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 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 $11,5ee of common stock to Suzie. Jul. 1 Sell $11,500 of common stock to Tony. 1 Purchase a one-year insurance policy for $4,200 ($350 per month) to cover injuries to participants during outdoor clinics. 2 Pay legal fees of $1,6ee associated with incorporation. 4 Purchase office supplies of $1,400 on account. Jul. 7 pay $350 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 $40 the day of the clinic. 8 Purchase 1e mountain bikes, paying $11,300 cash. Jul. 15 on the day of the clinic, Great Adventures receives cash of $2,8ee 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 $3,200. Jul. 24 Pay see to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August 1e, and attendees can pay $1ee in advance or $150 on the day of the clinic. Jul. 30 Great Adventures receives cash of $6,000 in advance from 6e kayakers for the upcoming kayak clinic. Jul. Jul. Jul. Jul. 3. Prepare a trial balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity, Revenue and Expenses.) GREAT ADVENTURES, INC. Trial Balance July 31, 2021 Accounts Debit Credit Totals