$3.$ Post transactions from July $1$ through December $31$ and adjusting on December $31$ to T$-$accounts.

$7.$ Post closing entries $($from the general journal in Req $6)$ to T$-$accounts

Required information

$[$The following information applies to the questions displayed below.$]$

Tony and Suzie 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 $31,000$ shares of common stock for $\backslash (\backslash$$ $1\backslash )$ 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.

July $1$ Sell $\backslash$$$15,500$ of common stock to Suzie.

July $1$ Sell $\backslash$$$15,500$ of common stock to Tony.

July $1$ Purchase a $1-$year insurance policy for $\backslash$$$5,280(\backslash (\backslash$$ $440\backslash )$ per month$)$ to cover injuries to participants during outdoor clinics.

July $2$ Pay legal fees of $\backslash (\backslash$$ $1,800\backslash )$ associated with incorporation.

July $4$ Purchase office supplies of $\backslash (\backslash$$ $1,700\backslash )$ on account.

July $7$ Pay $\backslash (\backslash$$ $290\backslash )$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $\backslash (\backslash$$ $70\backslash )$ the day of the clinic.

July $8$ Purchase $10$ mountain bikes, paying $\backslash$$$18,200$ cash.

July $15$ On the day of the clinic, Great Adventures receives cash of $\backslash (\backslash$$ $3,500\backslash )$ from $50$ bikers. Tony conducts the mountain biking clinic.

July $22$ Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic, and the company receives $\backslash$$$4,000.$

July $24$ Pay $\backslash (\backslash$$ $700\backslash )$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $\backslash (\backslash$$ $140\backslash )$ in advance or $\backslash (\backslash$$ $190\backslash )$ on the day of the clinic.

July $30$ Great Adventures receives total cash of $\backslash (\backslash$$ $5,600\backslash )$ in advance from $40$ kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of $2024.$

August $1$ Great Adventures obtains a $\backslash$$$31,000$ 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 $3$ years, and $\backslash (6\backslash \%\backslash )$ annual interest is due each year on July $31.$

August $4$ The company purchases $14$ kayaks, paying $\backslash (\backslash$$ $18,000\backslash )$ cash.

August $10$ Twenty additional kayakers pay $\backslash (\backslash$$ $3,800\backslash )(\backslash (\backslash$$ $190\backslash )$ each$),$ in addition to the $\backslash (\backslash$$ $5,600\backslash )$ that was paid in advance on July $30,$ on the day of the clinic. Tony conducts the first kayak clinic.

August $17$ Tony conducts a second kayak clinic, and the company receives $\backslash (\backslash$$ $10,600\backslash )$ in cash.

August $24$ Office supplies of $\backslash (\backslash$$ $1,700\backslash )$ purchased on July $4$ are paid in full.

September $1$ To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for $1$ year, paying $\backslash (\backslash$$ $3,000\backslash )(\backslash (\backslash$$ $250\backslash )$ per month$)$ in advance.

September $21$ Tony conducts a rock$-$climbing clinic. The company receives $\backslash (\backslash$$ $14,100\backslash )$ cash.

October $17$ 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 $\backslash (\backslash$$ $18,100\backslash )$ cash.

December $1$ 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 $\backslash (\backslash$$ $650\backslash ).$

December $5$ To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $\backslash (\backslash$$ $60\backslash )$ in salary for each team that competes in the race. His salary will be paid after the race.

December $8$ The company pays $\backslash (\backslash$$ $1,300\backslash )$ to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.

December $12$ The company purchases racing supplies for $\backslash (\backslash$$ $2,200\backslash )$ 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.

December $15$ The company receives $\backslash (\backslash$$ $26,000\backslash )$ cash from a total of $40$ teams, and the race is held.

December $16$ The company pays Victor's salary of $\backslash (\backslash$$ $2,400\backslash ).$

December $30$ The company pays a dividend of $\backslash (\backslash$$ $4,500\backslash )(\backslash (\backslash$$ $2,250\backslash )$ to Tony and $\backslash$$$2,250$ to Suzie$).$

December $30$ Using his personal money, Tony purc