Question

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for$17,90 cash. Dec. 1 Tony decides to hold the companys first adventure race on December 15. Four-person teams will race from1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select No Journal

1 0
Add a comment Improve this question Transcribed image text
Answer #1

Great Adventures Inc. Journal entries No. Date Accounts 1 1-Jul Cash Common Stock Credit Debit 10,000 10,000 10,000 1-Jul CasCredit Calculation Adjusting entries No. Date Accounts 28 31-Dec Depreciation expense Accumulated Depreciation Debit 8,000 AC35 Closing entries 31-Dec Service revenue (Clinic) Service revenue (Racing) Retained Earnings 52,900 20,000 72,900 36 35,750

Credit Date Credit Date Credit Credit Debit Date Prepaid Insurance 4,800 31-Dec Debit Date Prepaid Rent 2,400 31-Dec Date Deb\Unadjusted TB As of Dec Debit Credit 64,200 4,800 2,400 1,800 2,800 12,000 28,000 Adjusted TB As of Dec Debit Credit 64,200 2

Add a comment
Know the answer?
Add Answer to:
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 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...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering dinics 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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

  • Tony and Suzie graduate from college in May 2021 and begin developing their new business. They...

    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 kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT