Greenwald and Moss developed a business and plan to begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their frst 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 soll outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, of the current year. Greenwald and Moss organize their new company as a corporation, Outdoor Adventures Inc. The articles of incorporation state that the corporation wilsel equal shares of common stock to the owners. Each share of stock represents a unit of ownership Greenwald and Moss wil act as co-presidents of 3 the company. The following business activities occur during July for Outdoor Adventures 4 5 1 Sal 18.500 shares of common stock to Greenwald for 51 per share 5 Jul 1 Sel 18,500 shares of common stock to Moss for 51 per share. 7 Jut 1 Puchate a one-year sunance policy to $5,200 (5440 per month; to cover unes to participants during outdoor cinios 2 Pay legal fees of $1,600 associated with incorporation 9. Al 4 Purchase office supples of $1,000 on account Jul 7 Pay 5320 to a bon newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees wil be charged $50 the 10 day of the cinic 11 Jut Purchase 10 mountain bikes, paying 310,600 cash in total (51060 per bike) 12 Jul 15 On the day of the cine, Outdoor Adventures recolas cash of $3.000 from 60 bikers. Greenwald conducts me mountan bingolia 13 Jul 22 Because of the success of the first mountain biking clinic, Greenwald holds another mountain bing clinic and the company receives 53,500 Jul 24 Pay $100 to local do station for adding to appear imediately. A kayaking dine will be held on August 10, and attendees can pay $150 in advance or $200 14 on the day of the dini 15 Jul 30 Outdoor Adventure moves cash of $6.000 in advance from an kayakers for the upcoming kayak dinle Journal Income Statement R E NI Cash Flow CF CR SE 18,500 DR 18,500 Account cash common stock FA 18,500 18,500 *FA 18,500 cash common stock 18,500 Balance Sheet 2 Date A L 3 7/1/21 18,500 4 5 6 7/1/21 18,500 7 8 9 7/1/21 10 12 12 7/2/21 13 14 15 7/4/21 16 17 18 7/7/21 19 20 21 7/8/21 22 23 24 7/15/21 25 25 27 7/22/21 28 29 30 7/24/21 31 32 33 7/30/21 34 35 26 Totals 37000 0 37 37000 0 37000 37000