Great Adventures Problem AP7 1 (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, 2022, for $13,200 They expect to use the Suburban for five years and then sell the vehicle for $5,100 The following expenditures related to the vehicle were also made on July 1, 2022 The company pays $2,100 to GEICO for a one year insurance policy The company spends an extra $4,200 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,300 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, 2022, the company pays $1,000 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Each journal entry is posted automatically to the general ledger The unadjusted, adjusted, or post closing balances will appear for each account, based on your selection The ending balance values from the General Ledger tab flows through to the Trial Balance below The unadjusted, adjusted, or post closing balances will appear for each account, based on your selection 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 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

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 18, 2024

Great Adventures Problem AP7-1 (GL) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase

Great Adventures Problem AP7-1 (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, 2022, for $13,200. They expect to use the Suburban for five years and then sell the vehicle for $5,100. The following expenditures related to the vehicle were also made on July 1, 2022:

The company pays $2,100 to GEICO for a one-year insurance policy.
The company spends an extra $4,200 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides.
An additional $2,300 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, 2022, the company pays $1,000 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.

Requirement
General Journal
General Ledger
Trial Balance
Income Statement
Balance Sheet

Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

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.

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.