The following information applies to the questions displayed below On July 1, 2018. Tony and Suzie organize their new company a 31. Also, the balances are provided for the month ended July 31 as a corporation, Great Adventures Inc. The following transactions occur from August 1 through Decer The articles of incorporation state that the corporation will sell 30,000 shares of common stock for $1 each Each share of stock Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adve Jul. 1 Sell $15,000 of common stock to Suzie Jul. 1 Sell $15,000 of common stock to Tony 1 Purchase a one-year insurance policy for $3,960 ($330 per month) Jul. 2 Pay legal fees of $1,900 associated with incorporation. e a one-year insurance policy for $3,960 ($330 per month) to cover injuries to participants during outdoor clinics. 4 Purchase office supplies of $1,600 on account. Jul. 7 Pay for advertising of $290 to a local newspaper for an upcoming mountain biking cinic to be held on July 15 Attendees will be charged $60 the day of the d Jul 8 Purchase 10 mountain bikes, paying $19,600 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,200 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 recelves $4,700 Jul. 24 Pay for advertising of $770 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $120 in advance or $170 on the day of the clinic. Jul. 30 Great Adventures receives cash of $6,000 in advance from 50 kayakers for the upcoming kayak clinic Aug. 1 Great Adventures obtains a $49,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $13,000 cash. Aug. 10 Twenty additional kayakers pay $3,400 ($170 each), in addition to the $6,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $10,700 cash. Aug 24 Office supplies of $1,600 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $4,440 (53 Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,100 cash. Oec , Tony eo ducts an or enteer ng c nic Part c ants practce how o understand a topographical map. read an altimeter, use a compass, and o ent through hea areas. The company receives $19,500 cas Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry feef each team is $690 Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in solary for each team that compete in the race. His salary will be paid after the race Dec. 8 The company recorded as a miscellaneous expense.Dec. 12 The company purchases racing finishing teams in each category. pr $27.600 cash from a total of forty teams, and the race is held Dec. 16 The company pays Victor's salary of $2.400 Dec. 31 The company pays a dividend Dec 31 Using his personal money. Tony purchases a diamond ring for $5 pays $1,000 to purchase a permit from a state park where the race will be held. The amount is supplies for $2.700 on account due in 30 days. Supplies include trophies for the top- and field markers to prepare the racecourse Dec. 15 The company receives omotional shirts, snack foods and drinks for participants, of $3,200 ($1,600 to Tony and $1.600 to Suzie) 100. Tony surprises Suzie by proposing that they get married Suzie accepts and they get ried