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Tony and Suzie graduate from college in May $2024$ 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 $1,2024,$ Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell $31,000$ 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 during July for Great Adventures.

July $1$ Sell $$15,500$ of common stock to Suzie.

July $1$ Sell $$15,500$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$5,640($ $$470$ per month$)$ to cover injuries to participants

July $2$ during outdoor clinics.

Pay legal fees of $$1,600$ associated with incorporation.

July $4$ Purchase office supplies of $$1,800$ on account.

July $7$ Pay $$250$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on Julv $15.$ Attendees will be charged $$30$ the dav of the clinic.