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3 Part 3 of 3 6.52 point 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 bask 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 30,000 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 actives occur during July for Great Adventures 1 Sell $15.00 of common stock to Susie 1 Sell $5,000 of common stock to Tony. Dul 1Purchase a one-year Insurance policy for $4,5 (5390 per month) to cover injuries to participants during outdoor clinics 31 2 Pay Legal fees of $1,400 associated with incorporation Jul 4 Purchase office supplies of 51, on account. Jul 7 Pay 500 to local newspaper for advertising to par diately for an upcoming mountainbildne clinic to be held on July 15. Attendees will be charged Sze the day of the clinic Jul. Purchase 20 mountain bikes, paying $18.900 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $1,200 Frosbikers. Tony conducts the mountain bilding clinic Tul. 22 Because of the success of the first mountain biking clinic, Tony holds mother mountain biking in and the company receives 14, Jul 26 Pay to local radio station for advertising to appear imediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or 517 on the day of the clinic ul. Great Adventures receives cash of 39,50 in avance from s kayakers for the upcoming kayak clinic ence Great Adventures Problem AP2-1 Part 3 3. Prepare a trial balance (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity Revenue and Expenses.) GREAT ADVENTURES INC July 31, 2021 Account Credit cals 3 Part 3 of 3 6.52 point 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 bask 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 30,000 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 actives occur during July for Great Adventures 1 Sell $15.00 of common stock to Susie 1 Sell $5,000 of common stock to Tony. Dul 1Purchase a one-year Insurance policy for $4,5 (5390 per month) to cover injuries to participants during outdoor clinics 31 2 Pay Legal fees of $1,400 associated with incorporation Jul 4 Purchase office supplies of 51, on account. Jul 7 Pay 500 to local newspaper for advertising to par diately for an upcoming mountainbildne clinic to be held on July 15. Attendees will be charged Sze the day of the clinic Jul. Purchase 20 mountain bikes, paying $18.900 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $1,200 Frosbikers. Tony conducts the mountain bilding clinic Tul. 22 Because of the success of the first mountain biking clinic, Tony holds mother mountain biking in and the company receives 14, Jul 26 Pay to local radio station for advertising to appear imediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or 517 on the day of the clinic ul. Great Adventures receives cash of 39,50 in avance from s kayakers for the upcoming kayak clinic ence Great Adventures Problem AP2-1 Part 3 3. Prepare a trial balance (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity Revenue and Expenses.) GREAT ADVENTURES INC July 31, 2021 Account Credit cals
