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 $24,000$ 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 $$12,000$ of common stock to Suzie.

July $1$ Sell $$12,000$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$4,920($ $$410$ per month$)$ to cover injuries to participants during outdoor clinics.

July $2$ Pay legal fees of $$1,200$ associated with incorporation.

July $4$ Purchase office supplies of $$1,200$ on account.

July $7$ Pay $$310$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $$40$ the day of the clinic.

July $8$ 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 $$3,100.$

July $24$ Pay $$900$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$120$ in advance or $$170$ on the day of the clinic.

July $30$ Great Adventures receives cash of $$8,400$ in advance from $70$ kayakers for the upcoming kayak clinic.