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 $31,000$ 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 $$15,500$ of common stock to Suzie.

July $1$ Sell $$15,500$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$5,280($ $$440$ per month$)$ to cover injuries to participants during outdoor clinics.

July $2$ Pay legal fees of $$1,100$ as sociated with incorporation.

July $4,$ Purchase office supplies of $$1,000$ on account.

July $7$ Pay $$230$ to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July $15.$ Attendees will be charged $$60$ on the day of the clinic.

July $8$ Purchase $10$ mountain bikes, paying $$19,300$ cash.

July $15$ On the day of the clinic, Great Adventures receives cash of $$3,600$ in total from $60$ bikers. Tony and Suzie

July $22$ conducts the mountain biking clinic.

Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $$4,000.$

July $24$ Pay $$690$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$130$ in advance or $$180$ on the day of the clinic.

July $30$ Great Adventures receives total cash of $$6,500$ in advance from $50$ kayakers for the upcoming kayak clinic.

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

August $1$ Great Adventures obtains a $$37,000$ low$-$interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and $6\%$ annual interest is due each year on July $31.$

August $4$ The company purchases $14$ kayaks, paying $$20,900$ cash.

August $10$ Tony and Suzie conduct the first kayak clinic. In addition to the $$6,500$ that was received in advance from

clinic.

August $17$ Tony and Suzie conducts a second kayak clinic, and the company receives $$11,700$ cash.

August $24$ Office supplies of $$1,000$ purchased on July $4$ are paid in full.

September $1$ To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $$3,360($ $$280$ per month$)$ in advance.

September $21$ Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$15,000$ cash.

October $17$ Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $$18,600$ cash.

December $1$ Tony and Suzie decide to hold the company's first adventure race on December $15.$ Four$-$person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock$-$climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $$560.$

December $5$ To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $$70$ in salary for each team that competes in the race. His salary will be paid after the race.

December $8$ The company pays $$1,800$ to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.

December $12$ The company pu