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field markers to prepare the racecourse. December 15 The company receives $24,400 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $1,200. December 31 The company pays a dividend of $4,100($2,050 to Tony and $2,050 to $uzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,600. Tony surprises Su: they get married. Suzie accepts and they get married! 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 $6,580. 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,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzle calculates that the company owes $13,700 in income taxes. Tony and Suzle 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 35,000 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. July1July1July1outdoorelinies.Jalylegalfeesof$1,900assoeiatedwithincorporation.July4July7Sel1$17,500ofcommonstoektoSuzie.Sell$17,500ofcommonstocktoTony.Purchaneaone-yearinsurancepolicyfor$5,520($460permonth)tocoverinjuriestoparticipantgduringPurehaseofficesuppliesof$1,100onaccount.Pay$300toalocalnewspaperforadvertiningtoappearimmediatelyforanupconingmountainbikingelinie July 8. Purchase 10 mountain bikes, paying $17,300 eash. July 15 On the day of the elinic, Great Adventuren receives cash of $2,500 in total from 50 bikers, Tony and 5 uzie July conducts the mountain biking olinic. July 22 Because of the suecess of the first mountain biking elinic, Tony and suzie holds another mountain biking July 24 pay $800 to a local radio ntation for advertiaing to appear inmediately. A kayaking elinie vill be held on Auquet 10 , abd attendees ean pay $110 in advance or $160 on the day of the olinic. July 30 Creat Adventures receives total eash of $4,400 in advance from 40 kayakera for the upeoning kayak elinic. The following transactions occur over the remainder of 2024 . Augunt 1 Great Adventuren obtaing a $47,000 loveinterent loan for the conpany fron the oity council, which han recently passed an initiative encouraging businenn developaent related to outdoor activitiea. The loan in due in three yearn, and 6t annual interest ia due each year on July 31. Augunt 4 The company purehases 14 kayaki, paying $15,600 cash. Mugust 10 Tony and suzie conduct the firat kayak elinic. In addition to the 54,400 that wain received in advance from kayakers on July 30 , the company receives additional cadh of 53,200 fron tweaty new kayaker on the day of the clinic. August 17 Tony and suzie conducts a second kayak elinic, and the company receives $12,100 cash. August 24 offlee supplies of $1,100 purchased on July 4 are paid in fu11. September 1 To provide better storage of mountain bikes and kayakn when not in use, the company rents a storage shed for one year, paying $3,840 ( $320 per month) in adyance. September 21 Tony and Suzie conduct a rock-climbing olinic. The company receives $13,200 cash. Oetober 17 Tony and Suzie conduct an orienteoring clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,900 cash. December 1 Tony and Suzie decide 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 checkpolnts in order wins. The entry fee for each team is $610. December 5 To help organize and promote the race, Tony hires his college roommate, victor. Victor wil1 be paid $30 in December 8 salary for each team that competes in the race. His salary will be paid after the race. December 12 The company purehases racing supplies for $2,400 on account due in 30 days, 5 applies 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. December 15. The company receives $24,400 cash from a total of forty teams, and the race is held. December 16 The company pays vietor's salary of $1,200. December 31 The company pays a dividend of $4,100($2,050 to Tony and $2,050 to 5uz ie). Decenber 31 using his personal noney, Tony purehases a diamond ring for $3,600. Tony surprises suzle 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,580. 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,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes $13,700 in income taxes. View transaction list View journal entry worksheet ting Cycle Case (i) Savod \begin{tabular}{l} \\ \hline \end{tabular} Adjusted GREAT ADVENTURES, INCORPORATED Adjusted Statement of 8E field markers to prepare the racecourse. December 15 The company receives $24,400 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $1,200. December 31 The company pays a dividend of $4,100($2,050 to Tony and $2,050 to $uzie). December 31 Using his personal money, Tony purchases a diamond ring for $3,600. Tony surprises Su: they get married. Suzie accepts and they get married! 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 $6,580. 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,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzle calculates that the company owes $13,700 in income taxes. Tony and Suzle 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 35,000 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. July1July1July1outdoorelinies.Jalylegalfeesof$1,900assoeiatedwithincorporation.July4July7Sel1$17,500ofcommonstoektoSuzie.Sell$17,500ofcommonstocktoTony.Purchaneaone-yearinsurancepolicyfor$5,520($460permonth)tocoverinjuriestoparticipantgduringPurehaseofficesuppliesof$1,100onaccount.Pay$300toalocalnewspaperforadvertiningtoappearimmediatelyforanupconingmountainbikingelinie July 8. Purchase 10 mountain bikes, paying $17,300 eash. July 15 On the day of the elinic, Great Adventuren receives cash of $2,500 in total from 50 bikers, Tony and 5 uzie July conducts the mountain biking olinic. July 22 Because of the suecess of the first mountain biking elinic, Tony and suzie holds another mountain biking July 24 pay $800 to a local radio ntation for advertiaing to appear inmediately. A kayaking elinie vill be held on Auquet 10 , abd attendees ean pay $110 in advance or $160 on the day of the olinic. July 30 Creat Adventures receives total eash of $4,400 in advance from 40 kayakera for the upeoning kayak elinic. The following transactions occur over the remainder of 2024 . Augunt 1 Great Adventuren obtaing a $47,000 loveinterent loan for the conpany fron the oity council, which han recently passed an initiative encouraging businenn developaent related to outdoor activitiea. The loan in due in three yearn, and 6t annual interest ia due each year on July 31. Augunt 4 The company purehases 14 kayaki, paying $15,600 cash. Mugust 10 Tony and suzie conduct the firat kayak elinic. In addition to the 54,400 that wain received in advance from kayakers on July 30 , the company receives additional cadh of 53,200 fron tweaty new kayaker on the day of the clinic. August 17 Tony and suzie conducts a second kayak elinic, and the company receives $12,100 cash. August 24 offlee supplies of $1,100 purchased on July 4 are paid in fu11. September 1 To provide better storage of mountain bikes and kayakn when not in use, the company rents a storage shed for one year, paying $3,840 ( $320 per month) in adyance. September 21 Tony and Suzie conduct a rock-climbing olinic. The company receives $13,200 cash. Oetober 17 Tony and Suzie conduct an orienteoring clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,900 cash. December 1 Tony and Suzie decide 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 checkpolnts in order wins. The entry fee for each team is $610. December 5 To help organize and promote the race, Tony hires his college roommate, victor. Victor wil1 be paid $30 in December 8 salary for each team that competes in the race. His salary will be paid after the race. December 12 The company purehases racing supplies for $2,400 on account due in 30 days, 5 applies 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. December 15. The company receives $24,400 cash from a total of forty teams, and the race is held. December 16 The company pays vietor's salary of $1,200. December 31 The company pays a dividend of $4,100($2,050 to Tony and $2,050 to 5uz ie). Decenber 31 using his personal noney, Tony purehases a diamond ring for $3,600. Tony surprises suzle 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,580. 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,$300 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes $13,700 in income taxes. View transaction list View journal entry worksheet ting Cycle Case (i) Savod \begin{tabular}{l} \\ \hline \end{tabular} Adjusted GREAT ADVENTURES, INCORPORATED Adjusted Statement of 8E

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