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iru Evacuuia U VUVUI CLUJUL. 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 27,000 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 transactions occ from July 1 through December 31. Jul. 1 Sell $13,508 of common stock to Suzie. Jul. 1 Sell $13,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,648 (5470 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,500 associated with incorporation. Jul. 4 Purchase office supplies of $1,100 on account. Jul. 7 Pay for advertising of $310 to a local newspaper for an upcoming mountain biking clinic to be held a July 15. Attendees will be charged $30 on the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $17,800 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,100 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 $2,400. Jul. 24 Pay $850 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Jul. 38 Great Adventures receives cash of $7,000 in advance from 50 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $44,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 64 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $20,800 cash. Aug. 18 Twenty additional kayakers pay $3,800 ($190 each), in addition to the $7,000 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 $12.500 cash. Aug. 24 Office supplies of $1,180 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,000 ($250 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13,600 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,700 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams 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 5510. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. Required information Cash Prepaid Insurance Prepaid Rent Supplies (Office) Supplies (Racing) Equipment (Bikes) Equipment (Kayaks) Accumulated Depreciation Accounts Payable Income Tax Payable Interest Payable Notes Paytole Common Stock Dividends Service Revenue (Clinic) Service Revenue (Racing) Advertising Expense Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Legal Fees Expense Miscellaneous Expense Rent Expense Salries Expense Supplies Expense (Office) 13,500 es S