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?RWP 7 - 1 ( Algo ) ?Great Adventures Continuing Case ( GL ) Tony and Suzie see the need for a rugged all

?RWP7-1 (Algo) ?Great Adventures Continuing Case (GL)
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used
Suburban on July 1,2025 , ?for $12,800. ?They expect to use the Suburban for five years and then sell the vehicle for $4,900. ?The
following expenditures related to the vehicle were also made on July 1,2025 ?:
The company pays $2,000 ?to GEICO for a one-year insurance policy.
The company spends an extra $3,800 ?to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both
sides.
An additional $2,200 ?is spent on a deluxe roof rack and a trailer hitch.
The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on
October 22,2025 , ?the company pays $800 ?for basic vehicle maintenance related to changing the oil, replacing the windshield wipers,
rotating the tires, and inserting a new air filter. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances
will appear for each account, based on your selection.
Unadjusted The balance sheet is the accounting equation: Assets = ?Liabilities + ?Equity. Each asset and liability account is reported separately
on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Unadjusted
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