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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 racesm 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 $31,000$ 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 transactions occur from July $1$ through December $31.$

$\backslash$table$[[$Jul$.,1,$Sell $$15,500$ of common stock to Suzie.$],[$Jul$.,1,$Sell $$15,500$ of common stock to Tony.$],[$Jul$.,1,\backslash$table$[[$Purchase a one$-$year insurance policy for $$4,440($$ $$370$ per month$)],[$to cover injuries to participants during outdoor clinics.$]]],[$Jul$.,2,$Pav leaal fees of $$1\mathrm{.}200$ associated with incorooration.$]]$

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