0 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. Upon developing a customer base, they'T 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 21,000 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 business activities occur during July for Great Adventures. Jul. 1 Sell $10,500 of common stock to Suzie. Jul. 1 Sell $10,500 of common stock to Tony Jul. 1 Purchase a one-year insurance policy for $3,960 (330 per month) to cover injuries to participants during outdoor clinics Jul. 2 Pay legal fees of $1,200 associated with incorporation. Jul. 4 Purchase office supplies of $1,300 on account Jul. 7 Pay $340 to a local nevspaper for advertising to appear immediately for an upcoming mountain biking Jul. 8 Purchase 10 mountain bikes, paying $11,000 cash clinic to be held on July 15. Attendees wil1 be charged $60 the day of the clinic. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 40 bikers. Tony conducts the Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic Jul. 24 Pay $850 to a local radio station for advertising to appear immediately. A kayaking clinie wil1 be Jul. 30 Great Adventures receives cash of $7,000 in advance from s0 kayakers for the upcoming kayak clinic. mountain biking clinie and the company receives $3,000 held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Check my 2. Post each transaction to the appropriate T-accounts and calculate the ending balance of each account. Cash Prepaid Insurance 10,500 10,500 2,400 3,000 uly 1 End, bal July 24 End. bal Supplies Equipment uly 4 End. bal. End. bal Accounts Payable End. bal. End ba Required information End. bal. End. bal. Common Stock End. bal. End. bal. Advertising Expense Legal Fees Expense End. bal End. bal. . Prepare a trial balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity Revenue and Expenses.) GREAT ADVENTURES, INC Trial Balance July 31, 2021 Accounts Debit Credit Totals