ting Cycle Saved Help Save & Exit Submit nces RWP2-1 (Algo) Great Adventures Problem Tony and Suzie graduate from college in May 2024 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, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated. The articles of incorporation state that the corporation will sell 22,000 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. July 1 Sell $11,000 of common stock to Suzie. July 1 July 1 July 2 July 4 July 7 July 8 Sell $11,000 of common stock to Tony. Purchase a one-year insurance policy for $5,760 ($480 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1,500 associated with incorporation. Purchase office supplies of $1,100 on account. 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. Purchase 10 mountain bikes, paying $11,000 cash. July 15 On the day of the clinic, Great Adventures receives cash of $2,800 from 70 bikers. Tony conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3,350. July 24 Pay $890 to a local radio station for advertising to appear immediately, A kayaking clinic will be held on August 10, and attendees can pay $120 in advance or $170 on the day of the clinic. July 30 Great Adventures receives cash of $6,000 in advance from 50 kayakers for the upcoming kayak clinic. Complete this question by entering your answers in the tabs below. General Journal T Accounts. Trial Balance Prepare a trial balance. GREAT ADVENTURES, INCORPORATED Trial Balanc July 31, 2024 Accounts Debit Credit Cash Prepaid Insurance 5,760 Supplies 1.100 Equipment 11,000 Accounts Payable 1,100 Deferred Revenue 6,000 Common Stock 22,000 Service Revenue Advertising Expense Legal Fees Expense Totals $ 1,500 19,360 $ 29,100