type your question hthe following transactions occur over the remainder of the year 502951 | Homework Solutions

Type your question hThe following transactions occur over the remainder of the year.

Aug. 1

Suzie applies for and obtains a $42,000 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.

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Aug. 4 The company purchases 14 kayaks, costing $14,400.
Aug. 10

Twenty additional kayakers pay $3,400 ($170 each), in addition to the $7,200 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 receives $12,300 cash.
Aug. 24 Office supplies of $1,700 purchased on July 4 are paid in full.
Sep. 1

To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $4,440 ($370 per month).

Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,200 cash.
Oct. 17

Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. Clinic fees total $19,600.

Dec. 1

Tony decides 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 skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $500.

Dec. 5

To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race.

Dec. 8 The company pays $1,600 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.
Dec. 12

The company purchases racing supplies for $2,300 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.

Dec. 15 Forty teams pay a total of $20,000 to race. The race is held.
Dec. 16 The company pays Victor’s salary of $2,800.
Dec. 31 The company pays a dividend of $3,500 ($1,750 to Tony and $1,750 to Suzie).
Dec. 31

Using his personal money, Tony purchases a diamond ring for $3,800. Tony surprises Suzie by proposing that they get married. Suzie accepts!

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