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 enthuslasts. On July 1, 2021, Tony and Suzle organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 32,000 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 $16,000 of common stock to Suzie. Jul. 1 Sell $16,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,640 ($470 per month) to cover injuries to participants during outdoor clinics. 2 Pay legal fees of $1,400 associated with incorporation. 4 Purchase office supplies of $1,500 on account. 7 Pay $370 to a local nevspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees wil1 be charged $70 the day of the clinic. 8 Purchase 10 mountain bikes, paying $10,700 cash. Jul. Jul. Jul. Jul. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 50 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 $4,200. Jul. 24 Pay $860 to a local radio atation for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak elinic. Prepare a trial balance. (The items in the Trial Balance should be grouped Revenue and Expenses.) as follows: Assets, Liabilities, Stockholders' Equity g Problem Chapters 1-6 Saved Hel awuuaA MAAA. AAaAu Ju 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,200. Jul. 24 Pay $860 to a local radio atation for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. 3. Prepare a trial balance. (The items in the Trial Balance should be grouped Revenue and Expenses.) as follows: Assets, Liabilities, Stockholders' Equity GREAT ADVENTURES, INC Trial Balance July 31, 2021 Credit Accounts Debit Cash 27,930 $ Prepaid Insurance 3,720 Supplies Accounts Payable 1,500 1,500 Common Stock 32,000 33,150 Totals 33,500 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 enthuslasts. On July 1, 2021, Tony and Suzle organize their new company as a corporation, Great Adventures Inc. The articles of Incorporation state that the corporation will sell 32,000 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 $16,000 of common stock to Suzie. Jul. 1 Sell $16,000 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $5,640 ($470 per month) to cover injuries to participants during outdoor clinics. 2 Pay legal fees of $1,400 associated with incorporation. 4 Purchase office supplies of $1,500 on account. 7 Pay $370 to a local nevspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees wil1 be charged $70 the day of the clinic. 8 Purchase 10 mountain bikes, paying $10,700 cash. Jul. Jul. Jul. Jul. Jul. 15 On the day of the clinic, Great Adventures receives cash of $3,500 from 50 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 $4,200. Jul. 24 Pay $860 to a local radio atation for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak elinic. Prepare a trial balance. (The items in the Trial Balance should be grouped Revenue and Expenses.) as follows: Assets, Liabilities, Stockholders' Equity g Problem Chapters 1-6 Saved Hel awuuaA MAAA. AAaAu Ju 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,200. Jul. 24 Pay $860 to a local radio atation for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $7,200 in advance from 60 kayakers for the upcoming kayak clinic. 3. Prepare a trial balance. (The items in the Trial Balance should be grouped Revenue and Expenses.) as follows: Assets, Liabilities, Stockholders' Equity GREAT ADVENTURES, INC Trial Balance July 31, 2021 Credit Accounts Debit Cash 27,930 $ Prepaid Insurance 3,720 Supplies Accounts Payable 1,500 1,500 Common Stock 32,000 33,150 Totals 33,500