2 RWP2-1 (Algo) Great Adventures Problem pos ABOOK Tony and Suzie graduate from college in May 2024 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, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated. 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 July 1 Sell $30,100 of common stock to Suzie. Purchase a one-year insurance policy for $5,520 ($460 per month) to cover injuries to participants during outdoor clinics. Pr July 1 Sell $10,500 of common stock to Tony, July 1 July 2 July 4 July 7 Pay legal fees of $1,800 associated with incorporation, Purchase office supplies of $1,300 on account. Beference July Pay $220 to a local newspaper for advertising to appear inmediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 30 ountain bikes, paying $11,200 cash July 15 On the day of the clinic, Great Adventures receives cash of $2,500 from 50 bikers. Tony conducts the mountain biking clinic, July 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,950. July 24 Pay $710 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $158 on the day of the clinic. July 30 Great Adventures receives cash of $56,000 in advance from 60 kayakers for the upcoming kayak clinic. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Post each transaction to the appropriate T-accounts and calculate the ending balance of each account. Cash Delit Credit Prepaid Insurance Debit Cred Date 1 July 01 Cash Common Stock 2 July 01 Cash Common Stock General fo Debit 10,500 Credit 10,500 10,500 10,500 5,520 5,520 3 July 01 Prepaid Insurance Cash 4 July 02 Legal Fees Expense 1,800 Cash 1,800 5 July 04 Supplies 1,300 Accounts Payable 1,300 6 July 07 Advertising Expense Cash 220 220 7 July 08 Cash 11,200 Supplies Expense 11,200 8 July 15 Cash 2,500 Service Revenue 2,500 7 9 July 22 Cash 2,950 Service Revenue 2,950 10 July 24 Advertising Expense Cash 11 July 30 Deferred Revenue Cash T Accounts > 710 10 710 6,000 0,000 Post each transaction to the appropriate T-accounts and calculate the ending balance of each account. Cash Debil Credit July 1 July 1 10,500 10,500 July 15 2,500 July 22 2,950 Ending Balance Ending Balance Supplies Debit Credit Ending Balance Debit Ending Balance Accounts Payable Credit Common Stock Debit Credit Advertising Expense Debit Credit Ending Balance Ending Balance Ending Balance Ending Balance Prepaid Insurance Debit Credit Equipment Debit Credit Deferred Revenue Debit Credit Service Revenue Debit Credit Legal Fees Expense Debit Credit Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Prepare a trial balance. GREAT ADVENTURES, INCORPORATED Trial Balance July 31, 2024 Accounts Debit Credit Totals $ 0 $ 0