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 20,000 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. | Sell 110.000 of con stock to Suzie. Jul. 1 Sell 310.000 of common stock to Tony. Jul 1 Purchase a one-year insurance policy for $4.000 ($400 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1.500 associated with incorporation 4 Purchase office supplies of $1.800 on account. Jual 7 Pay 3300 to a local newspaper for advertising to appear imediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged 350 the day of the clinic. 8 Purchase 10 mountain bikes. paying $12.000 cath. Jul. 15 On the day of the clinic, Great Adventures receives cash of $2.000 fron 40 bikers. Tony conducts the mountain baking elinie. Jul 22 Becmate of the success of the first stain bikin clinic. Tony holds another mountain biking clinic and the company receives $2.300 Jul 24 Pay $100 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on Aurust 10. and attendees can pay $100 in advance or $150 on the day of the clinic. Jul 30 Great Adventures receives cash of $4.000 in advance from 40 karakert for the upcoming kayak clinic. 2. Post each transaction to the appropriate T-accounts and calculate the ending balance of each account 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