Tony and Suzle graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor actlvies such as mountain blking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teems 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 o 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 26,000 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. Jely 2 Pay legal feee of $1,700 aseoclated with iscorporation. Joly 4 Purehse office aupplies of $1,100 on account. July ?: Pay $209 to a loesl nevopiper for sdvertining to appeat inmediately for an opeoning aountala blking elinie July to be beld on July 15. Attendees vill be eharged $40 an ebe day of the elinie. Duly 15 Purehase 10 mountaln biket, paying $19,700 eash. On the day of the elinle, Great Adventares receives eanh of 32,090 from 70 bikers, Tony and 50i= eondueth Jely 22 the nouetain biking elinie. Aecase of the auccess of tbe flrat sountain biking elinse, Tony and suzie holde another mountain blking July 24 - elisie, abd tse cospaby reeelyes 53,200. Jaly 30 August 16 , and attesdees ean pay 5120 in advance of 1170 on the day of the elinte. Creat hdventurea receiven eash of 56 , deo in alvanoe from 7o kayakern for the upecaing kayak elinle. Wucast the follovith tranaletiene ocewr over the remainder of Ioz4. Great Adventures obtains a. $36,000 dov-intereat Ioan for the conpany troe the eity oopeit, which has. due: in three yeara, and 68 annent intereet in doe esch year on July 31 . hugabt i The coepasy purchatea 14 hayman, paying 016, sod caak. kayakeri on Joly 30, the coepany cecelven adakelenal eabb of 13,400 froe 20 nex hayakere en the day of the Autest. I7 Toty and luale cendueta a seeona kayak ellaie, and the coepany receives 612,200 eaak. febtesher 1 The provide better aterage of nowntain biken and kayaks when not in use, the coegany rasta a stecage ahed 416, de9 coph. Decenber: 1 Tony and Staie decide to hold the eonpany' a first adventure race on Deceaber 15 . Four-peraon teana vill race froa eheckpoint to eheckpoint using a combination of nountain biking, kayaking, orleeteering, trail runing, and-rock-climbing skills. The firnt team in eoch cateqory to conplote all checkpolnte in order Wins. The entry tee for esch tean is $560. Decesber 5 To help organize and pronote the race, Tony hiren hid college rooemate, Vietor. Vietor vill be paid ta0 in salary for each tean that coepeten in the race. 11 is malaty Will be paid after the race. Doceaber 0 The coepasy pays $1,400 to purchase a perait froe a atate park where the race vill be held ahe anount in recorded as a melscellaneous expense. Deember 12 The doopany purchasen racing wupplien for $2,360 on aceount due in 30 daya. Supplien lnelude trophies for the top-finishisg teans in each category, pronotional shirte, nasek foode and drinka for participants, and fleld narkers to prepare the racecourse. Deceeber is The coepany roceives $26,400 cash tran i total of torty teana, and the race ia held. Decenber is the coepany pays Vietor' s salary of 91,600 . pecenber 31 The corpany paye a dividend of $4,700($2,350 to rony and $2,350 to 54z1 e). December. 11 Using Mie perachal eobey. Tony purcbaees a dianond ring for $5, 400, Tony aurprises Suzie by propoaing that they get married. Suzie accepts and they pot marriedi The following information relates to yeariend adjusting entries as of December 31,2024. 5. Depreciation of the meuntain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,300. b. So 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 oftice supplies purchased on July 4,$350 femains. e. Interest expense on the $36,000 loan obtained from the clty council on August 1 should be recorded. f. Of the $2,300 of racing suppiles purchased on December 12, $270 remains. 9. Suzie calculates that the company owes $14,700 in income tames: 1. Mecord each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Revien the General Ledoer' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adysting entries in the 'Conecal Journsi' tab (these are shown as items 28 to 34). 3. Peview the ady jsted 'Trual Balahice' as of December 31, 2024. 