Tony and Suzie graduate from college in May 2018 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, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 24,000 shares of common stock for $1 eech. 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 Jul. 1 Sell $12.000 of common stock to Suzie. Jul.1 Sell $12.000 of common stock to Tony Jul. 1 Purchase a one-year insurance policy for $4,080($340 per month) to cover injuries to participents during outdoor clinics Jul. 2 Pay legal fees of $1,700 associated with incorporation. Jul. 4 Purchase office supplies of $1,500 on account ul. 7 Pay for advertising of $260 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 the day of the clinic Jul. 8 Purchase 10 mountain bikes, paying $11,300 cash Jul. 15 On the day of the clinic, Great Adventures receives cash of $4.200 from 70 bikers. Tony conducts the mountain biking clinic Jul. 22 Because of the success of the first mountain biking clinic. Tony holds another mountain biking clinic and the company Jul. 24 Pay for advertising of $670 to a local radio station for a keyaking clinic to be held on August 10. Attendees can pay S110 in receives $4,650 advance or $160 on the day of the clinic Jul. 30 Great Adventures receives cash of $5.500 in advance from 50 kayakers for the upcoming kayak clinic