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 $32,000$ 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 $$10,000$ of common stock to Suzie.

July $1$ Sell $$10,000$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$4,800($ $$400$ per month$)$ to cover injuries to participants during outdoor clinics.

July $2$ Pay legal fees of $$1,500$ associated with incorporation.

July $4$ Purchase office supplies of $$1,800$ on account.

July $7$ Pay $$300$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic

July $8$ to be held on July $15.$ Attendees will be charged $$50$ the day of the clinic.

July $15$ Purchase $10$ mountain bikes, paying $$12,000$ cash.

On the day of the clinic, Great Adventures receives cash of $$2,000$ in total from $40$ bik$$rs$.$ Tony and Suzie conduct the mountain biking clinic.

July $22$ Because of the success of the first mountain biking clinic, Tony and Suzie hold another mountain biking clinic and the company receives $$2,300.$

July $24$ Pay $$700$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on July $30$ August $10,$ and attendees can pay $$100$ in advance or $$150$ on the day of the clinic.

The folloringeat Adventures receives total cash of $$4,000$ in advance from $40$ kayakers for the upcoming kayak clinic.

The following transactions occur over the remainder of $2024.$

August $1$ Great Adventures obtains a $$30,000$ low$-$interest loan for the company from the city council, which has