1 Tony and Suzie graduate from college in May 2018 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or keyaking. Upon developing a customer base, they'll hold their first adventure reces. These reces 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, 2018. Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporstion state that the corporation will sell 26,000 shares of common stock for $1 esch. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31. Jul. 1 Sell $13,000 of common stock to Suzie. Jul. 1 Sell $13,000 of common stock to Tony. Jul . 1 Purchase a one-year insurance policy for $4,560 $380 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Psy legal fees of $2,000 associated with incorporation. Jul. 4 Purchase office supplies of $1,500 on account. Jul. 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic Jul. 8 Purchase 10 mountain bikes, paying $12,900 cash Jul. 15 On the day of the clinic, Grest Adventures receives cash of $2,800 from 70 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic. Tony holds another mountain biking clinic and the company receives $3,350. Jul. 24 Pay for advertising of $710 to a local redio station for a kayaking clinic to be held on August 10. Attendees con pay $120 in edvence or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $6.000 in advance from 50 keyskers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $49,000 low-interest loon for the company from the city council, which has recently passed on 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. Aug. 4 The company purchases 14 kayaks, paying $16,900 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $6.000 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 the company receives $10,900 cash. Aug. 24 Office supplies of $1,500 purchased on July 4 ore 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 $2,880 ($ 240 per month). Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13.900 cash. Oct. 17 Tony conducts on orienteering clinic. Participants practice how to understand a topographical map, resd an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,200 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four- person tesms 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 $640. Dec 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race. Dec 8 The company pays $1,000 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 $2,700 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 The company receives $25.600 cash from a total of forty teams, and the race is held Dec. 16 The company pays Victor's salary of $1.600. Dec 31 The company pays a dividend of $5.000 ($2.500 to Tony and $2,500 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 and they get married! General General Income Requirement Statement of Trial Balance Ledger Journal Statement Balance Sheet SE Prepare the journal entries for transactions. If no entry is required for a transaction/event, select "No jou account field. View transaction list Journal entry worksheet