1. Record transactions from August 1 through December 31.

2. Record adjusting entries as of December 31, 2012.

[The following information applies to the questions displayed below.] The following transactions occur over the remainder of the year Aug. 1 Suzie applies for and obtains a $39,000 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, costing $13,200 Aug. 10 Twenty additional kayakers pay $3,200 ($160 each), in addition to the $7,700 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 receives $10,900 cash Aug. 24 Office supplies of $1,300 purchased on July 4 are paid in full Sep. 1To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $3,360 ($280 per month) Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,600 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. Clinic fees total $18,100 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 $600 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race Dec. 1 Dec. 5 Dec. 8 The company pays $1,100 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 $2,200 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 Forty teams pay a total of $24,000 to race. The race is held Dec. 16 The company pays Victor's salary of $2,000 Dec. 31 The company pays a dividend of $4,900 ($2,450 to Tony and $2,450 to Suzie) Dec. 31 Using his personal money, Tony purchases a diamond ring for $4,400. Tony surprises Suzie by proposing that they get married. Suzie accepts