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Tony and Suzie graduate from college in May 2 0 2 4 and begin developing their new business. They begin by offering clinics for basic

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

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