1 7.69 points eBook 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'll 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 20.000 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 15.11 $10.000 of common stock to Susie Tul. 1 Sell $10,000 of common stock to Tony Jul 1 Purchase a one-year insurance policy for $1.000 (5400 per monta) to cover injuries to participants during outdoor clinics. Jul 2 Puy legal fees of $1.500 associated with incorporation Jul 4 Purchase office supplies of 31.800 m account Jul 7 Pay $200 to a local newspaper for advertising to appear imediately for a peoning mountain biking clinic to be held on July 15. Attendees will be charged 550 the day of the clinic Jul Purchase 10 mountain bikes paying $12.000 cash Jul 15 On the day of the clinic. Great Adventures receives cash of $2.000 fron 40 bikers. Tomy conduct the mountain biking clinic. Jul 22 Because of the raccess of the first mountain bikin clinic on holds mother mountain bikin cline and the company receives $2.200 Jul 24 Pay $700 to a local radio station for sverting to spear mediately. Akkine clinse will be held on August 10. and attendees can pay $100 in advance or $150 on the day of the clinic Jul 30 - Grest Areatures receives cath of $4.000 insce from 40 for the upcoming kagak clinic Paint References Requirement General Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 5 7 11 Sell $10,000 of common stock to Suzie. Note: Enter debts before credits Date July 01 Account Title Debit Credit Common Stock Cash 10.000 10,000 Record entry Charly 1 7.69 points eBook 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'll 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 20.000 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 15.11 $10.000 of common stock to Susie Tul. 1 Sell $10,000 of common stock to Tony Jul 1 Purchase a one-year insurance policy for $1.000 (5400 per monta) to cover injuries to participants during outdoor clinics. Jul 2 Puy legal fees of $1.500 associated with incorporation Jul 4 Purchase office supplies of 31.800 m account Jul 7 Pay $200 to a local newspaper for advertising to appear imediately for a peoning mountain biking clinic to be held on July 15. Attendees will be charged 550 the day of the clinic Jul Purchase 10 mountain bikes paying $12.000 cash Jul 15 On the day of the clinic. Great Adventures receives cash of $2.000 fron 40 bikers. Tomy conduct the mountain biking clinic. Jul 22 Because of the raccess of the first mountain bikin clinic on holds mother mountain bikin cline and the company receives $2.200 Jul 24 Pay $700 to a local radio station for sverting to spear mediately. Akkine clinse will be held on August 10. and attendees can pay $100 in advance or $150 on the day of the clinic Jul 30 - Grest Areatures receives cath of $4.000 insce from 40 for the upcoming kagak clinic Paint References Requirement General Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 5 7 11 Sell $10,000 of common stock to Suzie. Note: Enter debts before credits Date July 01 Account Title Debit Credit Common Stock Cash 10.000 10,000 Record entry Charly