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Project Seved their first adventure races. These races wil 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 Surle organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 34,000 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 through December 31, 1 Bell 417,000 of common stock to use 1 Bell 417,000 of common stock to Tony 1 Purehase a one-year insurance policy for $5,000 (5470 per month) to cover injuries to participants during door elinies. Jal. May legal fees of $1,600 associated with incorporation 4 Purehase office applies of $1,800 on account. 7 Pay for advertising to local nevpaper for an upcoming mountain biking clinie to be held on July 15. Attendees will be charged $38 on the day of the elinie. # Purchase 10 mountain bikes, paying 515,600 cash. Jal. 15 on the day of the elite, Great ventures receives eash of $2,400 from 80 bikers. Tony conduct the mountain biking elinie. Jul. 22 Because of the weess of the first mountain biking clinie, Tony holds another mountain biking elinie and the company receives $2,750. Jul. 24 May 3730 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the elinie. Jul. 10 Creat Adventures receives cash of $7,200 in advance from 60 kayakere for the upcoming kayak elinie. Aug. 1 Great Adventures obtains a 547,000 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. 4 The company purchases 14 kayaks, paying $22,00 cash. Ang. 10 Twenty additional kayakore 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 first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 cash. Aug. 24 office supplies of $1,000 purchased on July 4 are paid in full. Sep. To provide better storage of mountain bikes and kayaks when not in we, the company renta storage shed for one year, paying $3,480 ($290 per month) in advance. Sep. 21 Tony conducta a rock-climbing elinie. The company receives $14,800 cash. Oct. 17 Tony conducta as orienteering clinic. Participants practice how to understand a topographical map. read an altimeter, we a compass, and orient through heavily wooded areas. The company receives $19,100 cash. Dee. 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 Tuning, and rock-climbing kills. The first tean in each category to complete all checkpoints in order wine. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary each tean that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,500 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 $2.500 on account due in 30 days. Bupplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markets to prepare the racecourse. Dec. 15 The company receives $20,000 cash from a total of forty tem, and the race is held. Dec. 16 The company pays Vietor'. walary of $1,200. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1.600 te sexie. Dec. 31 sing his personal money, Tony purchases a diamond ring for $5,000. Tony surprises sur le by proposing that they get married. Suale 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 $7,600. 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 $1,800 of office supplies purchased on July 4, 5210 remains Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. . Of the $2,300 of racing supplies purchased on December 12, $130 remains 9. Suzie calculates that the company owes $14,100 in income taxes 2. Record adjusting entries as of December 31, 2021 Of no entry is required for a transaction/event, select "No journal entry required in the first account field.) Required information [The following information applies to the questions displayed below) 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 34,000 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 occu from July 1 through December 31 Jul. 1 Sell $17,000 of common stock to Suzie. Jul. 1 Sell $17,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,040 ($420 per month) to cover injuries to participants during outdoor clinics. Jal. 2 Pay legal fees of $1,600 associated with incorporation. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $330 to a local newspaper for an upcoming mountain biking clinic to be held July 15. Attendees will be charged $30 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $15,600 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 80 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking elinie, Tony holds another mountain biking clins and the company receives $2,750. Jul. 24 Pay $730 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $47,000 low-interest loan for the company from the city council, which he recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 68 annual interest is due each year on July 31. Aug 4 The company purchases 14 kayaks, paying $22,000 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 that was paid in advanc on July 30, on the day of the clinie. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 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 $3,480 ($290 per month) in advance. Sep. 21 Tony conducta a rock-climbing clinie. The company receives $14,800 cash. Oct. 17 Tony conducts an orienteering clinie. Participants practice how to understand a topographical map. read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,100 cash. Dee. 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 running, and rock-climbing skills. The first team in each category to complete all checkpoints in order vins. The entry fee for each tean is $500. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Vietor will be paid $30 in salary for each team that competes in the race. Wie salary will be paid after the race. Dec. 8 The company pay $1,500 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 $2,300 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack food and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $20,000 cash from a total of forty teans, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. Dec. 31 The company pays a dividend of $3,200 ($1,600 to Tony and $1,600 to Suale). Dee. 31 Using his personal money, Tony purchases a diamond ring for $5,000. Tony surprise Burie by proposing that they get married. Suwie accepta 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 $7,600. 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 $1,800 of office supriles purchased on July 4, $210 remains e. Interest expense on the $41000 loan obtained from the city council on August 1 should be recorded. for the $2,300 of racing supplies purchased on December 12, $130 remains Dec. Required information The following information applies to the questions displayed below) 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 34,000 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 Jal. I sell $17,000 of common steek to Sunie! Jal. 1 Sell,517,000 of common stock to Tony. ul. 1 Parehase a one-year Insurance policy for $5,040 (5420 per month) to cover injuries to participants during outdoor clinice. Jul. 2 Tay legal fees of $1,600 associated with incorporation Jul. 4 Purchase office supplies of $1,800 on account. Pol. 7 Pay for advertising of $330 to a local newspaper for an upcoming mountain biking line to be held on July 15. Attendees will be charged 630 on the day of the clinic. Jl. 8 Purchase 10 mountain bikes, paying $15,600 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $2.400 from 0 bikers. Tony conduct the mountain biking clinie. Pal. 22 Because of the success of the first mountain biking line, Tony holde another mountain biking clinic and the company receives $2,750. Jul. 24 Pay 6730 to a local radio station for advertising to appear immediately. A kayaking elinie will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the elinie. Jal. