December 1 December 5 December 8 December 12 December 15 December 16 December 31 December 31...

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December 1 December 5 December 8 December 12 December 15 December 16 December 31 December 31 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 checkpoints in order wins. The entry fee for each team is $530. To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. The company purchases racing supplies for $2,800 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. The company receives $21,200 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $1,600. The company pays a dividend of $3,900 ($1,950 to Tony and $1,950 to Suzie). Using his personal money, Tony purchases a diamond ring for $3,900. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,480. 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 $1,600 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,800 of racing supplies purchased on December 12, $300 remains. g. Suzie calculates that the company owes $13,500 in income taxes. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37). December 1 December 5 December 8 December 12 December 15 December 16 December 31 December 31 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 checkpoints in order wins. The entry fee for each team is $530. To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. The company purchases racing supplies for $2,800 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. The company receives $21,200 cash from a total of forty teams, and the race is held. The company pays Victor's salary of $1,600. The company pays a dividend of $3,900 ($1,950 to Tony and $1,950 to Suzie). Using his personal money, Tony purchases a diamond ring for $3,900. 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, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,480. 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 $1,600 of office supplies purchased on July 4, $380 remains. e. Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,800 of racing supplies purchased on December 12, $300 remains. g. Suzie calculates that the company owes $13,500 in income taxes. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37).