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, orlenteering, and trail funning. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthuslasts. 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 25,000 shores of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie wil act as co presidents of the company. The following business activities occur diring July for Creat Advertures. July 1 sell $32,500 of coneon steck to suxie. 3uly i sel1 $12,500 of conein steck to Tony. July a Perchase ofice vepiles of $1,200 on account. July 15. Attendeex will be charged bee the day of the climie. Tony and Suzle graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor actlvities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races witl involve four-person teams that race from one checkpolnt to the next using a combination of kayaking. mountain biking, orlenteering, and trall runing. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthuslasts. On Juty 1, 2024, Tony and Suzle organize their new company as a corporation, Great Adventures incorporated The articles of incorporation state that the corporation will sell 25,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzle will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 15e11,$12,500 of comean stock to Surie. July 1 Sell $12,500 of comon stock to Tony. Wuly 1 Purchase a one-yeur insurance policy for $,200 (\$440 per ionth) to cover injurles to participants during outdoor clinics. July 2 Pay legal fees of $2,000 aseciated with incorporatien. July 4 perchave office supplies of $1,700 on acceunt. auly is. Attendees will be charged sea the day of the clinic. July if Purchase 10 mountain bikes, paying $11,200 cash. Juty is On the day of the clinic, Great Adventures receives cosh of 54,200 froe 70 bikers. Toey conducts the nountain biking elinie. July 22 because of the success of the first mountain bikinf cliede, Teny holds anether mowntain biking clinic ard the coepany recerives $4,550. July 24 Pay $300 to a local radio station for advertising to appear Imediatuly. A kayakine clinic will be held on Augukt 10 , and attendeen can poy s1se in advance or $200 on the dey of the clinic. July 30 creat Atventuras recelve cash of $10,500 in advance froe 70 kayakers for the vpceaing kayak cdinic. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleid. Prepare the journal entries for transactions. Note: if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid. 6 On the day of the clinic, Great Adventures recelves cash of $4,200 from 70 bikers. Tony conducts the mountain biking clinic. 9 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company recelves $4,550. 10 Pay $840 to a local radio station for advertising to oppear immediately. A kayaking clinic will be held on August 10 , and attenden can pay $150in advanco or $200 on the day of the clinic. 11. Great Adventures recelves cash of $10,500 in advance from 70 kayakers for the upcoming kayak clinic. July 15. Attendees will be charged $60 the doy of the clinic. July a Purchase 10 mountain bikes, paying $11,200 cash. July 15 On the day of the clinic, Great Adventures receives cash of $4,200 from 79 bikers. Tony conducts the mountain biking clinic. July 22 Because of the success of the first nountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,550. July 24 Pay $840 to a local cadio station for advertising to appear inmediately. A kayaking cIinic will be held on August 10 , attendees can pay $150 in advance or $200 on the day of the clinic. July 30 Great Adventures receives cash of $10,500 in advance from 70 kayakers for, the opcoming kayak clinic. The ending balance values from the General Ledger tab flows through to the Trlal Balance below. Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required "in the first account fleld. Journal entry worksheet 1 2 3 5 6 7 8 11 > Pay legal fees of $2,000 associated with incorporation. Note: Enter debits before credits
