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 bose, theyll hold their first adventure races These races will involve four-person teams that race from one checkpoint to the next using o 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 20,000 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 Sel1 $10,000 of common stock to suzie. July.1 Sel1 $10,000 of common atock to Tony. July 1 Purehase a obe-year innurance poliey for $4,800 (\$400 per month) to cover injuries to participanta during outdoor elinies. fuly 2 Pay legal fees of 51,500 associated with incorporation. July 4 Purchase office supplies of $1,400 on accoust. July 7 Pay, $300 to a local newapaper for advertising to appear immediately for an upconing mountain biking elinie to be beld on July 15. Attendeen whll be charged 550 the day of the elinie. fuly A Prebase 10 mountain bikes, paylsg $12,000 cash. July 15 On the day of the elinie, Grest Adventures receives eash of $2,000 from 40 bikers. Fony eendueta the mountain biking elinic. July 22 Because of the suecesn of the first mountain biking elinic, Tony hold another soubtain biking elinic and the conpany recelves $2,300, July:24 pay s700 to a local radio atation for advertining to appear immediately. A kayaking elinie will be held on Auguet 10 , and attendees can pay $100 in advanee or $150 on the day of the elinie. July 30 Creat Adventuren recelven cash of 54,000 in advance from 40 kayakerin for the bpeoning kayak elinio. Required: 1. Record each transaction in July. 2. Post each transaction to the appropriate T-accounts and calculate the ending balance of each account. 3. Prepare a trial balance. Post each transaction to the appropriate T-accounts and calculate the ending balance of each account. \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Accounts Payable } \\ \hline & Debit & Credit \\ \hline July 4 & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Advertising Expense Legal Fees Experse \begin{tabular}{|l|c|c|c|} \hline July 2 & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & 1,500 & \\ \hline & 1,500 & \\ \hline \end{tabular}