URGENT

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 33,000 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. July1July1July1Jaly2July4July7Sel1$16,500ofcomonstocktosuzie.Sel1$16,500ofcomenatocktoTony.Purchaseaone-yearinsurancepolicyfor$5,040($420permonth)tocoverinjuriestoparticipantsduringoutdoorolinies.Paylegalfeesof$1,900associatedwithincorporation.Puxchaseofficeauppliesof$1,900onaccount.Pay$230toalocalnewapaperforadvertisingtoappearimmediatelyforanupcomingmountainbikingelinie to be held on July 15. Attendeen will be charged $60 on the day of the clinic. July 8 Purchase 10 nountain bikes, paying $15,000cash. July 15 On the day of the clinic, Great Adventurea receivea caah of $3,600 in total from 60 bikers. Tony and suzie conducta the mountain biking elinie. July 22 Because of the success of the firat mountain biking clinic, Tony and suzie holds another mountain biking clinie and the company receives $4,100. July 24 Pay $670 to a local radio station for advertiaing to appear inmediately. A kayaking olinie vili be held on Mugust 10 , and attendees can pay $140 in advance or $190 on the day of the elinie. July 30 Great Adventures receives total cash of $7,000 in advance from 50 kayakera for the upcoming kayak elinie. The following transactions oceur over the remainder of 2024 . August 1 Great Adventures obtaina a $45,000 low-interent loan for the company from the city council, which has recently passed an initiative encouraging businesi development related to outdoor activities, The loan is due in three yearn, and 6t annual interest ia due each year on July 31 . Augast 4 The company purchanes 14 kayaks, paying $16,500 cash. August 10 Tony and suzie conduct the first kayak clinic. In addition to the $7,000 that was received in advance froe kayakeri on July 30 , the company receiven additional caah of $3,800 from twenty new kayakera on the day of the elinie. August 17 Tony and Suzie conducta a second kayak elinic, and the conpany receivea 510,800 eash. Auqunt 24 oftice supplies of $1,900 purehased on July 4 are paid in full. September 1 To provide better atorage of mountain biken and kayaks vhen not in use, the company rents a atoraqe shed for one year, paying $2,640 (\$220 per month) in advance. Septenber 21 tony and suzie conduet a roek-elimbing elinie. The company receives $14,900 canh. oetober 17 Tony and Suzie conduet an orienteering elinic. Participanta practice hov to understand a topographical aap, read an altimeter, use a conpasa, and orient through heavily vooded areas. The econpany receives $18,900 canh. becember 1 Tony and Suzie deeide to hold the company'a first adventure race on December 15 . Four-peran teams will race from checkpoint to checkpoint uning a combination of mountain biking, kayaking, orienteering, trail running, and roek-elimbing ikills. The firat team in each category to complete all checkpointa in order wins. The entry fee for each tean in $640. Deceaber: 5 To belp organize and pronote the race, Tony hires his college rocntate, Victor. Victor will be paid $30 in Decelary for each tean that conpetes in the race, His zalary will be paid after the race. Deceaber the company paya $1,800 to purchase a perait iron a atate park where the race vill be held. The anount ia recorded as a miscellaneous expense. The conpany purchases racing aupplies for $2,600 on aecount due in 30 daya. Supplies inelude trophiea for the top-tiniahing team in each category, promotional ahirta, anaek foods and drinka for participanta, and field narkers to prepare the racecourae. December 15 The company receives $25,600 eash fron a total of forty teans, and the race is held. December 16 The conpany pays vietor's salary of 51,200 . December 11 the coirpany pays a dividend of 54,100($2,050 to Fony and 52,050 to suzie). December 11 Using his peraonal money, Tony purchases a diamond ring for $5,400. Tony aurprises suzie by propoaing that they get married. suzie secepts and they get narried! 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 $6,300. 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 $1,900 of office supplies purchased on July 4,$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12,$140 remains. 9. Suzie calculates that the company owes $13,900 in income taxes. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet