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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 37,000 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 Selt $18,500 of common stock to Suzie. July 1 Selt $18,500 of common stock to Tony. July 1 Purchase a one-year insurance policy for $4,560 ( $380 per nonth) to cover injuries to participants during outdoor clinics. July 2 Pay legal fees of $1,000 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay 5240 to a local newspaper for advertising to appear immediatety for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 the day of the clinic. July 8 Purchase 10 mountain bikes, paying $11,808 cash. July 15 on the day of the clinic, Great Adventures receives cash of $3,60 from 6 bikers. Tony conducts the mountain biking clinic. July 22. Because of the success of the first nountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,160. July 24 Pay $650 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10 , and attendees can pay $110 in advance or $160 on the day of the clinic. Juty 30 Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field Journal entry worksheet Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 4567811 Sell $18,500 of common stock to Tony. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Purchase a one-year insurance policy for $4,560 ( $380 per month) to cover injuries to participants during outdoor clinics. Note: Enter debits before credits. repare the journal entries for transactions. lote: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 567811> Pay legal fees of $1,000 associated with incorporation. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet (1) 234 67811> Purchase office supplies of $1,800 on account. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Pay $240 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15 . Attendees will be charged $60 the day of the clinic. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 23456 Purchase 10 mountain bikes, paying $11,000 cash. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet On the day of the clinic, Great Adventures receives cash of $3,600 from 60 bikers. Tony conducts the mountain biking clinic. Note: Enter debits before credits Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet (1) 45678 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,100. Note: Enter debits before credits Prepare the joumal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Pay $650 to a local radio station for advertising to appear immediately, A kayaking clinic will be held on August 10 , and attendees can pay $110 in advance or $160 on the day of the clinic. Note: Enter debits before credits. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic. Note: Enter debits before credits