[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 21,000 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 $19,500 of common stock to Suzie. Jul. 1 Sell $10,500 of connon stock to Tony. Jul 1Purchase a one-year insurance policy for $3,720 (5310 per month) to cover injuries to participants during outdoor clinics. Jul. 2. Pay legal fees of $1,900 associated with incorporation. Jul. 4 Purchase office supplies of $1,600 on account. Jul 7 pay $330 to a local newspaper for advertising to appear inediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged 360 the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $10,400 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $3,600 from 60 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 $4,200 Jul. 24 Pay 5740 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. dul. 30 Great Adventures receives cash of $8,400 in advance from 60 kayakers for the upcoming kayak clinic. Cash Prepaid Insurance July 1 July 1 End, bal End, bal Supplies Equipment End, bal End, bal Accounts Payable Deferred Revenue End, bal End, bal. Common Stock Service Revenue End, bal End, bal. Advertising Expense Legal Fees Expense