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 39,000 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 $19,500 of common stock to Suzie. July 1 Sell $19,500 of common stock to Tony. July 1 July 2 July 4 July 7 July 8 Purchase a one-year insurance policy for $5,520 ($460 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1,300 associated with incorporation. Purchase office supplies of $1,500 on account. Pay $400 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 $30 the day of the clinic. Purchase 10 mountain bikes, paying $11,500 cash. July 15 On the day of the clinic, Great Adventures receives cash of $1,200 from 40 bikers. Tony conducts the mountain biking clinic. July 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $1,500. July 24 Pay $840 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 cash of $7,800 in advance from 60 kayakers for the upcoming kayak clinic. Complete this question by entering your answers in the tabs below. cos General Journal T Accounts Trial Balance Record each transaction in July. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 11 > Sell $19,500 of common stock to Suzie. Note Entar debits before credits Date July 01/ General Journal Debit Credit Record entry Clear entry View general journal Prev Ending Balance Debit Cash Ending Balance Debit Debit Ending Balance Ending Balance Ending Balance Credit Supplies Credit Accounts Payable Credit Common Stock Debit Credit Advertising Expense Debit Credit Ending Balance Ending Balance Ending Balance Ending Balance Prepaid Insurance Debit Credit Equipment Debit Credit Deferred Revenue Debit Credit Service Revenue: Debit Credit Legal Fees Expense Debit Credit Ending Balance > July 30 Great Adventures receives cash of $7,800 in advance tre Complete this question by entering your answers in the tabs General Journal T Accounts Trial Balance Prepare a trial balance. GREAT ADVENTURES, INCORPORATED Trial Balance July 31, 2024 Accounts Debit Credit Totals $ 0 $ < T Accounts +