Tony and Suzie graduate from college in May 2021 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, theyll 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, 2021, 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 S1 each Each share of stock represents a unit of ownership. Tony Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $12,eee of common stock to Suzie. Jul. 1 Sell $12,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for 55,520 (5460 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $230 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged 560 on the day of the clinic. Jul. Purchase le mountain bikes, paying $16,200 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $3,600 from Go 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 receives $4,100. Jul. 24 Pay 5650 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 $100 on the day of the clinic Jul. 3 Great Adventures receives cash of $9,100 in advanc
Tony and Suzie graduate from college in May 2021 and begin developing
Tony and Suzie graduate from college in May 2021 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, theyll 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, 2021, 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 S1 each Each share of stock represents a unit of ownership. Tony Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. 1 Sell $12,eee of common stock to Suzie. Jul. 1 Sell $12,000 of common stock to Tony. Jul. 1 Purchase a one-year Insurance policy for 55,520 (5460 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,100 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $230 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged 560 on the day of the clinic. Jul. Purchase le mountain bikes, paying $16,200 cash. Jul 15 on the day of the clinic, Great Adventures receives cash of $3,600 from Go 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 receives $4,100. Jul. 24 Pay 5650 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 $100 on the day of the clinic Jul. 3 Great Adventures receives cash of $9,100 in advanc
0 Comments