July $1$ Sell $$17,500$ of common stock to Suzie.

July $1$ Sell $$17,500$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$4,800($$$400$ per month$)$ to cover injuries to participants during

outdoor clinics.

July $2$ Pay legal fees of $$1,600$ associated with incorporation.

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 $$40$ the day of the clinic.

July $8$ Purchase $10$ mountain bikes, paying $$11,400$ cash.

July $15$ On the day of the clinic, Great Adventures receives cash of $$1,600$ in total from $40$ 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 $$2,00.$

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 $00$inadvanceor$150$ on the day of the clinic.

July $30$ Great Adventures receives total cash of $$6,000$ in advance from $60$ kayakers for the upcoming kayak clinic.

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

August $1$ Great Adventures obtains a $$34,00$ 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

August due in three years, and $6\%$ annual interest is due each year on July $31.$

$\backslash$ The company purchases $14$ kayaks, paying $$22,800$ cash.

August $10$ Tony and Suzie conduct the first kayak clinic. In addition to the $ $$6,00$ 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 $$10,600$ cash.

August $24$ Office supplies of $$1,800$ 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 $$3,000($ $$250$ per month$)$ in advance.

September $21$ Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$13,600$ 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

$$19,200$ 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 $$540.$

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 $$1,00$ 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 $$2,200$ 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 $$21,600$ cash from a total of forty teams, and the race is held.

December $16$ The company pays Victor's salary of $$2,40.$

December $31$ The company pays a dividend of $$4,800($ $$2,40$ to Tony and $$2,400$ to Suzie$).$

December $31$ 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 $31,2024.$

Depreciation of the mountain bikes purchased on July $8$ and kayaks purchased on August $4$ totals $$7,900.$

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 $$1,800$ of office supplies purchased on July $4,$ $$280$ remains.

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

Of the $$2,200$ of racing supplies purchased on December $12,$ $$200$ remains.

Suzie calculates that the company owes $$14,400$ in income taxes.