Red x's are wrong, any idea what it could be dont need work just answers thx

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking 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 ksysking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts of On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 35,000 shares of common stock for $1esch. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The foowing transsctions occur from July through December 31. Jul. 1 Sell $18,9 of common stock to Sie. Jul. 1 Sell $18, ce of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,928 ($418 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fous of $2,cea associated with incorporation. Jul. Jul. 4 Purchase office supplies of $1,988 on account. 7 Pay for advertising of $250 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees Jul. will be charged 538 on the day of the clinic. & Purchase 18 mountain bikes, paying $11, se cash. Jul. 15 on the day of the clinic, Great Adventures receive cash of $1,22 Fron e bikers. Tony conducts the mountain biking clinic. : Jul. 22 the success of the first mountain biking Clinic, Tony holds another mountain biking Clinic and the company receives , sa Jul. 24 ay sase to a local radio station for advertising to appear imediately. A kayaking clinic will be held on August 18, and attendees can pay $110 in advance or $150 on the day of the clinic. Jul. 3a Great Adventures receives cash of $3,800 in advance from sa kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $31,68 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 anal Interest is due each year on July 31. 4 The company purchases 14 kayaks, paying $13, cash Aug. 12 Twenty additional kayakers pay $3,200 (se cach), in addition to the $9,888 that was paid in advance on July 30, on the day of the clinic. Tany conducts the first kayak clinic. Aug 24 Office super stand kayak Clinic, and the company receives $12.50 cash. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company ronts a storage shed for one year, paying $3,120 (200 per month) in advance Sep. 21 Tony Conducts a rock climbing clinic. The company receives $13,99 cash. Oct. 17 Tany conducts an orienteering clinic. Participants practice how to understand a topographicale, read an altimeter, use Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four person tons will race from checkpoint to using a combination of mountain biking, kayaking, orientering, trail running, and rock-climbing skills. The first teas in each category to complete all checkpoints in order wins. The entry fee for each team is see DAL. 5 To help organize and promote the race, Tony hires his college roomate, Victor Victor will be paid ssa in salary for each tean that competes in the race. His salary will be paid after the race. Dec. & The company pays $1,4 to purchase a persit from a state park where the race will be held. The amount is recorded as a miscellaneous expanse Dec. 12 The company purchases racing supplies for $2,588 on account due in 30 days. Supplies include trophies for the top finishing teams in each category. promotional dirts, Snack food and drinks for participants, and field arkers to prepare the racecourse Dec. 15 The company receives $24,8ce cash from a total of forty tents, and the race is held. Dec. 15 The company pays Victor's salary of $2,400 Dec. 31 The company pays a dividend of $4,380 ($2,15a to Tony and $2,15a to Suzie). Dec. 31 using his personal money, Tony purchases a diamond ring for $3,62. Tony surprises Suzie by proposing that they get married. Suzie accepts and they got married! checkpoint The following information relates to year-end adjusting entries of December 31, 2021. . Depreciation of the mountain bikes purchased on July and kayaks purchased on August 4 totes $5.960. b. Six months of the one-year Insurance policy purchased on July 1 hes expired. c Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,900 of office supplies purchased on July 4, $200 remains e Interest expense on the $31000 loan obtained from the city council on August 1 should be recorded t Of the $2.500 of racing supplies purchased on December 12. $260 remains 9. Suzie calculates that the company ove: $15.000 in Income taxes General Journal General Ladigar Trial Balance SE 1. Record each of the transactions listed above in the General Journal tab (these are shown as items 1-27). Review the "General Ledger and the Thal Balance tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28-34). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2021, in the Statement of Stockholder's Equity' tah. G. Prepare a cassified balance sheet as of December 31, 2021 in the Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35-37). September Provide services to customers account for $4, 2.5 September 1 Provide services to customers for cash, $3,588. September 2 Purchase land with a long-term note for $5,382 from Crimson Company. September 1a Purchase supplies an account for $1,282. Saptaber 13 Pay $2,000 to Crimson son Company for a long-ters note. September 18 receive $3.9 from customers an account. . September 3a Pay September's utility bill of $1,450. September 30 Pay employees $2,968 for salaries for the month of September. September 3a Pay a cash dividend of $1,288 to shareholders. Answer is complete but not entirely correct. Requirement Coil | Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Date Account Title Debit Credit 1 September 01 Cash 3.600 Service Ravenue 3.600 September 02 Land 5.300 Notes Payable 5.300 September 04 290 Advertising Expense Service Ravenue 3 390 4 September 4900 Accounts Receivable Service Foo Expono 4900 September 10 1.200 Supplies Accounts Payable 1.200 6 September 13 Notas Payable 2.900 2.900 7 September 18 Cash 3.900 Accounts Receivable 3.900 September 20 Hort Expense 790 OOOOOOOOOO OOOO 790 September 30 Unities Expanse 1.450 1.450 10 September 30 Salaries Expense 2.900 2.900 11 September 30 Dividends 1.200 1.200