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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 $16,000. They expect to use the Suburban for five years and then sell the vehicle for $6,500. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,800 to GEICO for a one-year insurance policy. - The company spends an extra $7,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $3,000 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 $2,400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. Journal entry worksheet Record the expiration of prepaid insurance. Note: Enter debits before credits. Journal entry worksheet 12 Record the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet