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Check my work - w wwwwwwww w www Aug. 10 Twenty additional kayakers pay $4,000 ($200 each), in addition to the $7,500 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 elinie, and the company receives $12, 100 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 $14,500 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. 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 $630. Dec. 5 To help organize and promote the race, Tony hires his college roommate, 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. 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. Dee. 12 The company purchases racing supplies for $2,200 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 $25,200 cash from 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 $3,300 ($1,650 to Tony and $1,650 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 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 $7100. 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, $340 remains e. Interest expense on the $35,000 loan obtained from the city council on August 1 should be recorded. for the $2,200 of racing supplies purchased on December 12. $250 remains. g. Suzie calculates that the company owes $13,200 in income taxes. Required information Credit GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2021 Accounts Debit 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 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

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