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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 $1$ Sell $$10,000$ of common stock to Suzie.

July $1$ Sell $$10,000$ of common stock to Tony.

July $1$ Purchase a one$-$year insurance policy for $$4,800($ $$400$ per month$)$ to cover injuries to participants during July $2$ outdoor clinics.

July $4$ Pay legal fees of $$1,500$ associated with incorporation.

July $7$ Parchase office supplies of $$1,800$ on account.

be held 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 $$50$ the day of the clinic.

July $8$ Purchase $10$ mountain bikes, paying $$12,000$ cash. biking clinic.

July $22$ Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $$2,300.$

July $24$ Pay $$700$ to a local radio station for advertising to appear immediately. A kayaking clinic will be held on August $10,$ and attendees can pay $$100$ in advance or $$150$ on the day of the clinic.

July $30$ Great Adventures receives cash of $$4,000$ in advance from $40$ kayakers for the upcoming kayak clinic.

Required:

Record each transaction in July.

Post each transaction to the appropriate T$-$accounts and calculate the ending balance of each account.

Prepare a trial balance.

Complete this question by entering your answers in the tabs below.

T Accounts

Post each transaction to the appropriate T$-$accounts and calculate the ending balance of each account.

Cash

Prepaid Insurance

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