Question

Create Daily Journal With following information

1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31

2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total

3. Aug 10 - 20 Kayakers pay $3,800 for clinic.

4. Aug 12 - Collected 2000 from July clinic

5 Aug 17- Tony Conducts second Kayak clinic and the company receives 10500 cash

6. Aug 24 Paid for supplies purchased on account on July 4 in full, $1,900

7. Sep 1 Company Rents storage for mountain bikes on kayaks when not in use for one year paying $2,400 ($200 Per month)

8. Sep 21 Tony conducts a rock climber clinic. The company bills clients $13,200 that is due in 30 Days

9. Oct 17 Paid the Local Radio Station $1,200 for advertising Great Adventures for the remainder of October

10. Oct 20. Collected 80% of amount due from the Sep 21 Rock Climbing Clinic

11. Dec 1 Tony decides to hold company first adventure race on Dec 14. The entry fee will be $500 for each team

12. Dec 5 to help with the race, Tony hires Victor will be paid $50 salary for each team that competes in race. Hos salary will be paid after the race

13. Dec 8 Company pays $1,200 for permit in state park where the race will be. Amount will be recorded as a MISC expense

14. Dec 12 - The company purchases racing supplies $2,800 on account due in 30 Days.

15 Dec 15 The company receives $20,000 Cash from a total of 40 teams that are in the race.

16 Dec 16 Company pays Victors Salary (ignore Taxes)

17 Dec 31 The Company pays divided of $4000 ($2000 to Tony and $2000 to Suzie)

18 Dec 31 Using personal money Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing, she accepts, and they get married.  

Answer 1

Date	Account titles	Debit	Credit
Aug-01	Cash	$30,000
	Notes Payable		$30,000
	(To record receipt of bank loan)
Aug-04	Equipment(Kayaks)	$40,320
	Cash		$40,320
	(To record purchase of 14Kayaks)
Aug-10	Cash	$3,800
	Service revenue(clinic)		$3,800
	(To record receipt of service revenue)
Aug-12	Cash	$2,000
	Service revenue(clinic)		$2,000
	(To record receipt of service revenue)
Aug-17	Cash	$10,500
	Service revenue(clinic)		$10,500
	(To record receipt of service revenue)
Aug-24	Accounts Payable	$1,900
	Cash		$1,900
	(To record payment to account payable)
Sep-01	Prepaid rent	$2,400
	cash		$2,400
	(To record prepaid rent)
Sep-21	Accounts receivable	$13,200
	Service revenue(clinic)		$13,200
	(To record service revenue)
Oct-17	Advertisement	$1,200
	Cash		$1,200
	(To record the payment of advertisement expense)
Oct-20	Cash	$10,560
	Accounts receivable		$10,560
	(to record receipt from accounts receivable)
Dec-08	Miscellaneous expense	$1,200
	Cash		$1,200
	(To record the payment of miscellaneous expense)
Dec-12	Supplies(Racing)	$2,800
	Accounts Payable		$2,800
	(to record the purchase of racing supplies on credit)
Dec-15	Cash	$20,000
	Service revenue(Racing)		$20,000
	(To record receipt of service revenue)
Dec-16	Salary	$2,000
	Cash		$2,000
	(To record the payment of salary)
Dec-31	Dividend	$4,000
	Cash		$4,000
	(To record the payment of dividend)

Note: 1. No entry is required for purchase of ring by tony as the same is purchased using personal money

2. Closing adjusting entries has not given as the same is not mentioned in the question