Required information [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 27,000 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 $13,500 of common stock to Suzie. Jul. 1 Sell $13,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4,680 ($390 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,600 associated with incorporation. Jul. 4 Purchase office supplies of $1,900 on account. Jul. 7 Pay $240 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 $60 the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $11,600 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,800 from 80 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 $5,400. Jul. 24 Pay $760 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic. Jul. 30 Great Adventures receives cash of $6,500 in advance from 50 kayakers for the upcoming kayak clinic. 2. Post each transaction to the appropriate Taccounts and calculate the ending balance of each account. 4. TUOL COLII LIGIISALLIUII LU LIIC OUVIUUIOLE ILLUUIILD CITU LOILUIOLE LIIC CHUNU VOICIILE UI COLII OLLUUIIL. Required information 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 Expenso End. bal. End. bal. S Prev 2 3 of 16
