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?RWP 7 - 1 ( Algo ) ?Great Adventures Continuing Case ( GL ) Tony and Suzie see the need for a rugged all
?RWPAlgo ?Great Adventures Continuing Case GL
Tony and Suzie see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used
Suburban on July ?for $ ?They expect to use the Suburban for five years and then sell the vehicle for $ ?The
following expenditures related to the vehicle were also made on July ?:
The company pays $ ?to GEICO for a oneyear insurance policy.
The company spends an extra $ ?to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both
sides.
An additional $ ?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 ?the company pays $ ?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 postclosing 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 postclosing balances will appear for each account, based on your selection.
Unadjusted
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