letters a through g!

answer letters a through g on journel entry worksheet

a. Depreclation of the mountain bikes purchased on July 8 and koyaks purchased on August 4 totals $8.200. 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. Or the $1,800 of office supplies purchased on July 4,$340 remains. e. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12,$170 remains. 9 . Suzie calculates that the company owes $14,600 in income taxes. RWP3-1 (Algo) Great Adventures Continuing Problem Part 2 2. Record adjusting entries as of December 31, 2024. (if no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Journal entry worksheet Six months' of ye one-year insurance policy purchased on July 1 has expired. Note: Lnter debits before credits. Required information RWP3-1 (Algo) Great Adventures Continuing Problem [The following information applies to the questions displayed below] Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain blking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articies of incorporation state that the corporation will sell 34,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Greot Adventures. which has recently passed an initiative encouraging business deyelonment relity council, activities. The loan is due in three years, and 6 s annual interest is doe eated outdoor activities. The loan is due in threo years, and 6a annual interest is due each year on July 31 . August 4 The company purchases 14 kayaks, paying $19,500cash. August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $7,000 that was received in advance rom kayakers on July 30 , the company receives additional cash of $3,800 from twenty new kayakers on the day of the clinic. August 17 Tony and Suzie conducts a second kayak elinic, and the conpany receives $12,100 cash. August 24 of fice supplien of $1,800 purchased on July 4 are paid in fu11. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rente a septeeber 21 Tony and suzie for one year, paying $4,320 (\$360 per month) in advance. Soptember 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $13,600 cash. October 17 Tony and Suzie conduct an orienteering elinic. Participanto practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receiven $19,200 canh. December 1 Tony and Suzie decide to hold the conpany'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-elimbing skills. The first team in each category to complete al1 eheckointa in order wins. The entry fee for each tean is $560. December 5 To help organize and promote the race, Tony hires his college roomate, Victor. Victor will be paid $60 in nalary for each team that competes in the race. His salary will be paid after the race. December 8 The company pays $1,100 to purchase a permit from December 12 The company parehases racing supplies for $2,300 on account due in 30 days. Supplies inelude trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinki for participants, and field markers to prepare the racecourae. December 15 The conpany receives $22,400 cash from a total of forty teams, and the race is held. December 16 The company payn Victor's salary of $2,400. December 31 The company pays a dividend of $4,300($2,150 to Tony and $2,150 to suzie). December 31 Using hin personal money, Tony purchanes a diamond ring for $5,400. Tony surprises suzie by proposing that they get married. Suzie accepts and they get married 1 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 $8,200. 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 $1,800 of office supplies purchased on July 4,$340 remains. e. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,300 of racing supplies purchased on December 12,$170 remains. g. Suzie calculates that the company owes $14,600 in income taxes