July $1$Sell $$14,000$ of common stock to Suzie.July $1$Sell $$14,000$ of common stock to Tony.July $1$Purchase a one$-$year insurance policy for $$3,600($$$300$ per month$)$ to cover injuries to participants during outdoor clinics.July $2$Pay legal fees of $$1,500$ associated with incorporation.July $4$Purchase office supplies of $$1,900$ on account.July $7$Pay $$350$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $$60$ the day of the clinic.July $8$Purchase $10$ mountain bikes, paying $$15,000$ cash.July $15$On the day of the clinic, Great Adventures receives cash of $$3,600$ 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 $$4,000.$July $24$Pay $$810$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$100$ in advance or $$150$ on the day of the clinic.July $30$Great Adventures receives total cash of $$5,000$ in advance from $50$ kayakers for the upcoming kayak clinic.The following transactions occur over the remainder of $2024.$August $1$Great Adventures obtains a $$50,000$ 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 $$22,500$ cash.August $10$Tony and Suzie conduct the first kayak clinic. In addition to the $$5,000$ that was received in advance from kayakers on July $30,$ the company receives additional cash of $$3,000$ from twenty new kayakers on the day of the clinic.August $17$Tony and Suzie conducts a second kayak clinic, and the company receives $$11,100$ cash.August $24$Office supplies of $$1,900$ purchased on July $4$ are paid in full.September $1$To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $$4,440($$$370$ per month$)$ in advance.September $21$Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$14,600$ 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 $$18,600$ cash.December $1$Tony and Suzie decide to hold the company$$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 $$530.$December $5$To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $$60$ in salary for each team that competes in the race. His salary will be paid after the race.December $8$The company pays $$1,500$ to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.December $12$The company purchases racing supplies for $$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 $$21,200$ cash from a total of forty teams, and the race is held.December $16$The company pays Victor$$s salary of $$2,400.$December $31$The company pays a dividend of $$3,800($$$1,900$ to Tony and $$1,900$ to Suzie$).$December $31$Using his personal money, Tony purchases a diamond ring for $$5,400.$ 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 $$8,700.$

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 $$1,900$ of office supplies purchased on July $4,$ $$290$ remains.

Interest expense on the $$50,000$ loan obtained from the city council on August $1$ should be recorded.

Of the $$2,800$ of racing supplies purchased on December $12,$ $$190$ remains.

Suzie calculates that the company owes $$14,200$ in income taxes.

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

$7.$ Post the closing entries of retained earnings to the T$-$account.