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. Prepare

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.Required information

$[$The following information applies to the questions displayed below.$]$

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 $$3,600($ $$300$ per month$)$ to cover injuries to

July participants during outdoor clinics.

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

July $7$ Purchase office supplies of $$1,500$ on account.

July $8$ biking clinic $tobe$ held $on$ July $15.$ Attendees will $be$ charged $$70$ the day $of$ the clinic.

July $15On$ the day $of$ the clinic, Great Adventures receives cash $of$ $$5,600in$ total from $80$ bikers. Tony

July $15$ On the day of the clinic, Great Adventures rec

July $22$ Because of the success of the first mountain biking clinic, Tony and Suzie holds another

July $24$ mountain biking clinic and the company receives $$6,000.$

Pay $$750$ to a local radio station for advertising to appear immediately. A kayaking clinic will

be held on August $10,$ and attendees can pay $$110$ in advance or $$160$ on the day of the clinic.

July $30$ Great Adventures receives total cash of $$6,600$ in advance from $60$ kayakers for the upcoming

kayak clinic.

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

August $1$ Great Adventures obtains a $$39,000$ 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 $4$

August $10$

August $17$

August $24$

September $1$

September $21$

October $17$

December $1$

December $5$

December $8$

December $12$

December $15$ Trinks for participants, and field markers to prepare the racecourse.

December $16$ The company pays Victor's salary of $$1,600.$

December $31$ The company pays a dividend of $$4,900($ $$2,450$ to Tony and $$2,450$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$5,300.$ Tony surprises Suzie by

proposing that they get married. Suzie accepts and they get married!

The following information relates to