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 38,000 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. 1 Sell $19,000 of common stock to Suzie. Jul. 1 Sell $19,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for $5,040 (5420 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,300 associated rith incorporation. Jul 4 Purchase office supplies of $1,700 on account. Jul. 7 Pay $270 to a local newspaper for advertising to appear immediately for an upcoming mountain biking elinie to be held on July 15. Attendees will be charged $60 the day of the clinic. Jul. 8Purchase 10 mountain bikes, paying $11,000 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 alinie, Tony holds another mountain biking clinic and the company receives $5,400. Jul. 24 pay $790 to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 10, and attendees can pay $110 in advance or $160 on the day of the clinic. Jul. 30 Great Adventures receives cash of $8,800 in advance from 80 kayakers for the upcoming kayak elinie. 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.)