one year, paying $3,840 (\$320 per month) in advance. September 21 Tony and suzie conduct a roek-elimbing clinic. The company receives $13,200 cash. October 17 Tony and suzie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimeter, use a compans, and orient through heavily wooded areas. The company receives $18,900 canh4 December 1 Tony and Suzie decide to hold the company's first adventure race on December 15 . Four-person teama wi1. race frot checkpoint to eheckpoint using a combination of mountain biking, kayaking, orienteering, trail runsing, and rock-climbing akilis. The first team in each category to complete all cheekpoints in order winli. The entry fee for each tean in $610. December 5 To help organlze and promote the race, Tony hiren hia college roommate, Vietor. Victor will be paid $30 in Balary for each tean that competes in the race. Hin salary will be paid after the race. Decenber 8 The company pays $1,000 to purehase a permit f rom a atate park where the race wil1 be held. The amount in recorded an a miscellaneous expente. December 12 . The eompany purehases raeing supplies tor $2,400 on aceount due in 30 daya. 50pp11 en inelude trophiles for the top-finishing teams in each eategory, promotional shirts, anack foods and drink for partieipanta, and tield narkers to prepare the racecourde. Decenber 15 The eompany recelven 524,400 canh from a total of forty teame, and the race is held. Decenber 16 the company paye vietor' salary of $1,200. December 31 The conpany pays a dividend of 54,100(52,050 to Tony and $2,050 to 54x16). Decesber 31 Using his personal poney, Tony purehasea a diamond ring for $3,600. Fony surpeiaes suzie by proponing 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 $6,580. 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 $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes $13,700 in income taxes. 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 $6,580. 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 $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. g. Suzie calculates that the company owes $13,700 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 Stockholder'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 ). c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. g. Suzie calculates that the company owes $13,700 in income taxes. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th account field.) Journal entry worksheet Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,100 of office supplies purchased on July 4,$300 remains. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. Of the $2,400 of racing supplies purchased on December 12,$290 remains. Suzie calculates that the company owes $13,700 in income taxes. The ending balance values from the General Ledger tab flows through to the Trial Balance below. Unadjusted GREAT ADVENTURES, INCORPORATED Using the dropdown buttons, select the item that accurately describes the values that either in indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those Unadjusted 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 35,000 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. July1July1July1outdoorelinies.July2July4July7Sell$17,500ofcommonBtocktosuzie.Sell$17,500ofcomnonBtocktoTony.Purchaneaone-yearInsurancepolicyfor$5,520($460permonth)tocoverinjuriestoparticipantsduringPaylegalfeenof$1,900asinoeiatedwithincorporatlon.Purchaneofficenupplienof$1,100onaccount,Pay$300toalocalnewapaperforadvertiningtoappearimanediatelyforanupeomingmountainbikingelinic to be held on July 15 . Attendees wil1 be eharged $50 on the day of the elinic. July 8 Purchase 10 mountain bikes, paying 517,300 eash. July 15 On the day of the elinie, Great Adventures recelves canh of $2,500 in total from 50 bikera. Tony and suzie July 22 conduets the mountain biking elinie. clinic and the company receiven $2,950. July 24 Pay $800 to a local radio ntation for advertising to appear immediately. A kayaking clinie will be held on July 30 Aggast 10 , and attendees can pay 5110 in advance or $160 on the day of the olinie. Treat Adventures receives total cash of $4,400 in advance from 40 kayakera for the upcoining kayak elinio. The following transactions oceur over the remainder of 2024 . Auguet 1 Great Adventures obtains a $47,000 low-interest loan for the company from the city councdi, which has recently passed an initiative encouraging businesa developsent related to outdoor activities. The loan io Mue in three years, and 61 ansial interest is due each year on Joly 31. Nugunt 4 The company purehases 14 kayaks, paying $15,600 cash. August 10 Tony and sazie conduct the firit kayak olinic, In addition to the $4,400 that wan received in advance from kayakere on July 30 , the company receives additional cash of $3,200 froe twenty nes kayakera on the day of the elinite. Arqust 17 Tony and suzie conducts a gecond kayak elinic, and the conpany receives $12,100 caak. August 24 oftice bupblies of $1,100 purchased on july 4 are paid in full. August 24 office supplies of $1,100 purchased on July 4 are paid in fuli. september 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed Lor one year, paying $3,840 (\$320 per month) in advance. September 21 Tony and suzie conduct a roek-elimbing clinic. The company receives $13,200 cash. October 17 Tony and suzie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimeter, use a compans, and orient through heavily wooded areas. The company receives $18,900 canh4 December 1 Tony and Suzie decide to hold the company's first adventure race on December 15 . Four-person teama wi1. race frot checkpoint to eheckpoint using a combination of mountain biking, kayaking, orienteering, trail runsing, and rock-climbing akilis. The first team in each category to complete all cheekpoints in order winli. The entry fee for each tean in $610. December 5 To help organlze and promote the race, Tony hiren hia college roommate, Vietor. Victor will be paid $30 in Balary for each tean that competes in the race. Hin salary will be paid after the race. Decenber 8 The company pays $1,000 to purehase a permit f rom a atate park where the race wil1 be held. The amount in recorded an a miscellaneous expente. December 12 . The eompany purehases raeing supplies tor $2,400 on aceount due in 30 daya. 50pp11 en inelude trophiles for the top-finishing teams in each eategory, promotional shirts, anack foods and drink for partieipanta, and tield narkers to prepare the racecourde. Decenber 15 The eompany recelven 524,400 canh from a total of forty teame, and the race is held. Decenber 16 the company paye vietor' salary of $1,200. December 31 The conpany pays a dividend of 54,100(52,050 to Tony and $2,050 to 54x16). Decesber 31 Using his personal poney, Tony purehasea a diamond ring for $3,600. Fony surpeiaes suzie by proponing 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 $6,580. 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 $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes $13,700 in income taxes. 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 $6,580. 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 $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. g. Suzie calculates that the company owes $13,700 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 Stockholder'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 ). c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,100 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. g. Suzie calculates that the company owes $13,700 in income taxes. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th account field.) Journal entry worksheet Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,100 of office supplies purchased on July 4,$300 remains. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. Of the $2,400 of racing supplies purchased on December 12,$290 remains. Suzie calculates that the company owes $13,700 in income taxes. The ending balance values from the General Ledger tab flows through to the Trial Balance below. Unadjusted GREAT ADVENTURES, INCORPORATED Using the dropdown buttons, select the item that accurately describes the values that either in indicated. Select 'Adjusted' from the dropdown, which will then populate the balances in those Unadjusted