Help with Accounting Adjusting Entries!!?

[eddis]

July 1.
Tony purchases $17,000 of Great Adventures' (his own company along with Suzie as co-presidents) common stock by borrowing from a local bank using his personal vehicle as collateral.

Cash------> 17,000
Common stock------> 17,000

July 1.
Tony purchases $17,000($1 per stock) of Great Adventures' common stock by borrowing from a local bank using his personal vehicle as collateral.

Cash------> 17,000
Common Stock-------> 17,000

July 1.
Suzi purchases a one-year insurance policy for $5,160 ($430 per month) to cover injuries to participants during outdoor clinics.

Prepaid Insurance---> 5,160
Cash-------------------------------> 5,160

July 2.
The company pays legal fees of $1,800 associated with incorporation.

Legal Fees Expense-----> 1,800
Cash---------------------------------> 1,800

July 4.
Suzie purchases office supplies of $1,100 on account.

Supplies------> 1,100
Accounts Payable--------> 1,100

July 7.
Suzie purchases advertising of $230 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 the day of the clinic.

Advertising Expense----> 230
Cash----------------------------------… 230

July 8.
Tony purchases 10 mountain bikes, paying $11,400 cash.

Equipment----------------> 11,400
Cash----------------------------------… 11,400

July 15.
One the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic.

Cash------------>2,400
Revenue-----------------> 2,400

July 22.
Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the compant receives $2,700.

Cash----------------> 2,700
Revenue-----------------------> 2,700

July 24.
Suzie pays advertising of $750 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $150 in advance or $200 on the day of the clinic

Advertising expense----------> 750
Cash----------------------------------… 750

July 30.
Great Adventures receives cash of $12,000 in advance from 80 kayakers for the upcoming kayak clinic.

Cash---------> 12,000
Unearned Revenue-----------> 12,000

Aug 1.
Suzie apples for and obtains a $48,000 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 3 years, and 6% annual interest is due each year on July 31.

Cash-----> 48,000
Notes Payable--------> 48,000

Aug 4.
The company purchases 14 kayaks, costing $19,800.

Equipment------> 19,800
Cash ----------------------------> 19,800

Aug 10.
Twenty additional kayakers pay $3,800 ($190 each), in addition to the $12,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic

Unearned Revenue----> 12,000
Cash-----------------------> 3,800
Revenue-------------------------------… 15,800

Aug 24.
Office supplies of $1,100 purchased on July 4 are paid in full.

Accounts Payable---->1,100
Cash----------------------------------… 1,100

Dec 16.
The company pays Victor's salary of $2,400

Salary expense----> 2,400
Cash------------------------------> 2,400

Dec 31.
The company pays a dividend of $4,300 ($2,150 to Tony and $2,150 to Suzie).

Dividend (retained earnings)-------> 4,300
Cash------------------------------------… 4,300


**Notes.
1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,300.
2. Six months' worth of insurance has expired.
3. Four months' worth of rent has expired.
4. Of the $1,100 of office supplies purchased on July 4, $220 remains.
5. Interest expense on the $48,000 loan obtained from the city council on August 1st shoud be recorded.
6. Of the $3,000 of racing supplies purchased on December 12, $210 remains.
7. Suzie calculates that the company owes $14,600 in income taxes.


If anyone could help me adjusts these entries that would be great I just am not understanding it so if there are some you would like to explain how you got (like the harder ones.) that would be great thanks!

[cadby]

That's more like it.

1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,300.
Dr Depreciation Expense 8,300
Cr Accumulated Depreciation 8,300
2. Six months' worth of insurance has expired.
6 x 430 = 2,580 adjustment
Dr Insurance Expense 2,580
Cr Prepaid Insurance 2,580
3. Four months' worth of rent has expired.
There is no information about rent.
4. Of the $1,100 of office supplies purchased on July 4, $220 remains.
1,100 - 220 = 880 expense adjustment
Dr Office Supplies Expense 880
Cr Office Supplies 880
5. Interest expense on the $48,000 loan obtained from the city council on August 1st should be recorded.
Five months of interest has accrued.
48,000 x 6% x 5/12 = 1,200 accrued interest
Dr Interest Expense 1,200
Cr Interest Payable 1,200
6. Of the $3,000 of racing supplies purchased on December 12, $210 remains.
Dr Racing Supplies Expense 2,790
Cr Racing Supplies 2,790
7. Suzie calculates that the company owes $14,600 in income taxes.
Dr Income Tax Expense 14,600
Cr Income Tax Payable 14,600