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post your transactions from july 1 through december 31 and adjusting entries on december 31 to t accounts

Problem - Manual Posting - 5e Saved Required information Great Adventures Problem AP3.1 [The following information applies to the questions displayed below.) Tony and Suzle 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 28,000 shares of common stock for $1 each Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $14,000 of common stock to Suzie. Jul. 1 Sell $14,000 of common stock to Tony. but i Purchase one-year insurance policy for $3,600 5300 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,400 associated with incorporation Jul. 4 Purchase office supplies of $1,800 on account. Jul 7 pay for advertising of $210 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18,400 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $1,800 from 60 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,200. Jut. 24 Pay 5760 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives cash of 9,806 in advance fron 70 kayakers for the upcoming kayak clinic, Aug. 1 Great Adventures obtains a $50,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and annual interest is due each year on July 31. Aug. The company purchases 14 kayaks, paying $16,800 cash. Aug. 18 Twenty additional kayakers pay $3,310 (5190 cach), in addition to the $9,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,700 cash. Aug. 24 Office supplies of $1,800 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 Saved Problem - Manual Posting - 5e Jut. 24 ray >/00 LU LULA IGULU SLALUI TU auver usy LU appear meu id lety. A kdydiny CLIC WILL De held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,800 in advance from 70 kayakers for the upcoming kayak clinic- Aug. 1 Great Adventures obtains a $50,000 low-interest loan for the company from the city council, which recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $16,800 cash. Aug. 10 Twenty additional kayakers pay $3,800 (5190 each), in addition to the $9,800 that was paid in advanc on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,700 cash. Aug. 24 Office supplies of $1,800 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 shed for one year, paying $4,200 ($350 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,900 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 receives $18,600 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race fron 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 wins. The entry fee for each team is $688. Dec. 5 To help organize and promote the race, Tony hires his college roomnate, Victor, Victor will be paid $60 in salary for each tean that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,400 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 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 $27,200 cash fron a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $2,400. Dec. 31 The company pays a dividend of $4,600. ($2,300 to Tony and $2,300 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $5,200. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The towing 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 $7,800. 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. Or the $1,800 of office supplies purchased on July 4, $400 remains e. Interest expense on the $50,000 loan obtained from the city council on August 1 should be recorded. t of the $2,800 of racing supplies purchased on December 12, $200 remains 9. Suzie calculates that the company owes $13,500 in income taxes

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