Great Adventures Problem AP2-1 Part 1 Required: 1. Record each transaction in July (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 4 5 6 7 8 ..... 11 Sell $10,000 of common stock to Suzie. Note: Enter debits before credits DobitC redit General Journal July 01 Required information Great Adventures Problem AP2-1 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'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. Jo. 1Sell $10,000 of common stock to Suria Jul. Soll $10,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,040 ($420 per month) to cover injuries to participants during outdoor clines. Jul. 2Pay legal fees of $1.800 associated with incorporation. Jul. Purchase office supplies of $1,600 on account. Jul 7 Pay S280 to local newspaper for advertising to appear immediately for an upcoming mountain biking olisie to be held on July 15. Attendees will be charged $50 the day of the clinic Jul Purchase 10 mountain bikes, paying $10,600 cash. Jul 15 on the day of the clinic, Great Adventures receives each of $3,500 from 70 bikers. Tony conducts the mountain biking clinle. Jul 22 BC of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives s4,000. Jul 24 Pay s860 to a local radio station for advertising to appear immediately. A kayaking clinic will be Sed on August 10 and attendees can pay $120 in advance Or 5170 on the day of the clinic Jo 0 Great Adventure receive cash of SB. 400 in advance from 70 kayakers for the upcoming kayak clinic Great Adventures Problem AP2-1 Part 1 1. Record each transaction in July. (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 Sell $10,000 of common stock to Tony. Note: Enter debits before credits. General Journal Debit Credit Date July 01 Record entry Clear entry View general Journal