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 36,000 shares of common stock for $1each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following business activities occur during July for Great Adventures Jul. 1 Sell $10,000 of common stock to Suzle. Jul. 1 Sell $18,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,440 (5370 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,700 associated with incorporation Jul. 4 Purchase office supplies of $1,868 on account. Jul. 7 Pay $370 to a local newspaper for advertising to appear inmediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 the day of the clinic Jul. 8 Purchase 1e mountain bikes, paying $11,900 cash. Jul, 15 On the day of the clinic, Great Adventures receives cash of $2,800 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 $3,200. Jul. 24 Pay $860 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $150 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $10,400 in advance from 50 kayakers for the upcoming kayak clinic. Cash Prepaid Insurance End, bal End, bal Supplies Equipment End, bal End bal Accounts Payable Deferred Revenue End. bal End, bal Common Stock Service Revenue End, bal End, bal Advertising Expense Legal Fees Expense End, bal End, bal