where the face will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,700 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $25,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1,600 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $5,500. Tony surprises Suzie by 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 $8,400. 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, $230 remains. e. Interest expense on the $37,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $280 remains. g. Suzie calculates that the company owes $14,400 in income taxes. 2. Record adjusting entries as of December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet 2 3 4 5 6 7 Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,400. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 5 6 7 Six months' of the one-year insurance policy purchased on July 1 has expired. Note: Enter debits before credits. General Journal Debit Date Credit Dec 31, 2021 Record entry View general journal Clear entry where the face will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,700 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $25,600 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,000. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1,600 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $5,500. Tony surprises Suzie by 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 $8,400. 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, $230 remains. e. Interest expense on the $37,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,700 of racing supplies purchased on December 12, $280 remains. g. Suzie calculates that the company owes $14,400 in income taxes. 2. Record adjusting entries as of December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet 2 3 4 5 6 7 Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,400. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 5 6 7 Six months' of the one-year insurance policy purchased on July 1 has expired. Note: Enter debits before credits. General Journal Debit Date Credit Dec 31, 2021 Record entry View general journal Clear entry