Question: Please help me prepare a closing trisl balance as soon as possible! thanks! :) [The following information applies to the questions displayed below.] Tony and

Please help me prepare a closing trisl balance as soon as possible! thanks! :)
Please help me prepare a closing trisl balance as soon as possible!
thanks! :) [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

[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 bliking 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 20.000 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. July I Se11 $10,000 of eomhon atoek to suaie. July 1 sell $10,000 of common stoek to Tony. July 1 Porehase a one-year insurance policy for 54,600 (5390 per month) to cover injurieo to July 2 pay legal feen of $1,100 assooiated with ineorporation. July 4 Purehane office oupplios of $1,600 on account. July 7 Pay $220 to a loeal newapaper for advertiaing to appear insediately for an upcoming mountain July \& biking elinie to be held on July 15. Attendees vili be charged 540 the day of the olinic. Jury 8 Purehase 10 mountain bikes, paying $12,100 canh. July 15 On the day of the elinie, Great Adventuren receives canh of $2,000 in total from 50 bikeri. Tony July 22 Because of the success of the first mountain biking olinic, Tony and suzie holds another July 24 mountain biking elinie and the company receives $2,550. Suly 24 Pay 5690 to a local radio intation tor advertining to appear innediately. A kayaking clinie vill be held on August 10 , and attendees can pay $150 in advance or $200 on the day of the clinie. Creat Mdventuren recelves total cash of $9,000 in advance from 60 kayakers for the upconing kayak elinic. The following transactions occur over the reaninder of 2024 . August 1 Great Adventures obtaing a $36,000 lov-interest Ioan for the conpany fron the city council, Which bas recently passed an initiative encouraging buainess developtent rolated to outdoor Aaguat 4 The coepany purehanes 14 kayaks, paying $26,000 cash. Arguat 10 foby and suzie conduet the first kayak olinic. In addition to the $9,000 that vas received in activities. The loan is due in three yearg, and 6b annual interest is due each year on July 31. August 4 The company purchases 14 kayaks, paying $26,000 cash. August 10 Tony and Suzie conduct the first kayak clinic. In addition to the $9,000 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 elinic. August 17 Tony and suzie conducts a second kayak clinic, and the company recoives $11,300 cash. August 24 Office supplies of $1,600 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 Btorage bhed for one year, paying $4,680 (\$390 per month) in advance. September 21 Tony and Suzie conduct a rock-olimbing clinic. The company receives $14,000 cash. October 17 Tony and Suzie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orlent through heavily wooded areas. The company receives $19,500 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 akills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $520. December 5 To help organize and promote the race, Tony hires his college roomate, victor. Victor wili be. paid $50 in salary for each team that competes in the race. His salary will be paid after the race. December B The company paye $1,900 to purchase a pormit froe 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 $2,400 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, promotional shirts, snack foods and drinks for participants, and field earkers to prepare the racecourse. December 15 The company receives $20,800 cash from a total of forty teams, and the race 1s held. December 16 The company pays victor's salary of $2,000. December 31 The company pays a dividend of $3,500 (\$1,750 to Tony and $1,750 to 5uzie). December 31 Using his personal money, Tony purchases a diamond rying for $3,700. Tony aurprises suzie by proposing that they get marrled. Suzio accepts and they get marriedi 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 $8,900. 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 $1,600 of office supplies purchased on July 4,$360 remains. e. Interest expense on the $36,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,400 of racing supplies purchased on December 12,$230 remains. 9. Suzie calculates that the company owes $13,300 in income taxes. 8. Prepare a post-closing trial balance as of December 31, 2024. Itniunmant (Hikae) (1) Required information

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