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, theyll 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 27,000 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 $13,500 of common stock to Suzie Jul 1 Sell $13,500 of common stock to Tony Jul 1 Purchase a one year insurance policy for $5,760 ($480 per month) to cover injuries to participants during outdoor clinics Jul 2 Pay legal fees of $1,700 associated with incorporation Jul 4 Purchase office supplies of $1,700 on account Jul 7 Pay $330 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 $60 the day of the clinic Jul 8 Purchase 10 mountain bikes, paying $10,700 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 clinic, 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 $130 in advance or $180 on the day of the clinic Jul 30 Great Adventures receives cash of $9,100 in advance from 70 kayakers for the upcoming kayak clinic Required Record each transaction in July (If no entry is required for a transaction event, select No journal entry required in the first account field Post each transaction to the appropriate T accounts and calculate the ending balance of each account Prepare a trial balance (The items in the Trial Balance should be grouped as follows Assets, Liabilities, Stockholders' Equity, Revenue and Expenses )

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[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

[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, theyll 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 27,000 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 $13,500 of common stock to Suzie.
Jul.	1	Sell $13,500 of common stock to Tony.
Jul.	1	Purchase a one-year insurance policy for $5,760 ($480 per month) to cover injuries to participants during outdoor clinics.
Jul.	2	Pay legal fees of $1,700 associated with incorporation.
Jul.	4	Purchase office supplies of $1,700 on account.
Jul.	7	Pay $330 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 $60 the day of the clinic.
Jul.	8	Purchase 10 mountain bikes, paying $10,700 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 clinic, 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 $130 in advance or $180 on the day of the clinic.
Jul.	30	Great Adventures receives cash of $9,100 in advance from 70 kayakers for the upcoming kayak clinic.

Required:

Record each transaction in July. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Post each transaction to the appropriate T-accounts and calculate the ending balance of each account.
Prepare a trial balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Stockholders' Equity, Revenue and Expenses.)