On July $1,2024,$ Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated

The articles of incorporation state that the corporation will sell $36,000$ 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 Great Adventures. August $<mn\; id="EditorElement\_1850536">4</mn>$ U$$Tlce supp$\backslash$perples $$ $$\backslash$perp$,40\backslash$cup purcnased on Ju$\backslash$perpy $4$ are pala $1$n ru$\backslash$perp$\backslash$perp$.$

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 $$15,100$ 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 $$18,300$ 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 $$510.$

December $5$ To help organize and promote the race, Tony hires his college roommate, Victor. Victor

will be paid $$40$ in salary for each team that competes in the race. His salary will be

paid after the race.

December $8$ The company pays $$1,000$ 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 $$20,400$ cash from a total of forty teams, and the race is held.

December $16$ The company pays Victor's salary of $$1,600.$

December $31$ The company pays a dividend of $$4,500($ $$2,250$ to Tony and $$2,250$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$4,600.$ 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 $31,2024.$

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 $$1,400$ of office supplies purchased on July $4,$$$300$ remains.

e$.$ Interest expense on the $$49,000$ loan obtained from the city council on August $1$ should be recorded.

f$.$ Of the $$2,700$ of racing supplies purchased on December $12,$ $$200$ remains.

g$.$ Suzie calculates that the company owes $$14,000$ in income taxes. Prepare a post$-$closing trial balance as of December $31,2024.$

$\backslash$table$[[$GREAT ADVENTURES, INCORPORATED$],[,,],[$December $31,2024],[$Accounts$,$Debit,Credit$],[$Cash$,,],[$Prepaid Insurance,,$],[$Prepaid Rent,,$],[$Supplies $($Office$),,],[$Supplies $($Racing$),,],[$Equipment $($Bikes$),,],[$Equipment $($Kayaks$),,],[$Accumulated Depreciation,,$],[$Accounts Payable,,$],[$Income Tax Payable,,$],[$Interest Payable,,$],[$Notes Payable,,$],[$Common Stock,,$],[$Retained Earnings,,$],[$Dividends$,,]]\backslash$table$[[$Notes Payable,$,],[$Common Stock,?,t$],[$Retained Earnings,?,C$],[$Dividends$,>,$P$],[$Service Revenue $($Clinic$),?,>],[$Service Revenue $($Racing$),?,],[$Advertising Expense,?,$>],[$Depreciation Expense,?,P$],[$Income Tax Expense,?,P$],[$Insurance Expense,$>,$P$],[$Interest Expense,?,$+],[$Legal Fees Expense,?,$],[$Miscellaneous Expense,?,$+],[$Rent Expense,?,$],[$Salaries Expense,$\backslash ,],[$Supplies Expense $($Office$),+,\backslash ],[$Supplies Expense $($Racing$),?,\backslash ],[$Totals$,,]]$