Question

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering dinics for b
Jul 15 on the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Torty conducts the mountain biking
Required: 1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select N
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Answer #1

Great Adventures Inc. Journal entries No. Date Accounts 1 1-Jul Cash Common Stock Credit Debit 17,000 17,000 17,000 1-Jul CasCredit Calculation Adjusting entries No. Date Accounts 28 31-Dec Depreciation expense Accumulated Depreciation Debit 9,000 ACCredit Closing entries No. Date Accounts 35 31-Dec Service revenue (Clinic) Service revenue (Racing) Retained Earnings Debit

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