august 1- dec 31?

RWP3-1 (Algo) Great Adventures Continuing Problem (GL) 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 30,000 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. August 1 Great Adventures obtains a $42,000 low-interest loan for the conpany from the city cauncil, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three yeara, and 6s annual interest is due each year on July 31 . Augunt 4 The coepany purchases 14 kayaks, paying $15,400 cash. Auqust 10 Tony and suzie conduct the first kayak clinic. In addition to the $6,600 that was received In advance from kayakers on July 30, the company receives additional cash of $3,200 from twenty new kayakers on the day of August 17 Tony and suzie conducts a second kayak olinic, and the company receives $11,600 cash. August 24 Office nupplies of $2,000 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 one year, paying $4,200 (\$350 per month) in advance. September 21 Tony and Suzie conduct a rock-elimbing elinic. The company receives $14,400 cash. Oetober 17 Tony and suzie conduct an orienteering olinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,600 December 1 Tony and suzle decide to hold the company's firat adventure race on December 15 . Four-person teams wil1 race from checkpoint to checkpoint using a coebination of mountain biking, kayaking, orienteering, trail. running, and rock-elimbing skills. The first team in each category to complete all checkpointa in order December 5 winn. The entry fee for each team is $640, December 5 To help organize and promote-the race, Tony hires hin college roommate, Victor. Vietor will be paid 550 in December 8 The company pay $1,100 to purehase in the race. Hs salary will be paid after the race, December 8 The company pays $1,100 to purchase a pernit from a state park where the race will be held. The anount ia December 12 The company purchases racing expenae. the top-finishing teams in each eategory $2,600 on account due in 30 daya. Suppliea include trophies for tield narkere to prepare the racecourse, promotional shirts, snack foodn and drinki for participanta, and Decenber-15. The conpany recefves $25,600 cash from. December. 16 The conpany pays vietor, forty teams, and the race is held. December 31 . The conpany pays Victor's salary of $2,000. December 31 Using pany pays a dividend of $3,600 ( $1,800 to Tony and $1,800 to 5uzio). they get married. Suzie accepts and they get marriedt. 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 $6,080. 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 $2,000 of office supplies purchased on July 4,$280 remains. e. Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,600 of racing supplies purchased on December 12,$190 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. Journal entry worksheet Great Adventures obtains a $42,000 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. Note: Enter debits before credits