On July 1, 2024, 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 between July 1 and December 31. The company operates on a calendar year basis so December 31 is year end. July 1 July 1 July 1 July 2 July 4 July 7 July 8 July 15 July 22 July 24 July 30 Aug. 1 Aug. 4 10 Sell $10,000 of common stock to Suzie. Sell $10,000 of common stock to Tony. Purchase a one-year insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1500 associated with incorporation. Purchase office supplies of $1,800 on account. Pay $300 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 $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,000 cash. On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducts the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $2,300. Pay $700 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Great Adventures obtains a $30,000 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 6% annual interest is due each year on July 31. The company purchases 14 kayaks, paying $28,000 cash. Tony and Suzie conduct the first kavak clinic. In addition to the S4 000 that was

Aug. 4 The company purchases 14 kayals, paying 528,000 cash. Ang. 10 Tany and Surie conduct the first kayak clinic. In addition to the $4,000 that was roceived in advance from kayaken on July 30 , the company receives additional cash of $3,000 from 20 ncw kayaken oa the day of the sliaic. Aug 17 Toay and Sarie condact a second kayak clinic, and the company roceives $10,500 cakh. Aug. 24 Office supplies of $1,800 purchased on July 4 are paid in fall Sep. 1 To provide better stonge of mountain bikes and kayaks wben not in we, the company rents a storage sled for one year, paying $2,400 (\$200 per mooth) in advance Sep. 21 Tony and Surie conduct a rock-climbing clinis. The company receives $13,200 cash. Qte 17 Toncy and Susie cooduct an erienterring clinic. Participants practice how to understand a topographical map, rad an alimeter, ase a compass, and orient through heavily wogded areas. The company receives $17,500cash Dec-1. Tany and Suzie dedet to held the company's firnt adventure race on December 15. four perion tesms will rece from checkpoint so checkpoint using a combinatioe of mountain biking, kayaking, orientecting, trail runaing, and rock. climbing skills. The first team in eact category to complete all checkpoints in onder wias. The entry foe for each team is \$500 Dec.5 Victer will be peid 550 is alery for eacb lean thut compeles in the race. Hik salary ail be paid afer the race. will he Neli. The amouat is reconded as a mikellancous espense Des 12 The compuny parchases ncing supplies for 52,400 on accouni dur in 30 days. prepare die rececuine bild Des. 16 The company peys Vianek alary of $2,000 1. Using the Excel workbook provided in the assignment, add your name to the title worksheet. 2. Using the General Journal, record transactions from July 1 through December 31 . Use the Chart of Accounts for a list of appropriate account names. If no entry is required, simply type NO ENTRY in the General Journal and move on to the next one. 3. Post transactions from July 1 through December 31 to T-accounts. Calculate the ending balance in each account. 4. Prepare a trial balance as of December 31, 2024. If your total debits do not equal total credits, search for your error. If you cannot locate your error, make a note of it in the comments section when you upload your assignment. 5. Submit your assignment to Bb. On July 1,2024 , Tony and Surie organize their new company as a corporation Great Adventures lac. The articles of incorporation state that the corporation will seli 20,000 shares of common stock for \$1 each. Each share of stock represents a unit of ownership. Tony and Surie will act as co-presidents of the company. The following business activities oxcur between Jaly 1 and December 31. The company operates on a calendar year basis so December 31 is year end. July 1 Sell $10,000 of commos stock to Surie. July 1 Sell $10,000 of common stock to Tony. July 1 Purchase a oee-year insurance policy for 54,800 ( 5400 per month) to cover injuries to participants daring outdoor clinics. July 2 Pay legal fees of $1 J 500 associated with incorporation. July 4 Purchase office supplies of 51,800 on sccount. July ? Pay 5300 to a local newspoper for advertising to appear immediately for an upcoming mountain biking clinie to be held on July 15. Altendes will be charged $50 the day of the clinic