Required Information The following information applies to the questions displayed below! Part 1 of 3 3.33 DO ok Tony and Suzie graduate from college in May 2018 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 fout-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, 2018. Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 23,000 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 Jul 1 Sell $11.500 of common stock to Suzie Jul 1Sell $11,500 of common stock to Tony. JUL 1 Purchase a one-year Insurance policy for $5,520 ($460 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 $1.000 on account JUL 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain bildng clinic to be held on July 15. Attendees we be charged 550 me day of the clinic Jul, 8 Purchase 10 mountain bikes, paying $10.400 cash Jul 15 on the day of the clinic, Great Adventures receives cash of $3.500 from 70 bicers. Tony conducts the mountain biking clinic Ju. 22. Because of the success of the first mountain biking clinic. Tony holds another mountain biking clinic and the company receives $3,850. JUL 24 Pay for advertising of $780 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $110 in advance or $160 on the day of the clinic Jul 30 Great Adventures receives Cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic References Attendees will be Jul. 8 Purchase 10 mountain bikes, paying $10,400 cash Jul. 15 On the day of the clinic, Great Adventures receives cosh of $3,500 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 $3,850, Jul 24 Pay for advertising of $780 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $5,500 in advance yance from 50 kayakers for the upcoming kayak clinic. Required: 1. Record each transaction in July (if no entry is required for a transaction event, select "No journal entry required" in the first account field.) Answer is not complete. Goneral Journal Credit NO 2 Date July 01. 2018 Dobit 11,500 Cash Common stock 11,500 SO oo 3 July 01, 2016 Prepaid insurance Cash 5,520 5.520 4 July 022018 Legal fes expense Cash 1,500 OO 1.500 5 July 04, 2018 Supplies Accounts payable slo 1.000 1.000 6 duly 7, 2015 Advertising Cash nse 350 OO 350 7 July 05, 2010 Equipment Cash 10.400 10,400 Jy 15, 2010 Cash Service te von slo 3.500 3.500 9 July 22, 2018 Cash Service 2.050 3.850 10 700 Cash S 1. 6.500 Defoedevenu wo 3500 2 Required information The following information applies to the questions displayed below! Part 2 of 3 3.33 port Tony and Surie graduate from college in May 2013 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as moursin blog or kayaking Upon developing a customer base, they hold their first adventure races. These races will involve fous personas that race from one checkpoint to the next using combination of kayaking, mountain biking, entering and running in the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts On July 1 2018. Tony and Sutie organise the company as corporation, Great Adventures in The articles of incorporation state that the corporation will set 23000 shares of common stock for Stech Ench share of stock represents a unit of ownership. Tony and Susie will act as co-presidents of the company. The following business activities occur during July for Great Adventures com Jul. 1 Sell $1.500 of common stock to Sutie Jul 1 Sell $12.500 of common stock to Tony Jul 1Purchases one-year insurance policy for 55.520 5450 per month to cover injuries so pricipants during outdoor dinica Jul 2Pay legal fees of $1.500 associated winporn Jul 4 Purchase office supplies of 1000 cc Jul 7 Pay for advertising of $350 to local performing mountainbiking in to be held on May 15 Attendees will be charged 550 the city of the chic Jul & Purchase 10 out being $10400 Jul 15 on the day of the clinic Great $3.500 to 70 kes Torty conduct the mountain bling cinc Ju. 22 Secouse of the success of the organic Tony Molesse mounting in and the company receives 53.850 Jul 24 Pay for advertising of 57001 inte beheld on August 10. Asendes can pay $110 in dvance 5160 on the day of the Ju. 30 Great stres recetash 55.500 for the upcoming syne 2. Postasch onto the orientonces scout Cash 1980 Cup Type here to search $110 in advance or $160 on the day of the clinic. Jul 30 Great Adventures receives cash of $5,500 in advance from 50 kayakers for the upcoming kayak clinic ebook 2 Post each transaction to the appropriate T-accounts and calculate the ending balance of each account Print Prepaid learance References July 1 uby1 Suly 15 July 22 Coth 11:500 5.520 11.500 1,500 July 2 3,500 July 7 3.850 10.400 July Cnd, bal Endbal Supplies 1.000 Equipment 10.400 July 4 July Endbal 1.000 End. 10,400 Accounts Payable Deferred Revenue 5,500 30 0 Endbal 5.500 Service Revenge Common Stock 11 500 31.500 1 50 SU 22 3500 15 O 21.000 Legal Foot Expens Sury buya Advertising Expense 350 TOO Ord =&aunchUrl=https% 3.34 paints Sed Tony and Suzie graduate from college in May 2018 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 the 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 oudoor gear and develop a ropes course for outdoor enthusiasts On July 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 23.000 shares of common stock for $ 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 eBook Print Jul 1 Sea $1.500 of common stock to Suzie. Jul 1 Sell $1500 of common stock to Tony Jul 1Purchase a one year insurance policy for $5,520 ($460 per month) to cover injuries to participants during outdoor clinics Jul 2Pay legal fees of $1.500 associated with incorporation Jul & Purchase office supplies of $1,000 on account Jul. 7 Pay for advertising of $350 to a local newspaper for an upcoming mountain biking Clinic to be held on July 15. Attendees will be charged $50 the day of the clinic, Jul. 8 Purchase 10 mountain bikes, paying $10,400 cash Jul 15 on the day of the clinic, Great Adventures receives coth of $3,500 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 $3.850 Jul 24 Pay for advertising of $780 to a local radio station for kayaking clinic to be held on August 10. Attendees con pay. $110 in advance or $160 on the dey of the clinic Jul 30 Great Adventures receive cash of $5,500 in advance from 30 kayakers for the upcoming kayok clinic 3. Prepare a trial balance (Thelms in the Tral Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity Revenue and Expenses.) GREAT ADVENTURES, INC Tula Balance July 31, 2018 Accounts De Credit To