Question

I started this problem but I'm not sure if I'm doing it right. Also I left some blank because I was not sure how to do them. Can you please help me step by step please?

Great Adventures Problem AP3-1 [The following information applies to the questions displayed below.) 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 course for outdoor enthusiasts. 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 29,000 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 transactions occur from July 1 through December 31. Jul. 1 Sell $14,500 of common stock to Suzie. Jul. 1 Sell $14,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $6,000 (5500 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,900 associated with incorporation Jul. 4 Purchase office supplies of $1,100 on account. jul. 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $14,900 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,889 from 50 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3,5ee. Jul. 24 Pay $850 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic. Jul. 38 Great Adventures receives cash of $7,800 in advance from 60 kayakers for the upcoming kayak clinic. Aug 1 Great Adventures obtains a $34,000 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 6% annual interest is due each year on July 31. Aug 4 The company purchases 14 kayaks, paying $16,000 cash. Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $7,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,000 cash. Aug. 24 Office supplies of $1,100 purchased on July 4 are paid in full. Sen. 1 To provide better storage of mountain bikes and kavaks when not in use the company rents a storage shed for < Prey 4 5 6 of 6 wee Mout

Answer 1

Account Titles	Unadjusted Trail Balance	Adjustments	Adjusted Trail Balance
Debit	Credit	Debit	Credit	Debit	Credit
Cash	95910				95910	0
Prepaid insurance	6000			3000	3000
Prepaid rent	3240			1080	2160
Supplies(Office)	1100			870	230
Supplies(Racing)	2300			2160	140
Equipment(Bikes)	14900				14900	0
Equipment(Kayaks)	16000				16000	0
Accumulated Depreciation				7000		7000
Accounts Payable		2300			0	2300
Income tax payable				13200		13200
Interest Payable				850		850
Interest expense			850		850
Notes payable		34000			0	34000
Common stock		29000			0	29000
Dividends	3800				3800	0
Service revenue(clinic)		63400			0	63400
Service revenue(Racing)		20800			0	20800
Advertisement expense	1150				1150	0
Depreciation			7000		7000
Income tax expense			13200		13200
Insurance expense			3000		3000
Legal fess expense	1900				1900	0
Miscellaneous expense	1600				1600	0
Rent expense			1080		1080
Salaries expense	1600				1600	0
Supplies expense(office)			870		870
Supplies expense(racing)			2160		2160
Totals	149500	149500	28160	28160	170550	170550

Following are the Adjustment entries

Account titles	Debit	Credit
Insurance expense	3000	3000
Prepiad Insurance
(To recorde expired insurence)
Depreciation	7000
Acuumlated depreciation		7000
(to record depreciation)
Supplies expnse(office)	870
Supplies(Office)		870
(To record supplie expense(office)
Interset expense	850
Interest Payable		850
(To record interest due for 5 months)
Income tax exepense	13200
Income tax payable		13200
(to record income tax expense)
Rent expense	1080
Prepaid rent		1080
(To record expired rent)

Cash
Date	Account tiltles	Amount	Date	Account tiltles	Amount
Jul-01	Common stock	29000	Jul-01	Prepaid insurance	6000
Jul-15	Service revenue(clinic)	3000	Jul-02	Legal fess expense	1900
Jul-22	Service revenue(clinic)	3500	Jul-07	Advertisement expense	300
Jul-30	Service revenue(clinic)	7800	Jul-08	Equipment(Bikes)	14900
Aug-01	Notes payable	34000	Jul-24	Advertisement expense	850
Aug-10	Service revenue(clinic)	3600	Aug-04	Equipment(Kayaks)	16000
Add a comment Know the answer? Add Answer to: I started this problem but I'm not sure if I'm doing it right. Also I left... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer 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’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... (The following information applies to the questions displayed below Tony and Suzie graduate from college in... (The following information applies to the questions displayed below 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... 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. 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Great Adventures Problem AP3-1 [The following information applies to the questions displayed below.] 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... Required information [The following information applies to the questions displayed below.] Tony and Suzie graduate from... Required information [The following information applies to the questions displayed below.] 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. 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