July $1$Sell $$13,500$ of common stock to Suzie.July $1$Sell $$13,500$ of common stock to Tony.July $1$Purchase a $1-$year insurance policy for $$5,520($$$460$ per month$)$ to cover injuries to participants during outdoor clinics.July $2$Pay legal fees of $$1,400$ associated with incorporation.July $4$Purchase office supplies of $$1,200$ on account.July $7$Pay $$380$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $$40$ the day of the clinic.July $8$Purchase $10$ mountain bikes, paying $$15,500$ cash.July $15$On the day of the clinic, Great Adventures receives cash of $$2,000$ 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 $$2,450.$July $24$Pay $$890$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$130$ in advance or $$180$ on the day of the clinic.July $30$Great Adventures receives total cash of $$10,400$ in advance from $80$ kayakers for the upcoming kayak clinic.

The following transactions occur over the remainder of $2024.$

August $1$Great Adventures obtains a $$38,000$ low$-$interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in $3$ years, and $6\%$ annual interest is due each year on July $31.$August $4$The company purchases $14$ kayaks, paying $$12,100$ cash.August $10$Twenty additional kayakers pay $$3,600($$$180$ each$),$ in addition to the $$10,400$ that was paid in advance on July $30,$ on the day of the clinic. Tony conducts the first kayak clinic.August $17$Tony conducts a second kayak clinic, and the company receives $$11,100$ in cash.August $24$Office supplies of $$1,200$ purchased on July $4$ are paid in full.September $1$To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for $1$ year, paying $$3,000($$$250$ per month$)$ in advance.September $21$Tony conducts a rock$-$climbing clinic. The company receives $$13,900$ 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 $$19,000$ cash.December $1$Tony decides to hold the company$$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 $$640.$December $5$To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $$70$ in salary for each team that competes in the race. His salary will be paid after the race.December $8$The company pays $$1,300$ to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.December $12$The company purchases racing supplies for $$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.December $15$The company receives $$25,600$ cash from a total of $40$ teams, and the race is held.December $16$The company pays Victor$$s salary of $$2,800.$December $30$The company pays a dividend of $$4,200($$$2,100$ to Tony and $$2,100$ to Suzie$).$December $30$Using his personal money, Tony purchases a diamond ring for $$5,000.$ 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 $31,2024.$

Depreciation of the mountain bikes purchased on July $8$ and kayaks purchased on August $4$ totals $$7,800.$

Six months of the $1-$year insurance policy purchased on July $1$ has expired.

Four months of the $1-$year rental agreement purchased on September $1$ has expired.

Of the $$1,200$ of office supplies purchased on July $4,$ $$270$ remains.

Interest expense on the $$38,000$ loan obtained from the city council on August $1$ should be recorded.

Of the $$2,800$ of racing supplies purchased on December $12,$ $$180$ remains.

Suzie calculates that the company owes $$14,600$ in income taxes.