July $1$Sell $$13,500$ of common stock to Suzie.July $1$Sell $$13,500$ of common stock to Tony.July $1$Purchase a one$-$year insurance policy for $$5,880($$$490$ per month$)$ to cover injuries to participants during outdoor clinics.July $2$Pay legal fees of $$1,900$ associated with incorporation.July $4$Purchase office supplies of $$1,300$ on account.July $7$Pay $$220$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $$40$ the day of the clinic.July $8$Purchase $10$ mountain bikes, paying $$13,500$ cash.July $15$On the day of the clinic, Great Adventures receives cash of $$2,400$ in total from $60$ bikers. Tony and Suzie conducts the mountain biking clinic.July $22$Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $$2,950.$July $24$Pay $$680$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$150$ in advance or $$200$ on the day of the clinic.July $30$Great Adventures receives total cash of $$7,500$ in advance from $50$ kayakers for the upcoming kayak clinic.The following transactions occur over the remainder of $2024.$August $1$Great Adventures obtains a $$34,000$ 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 $31.$August $4$The company purchases $14$ kayaks, paying $$24,000$ cash.August $10$Tony and Suzie conduct the first kayak clinic. In addition to the $$7,500$ that was received in advance from kayakers on July $30,$ the company receives additional cash of $$4,000$ from twenty new kayakers on the day of the clinic.August $17$Tony and Suzie conducts a second kayak clinic, and the company receives $$12,300$ cash.August $24$Office supplies of $$1,300$ purchased on July $4$ are paid in full.September $1$To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $$3,960($$$330$ per month$)$ in advance.September $21$Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$14,100$ cash.October $17$Tony and Suzie conduct 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 $$19,300$ cash.December $1$Tony and Suzie decide to hold the company$$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 $$610.$December $5$To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $$50$ in salary for each team that competes in the race. His salary will be paid after the race.December $8$The company pays $$2,000$ to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.December $12$The company purchases racing supplies for $$2,700$ 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 $$24,400$ cash from a total of forty teams, and the race is held.December $16$The company pays Victor$$s salary of $$2,000.$December $31$The company pays a dividend of $$4,100($$$2,050$ to Tony and $$2,050$ to Suzie$).$December $31$Using his personal money, Tony purchases a diamond ring for $$4,400.$ 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 $$7,100.$

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

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

Of the $$1,300$ of office supplies purchased on July $4,$ $$280$ remains.

Interest expense on the $$34,000$ loan obtained from the city council on August $1$ should be recorded.

Of the $$2,700$ of racing supplies purchased on December $12,$ $$140$ remains.

Suzie calculates that the company owes $$13,700$ in income taxes.

$6.$ Record closing entries as of December $31,2024$ and post them to the T$-$accounts in Req $3$ and $7.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$