Great Adventures Problem AP3-1[The following information applies t.docx

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Great Adventures Problem AP3-1 [The following information applies to the questions displayed below.] 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, 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, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 21,000 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 transactions occur from July 1 through December 31. The following information relates to year-end adjusting entries as of December 31, 2021.Jul.1Sell $10,500 of common stock to Suzie.Jul.1Sell $10,500 of common stock to
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  • Fall '19
  • Bicycle, Kayak, Tony, Mountain Biking

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