4. Prepore an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Frepare a statement of stockholder's ecuity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equty tab. 6. Prepare a ciassified talance theet as of December 31, 2024 in the 'Uaiance sheet' tab. 7. Record the closing entries in the 'General Joumar tab (these are shown as items 35 to 37 ). Tony and Suzle graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor actlvies such as mountain blking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teems 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 o 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 26,000 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. Jely 2 Pay legal feee of $1,700 aseoclated with iscorporation. Joly 4 Purehse office aupplies of $1,100 on account. July ?: Pay $209 to a loesl nevopiper for sdvertining to appeat inmediately for an opeoning aountala blking elinie July to be beld on July 15. Attendees vill be eharged $40 an ebe day of the elinie. Duly 15 Purehase 10 mountaln biket, paying $19,700 eash. On the day of the elinle, Great Adventares receives eanh of 32,090 from 70 bikers, Tony and 50i= eondueth Jely 22 the nouetain biking elinie. Aecase of the auccess of tbe flrat sountain biking elinse, Tony and suzie holde another mountain blking July 24 - elisie, abd tse cospaby reeelyes 53,200. Jaly 30 August 16 , and attesdees ean pay 5120 in advance of 1170 on the day of the elinte. Creat hdventurea receiven eash of 56 , deo in alvanoe from 7o kayakern for the upecaing kayak elinle. Wucast the follovith tranaletiene ocewr over the remainder of Ioz4. Great Adventures obtains a. $36,000 dov-intereat Ioan for the conpany troe the eity oopeit, which has. due: in three yeara, and 68 annent intereet in doe esch year on July 31 . hugabt i The coepasy purchatea 14 hayman, paying 016, sod caak. kayakeri on Joly 30, the coepany cecelven adakelenal eabb of 13,400 froe 20 nex hayakere en the day of the Autest. I7 Toty and luale cendueta a seeona kayak ellaie, and the coepany receives 612,200 eaak. febtesher 1 The provide better aterage of nowntain biken and kayaks when not in use, the coegany rasta a stecage ahed 416, de9 coph. Decenber: 1 Tony and Staie decide to hold the eonpany' a first adventure race on Deceaber 15 . Four-peraon teana vill race froa eheckpoint to eheckpoint using a combination of nountain biking, kayaking, orleeteering, trail runing, and-rock-climbing skills. The firnt team in eoch cateqory to conplote all checkpolnte in order Wins. The entry tee for esch tean is $560. Decesber 5 To help organize and pronote the race, Tony hiren hid college rooemate, Vietor. Vietor vill be paid ta0 in salary for each tean that coepeten in the race. 11 is malaty Will be paid after the race. Doceaber 0 The coepasy pays $1,400 to purchase a perait froe a atate park where the race vill be held ahe anount in recorded as a melscellaneous expense. Deember 12 The doopany purchasen racing wupplien for $2,360 on aceount due in 30 daya. Supplien lnelude trophies for the top-finishisg teans in each category, pronotional shirte, nasek foode and drinka for participants, and fleld narkers to prepare the racecourse. Deceeber is The coepany roceives $26,400 cash tran i total of torty teana, and the race ia held. Decenber is the coepany pays Vietor' s salary of 91,600 . pecenber 31 The corpany paye a dividend of $4,700($2,350 to rony and $2,350 to 54z1 e). December. 11 Using Mie perachal eobey. Tony purcbaees a dianond ring for $5, 400, Tony aurprises Suzie by propoaing that they get married. Suzie accepts and they pot marriedi The following information relates to yeariend adjusting entries as of December 31,2024. 5. Depreciation of the meuntain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,300. b. So 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 oftice supplies purchased on July 4,$350 femains. e. Interest expense on the $36,000 loan obtained from the clty council on August 1 should be recorded. f. Of the $2,300 of racing suppiles purchased on December 12, $270 remains. 9. Suzie calculates that the company owes $14,700 in income tames: 1. Mecord each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Revien the General Ledoer' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adysting entries in the 'Conecal Journsi' tab (these are shown as items 28 to 34). 3. Peview the ady jsted 'Trual Balahice' as of December 31, 2024. 4. Prepore an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Frepare a statement of stockholder's ecuity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equty tab. 6. Prepare a ciassified talance theet as of December 31, 2024 in the 'Uaiance sheet' tab. 7. Record the closing entries in the 'General Joumar tab (these are shown as items 35 to 37 )