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Tony and Suzie graduate from college in May 2021 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, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 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 transactions occur from July 1 through December 31. Jul. 1 Sell $19,000 of common stock to Suzie Jul. 1 Sell $19,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for $5,640 (5470 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,600 associated with incorporation Jul. 4 Purchase office supplies of $1,600 on account. Jul. 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Altendees will be charged 930 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $18,300 cash. Jul 15 on the day of the clinic, Great Adventures receive cashot 52.400 from 10 bikers. Tony conducta the mountain biking clinic. Jul. 22 Because of the success or the first mountain biking clinic, Tony holds another mountain bilang clinic and the company receive $2,750. Jul. 24 Pay 9900 to a local radio station for advertising to appear immediately. A kayaking cline will be held on August 10, and attendees can pay $120 in advance or 0170 on the day of the clinic Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakorn for the upcoming kayak clinic. Aug. 1 Great Adventures obtain a $35,000 low-interest loan for the company from the city councilwhich has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 65 annual interest is due each year on July 31. Aug. A The company purchases 14 kayaks, paying $24,700 cash. Aug. 10 Twenty additional kayakers pay $3,400 (5170 each), in addition to the $7,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the firot kayak clinic. Aug. 17 Tony conduct a second kayak clinic, and the company receives $12,100 canh Aug. 24 office supplies of $1,600 purchased on July 4 are paid in full, Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shod for one year, paying $3,600 (5300 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,400 cash Oct. 17 Tony conduct an orienteering clinic. Participants practice how to understand a topographical mapa read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18, tp 7 | h. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person team will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail CA . Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 that was paid in advance on July 30, on the day of the clinic. Tony conducts the firat kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,300 cash. Aug. 24 office supplies of $1,600 purchased on July 4 are paid in full. Sep. 1. To provide better storage of mountain bikes and kayaks when not in use, the company renta a storage shed for one year, paying $3,600 (300 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13, 400 cash. oct. 17 Tony conducts 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 receiven $18, 600 cash Dec. 1 Tony decides to hold the company's first adventure race on December 15. Pour-person team 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 wint. The entry fee for each team is $500. Dec. 5 To help organize and promote the raco, Tony hiron his college roommate, Victor. Victor will be paid $50 in talary for each team that compete in the race. As salary will be paid after the race Dec. The company pays $1,200 to purchase a permit from a state park where the race will be held. The amount 18 recorded as a miscellaneous expense. 20. 12. The company purchasen racing supplies for $2,900 on account due in 30 days. Supplion include trophies for the top-finishing teams in each category, promotional shirts, anack food and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $23,200 cash from a total of forty teams, and the race is held. Dee. 16 The company pays Victor's salary of $2,000. Dec. 31. The company pays a dividend of $3,300 ($1,650 to Tony and $1,650 to suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,600. Tony surprises suzie b proposing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,200. 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, $270 remains. e. Interest expense on the $35,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12. $160 remains g. Suzie calculates that the company owes $14,900 in income taxes. Required information GREAT ADVENTURES, Inc. Post-closing Trial Balance December 31, 2021 Accounts Debit Credit Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense - In---- Required information Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) Supplies Expense (Racing) Totals 0 $ 0