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtain a $47,00D 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 et annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying 522,000 cash. Mag. 10 Twenty additional kayakers pay $3,400 15170 each). In addition to the $7,200 that we paid in advance on July 30, on the day of the elinie. Tony conducta the first kayak elinie. Aug 17 Tony conducta a second kayak elinie, and the company receives $12,500 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 renta a storage shed for one year, paying $3,480 ($250 per month) in advance. Dep. 21 Tomy conducte a rock-climbing elinie. The company receives $14,800 cash. Oct. 17 Tony conducts an orienteering clinie. Participants practice how to understand a topographical map, read as altimeter, use a compass, and orient through heavily wooded areas. The company receives $19, 100 cash. Dec. Tony decides to hold the company'. first adventure race on December 15. Your 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 checkpointe in order wiss. The entry fee for each team is $500. Dec. To help organize and promote the race, Tony hires his college roommate, Vietor. Vieter will be paid 530 'in salary for each tean that competes in the race. His salary will be paid after the race. Dec. The company pays $1,500 to purchase a permit from state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12. The company purchases racing supplies for $2,300 on account due in 30 days. Supplies include trophies for the top-finishing terms in each category, promotional shirts, anack food and drink for participants, and field markere to prepare the racecourse. Dec. 15 The company receives $20,000 cash from a total of forty team, and the race is held. Deo. 16 The company pays Victor's salary of $1,200. Dec. 31 The company pays a dividend of $3,200 (51,600 to Tony and $1,600 to unie). Dec. 31 Being his personal money, Tony purcharos diamond ring for $5.000. Tony surprise Serie by proponing that they get ried, use accepta and they get married The folowing information relates to year-end adjusting entries as of December 31, 2020 a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7.600. 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 $1,800 of office supplies purchased on July 4, $210 remains Interest expense on the $47.000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12. $130 remains 9. Suzie calculates that the company owes $14,100 in Income taxes, Iul. 1 Sell $17,000 of common stock to Suzie. Jul. 1 Sell $17,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,040 ($420 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 $1,800 on account. Jul. 7 Pay for advertising of $330 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 $15,600 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 80 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 $2,750. Jul. 24 Pay $730 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $47,000 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 68 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $22,000 cash. 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 first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 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 $3,480 ($290 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,800 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 $19, 100 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams 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 wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,500 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 $2,300 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 $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. 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 $5,000. 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. Jul. 1 Sell $17,000 of common stock to Suzie. Jul. 1 Sell $17,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,040 ($420 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 $1,800 on account. Jul. 7 Pay for advertising of $330 to a local newspaper for an upcoming mountain biking elinie to be held on July 15. Attendees will be charged $30 on the day of the clinic. Jul. Purchase 10 mountain bikes, paying $15,600 cash Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 80 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 $2,750. Jul. 24 Pay $730 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayok clinic. Aug. 1 Great Adventures obtains a $47,000 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 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $22,000 cash. 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 first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $12,500 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 $3,480 ($290 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,800 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 $19, 100 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams 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 wins. The entry fee for each team is $500. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,500 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 $2,300 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 $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. 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 $5,000. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! vec. neip Organize and promote the face,tuny nices nis connege roommate, Victor Victor will be paid $30 in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,500 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 $2,300 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 $20,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,200. 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 $5,000. 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 $7,600. 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 $1,800 of office supplies purchased on July 4, $210 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12, $130 remains. g. Suzie calculates that the company owes $14,100 in income taxes. quired: Record transactions from July 1 through December 31. (If no entry is required for a transaction/e select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 27 Sell $17,000 of common stock to Suzie. Record the appropriate journal entry