Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help, thank you RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged alilferrain vehicle to transport

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i need help, thank you
RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged alilferrain vehicle to transport particlpants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were aiso made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance policy. - The company spends an extra $3,400 to repaint the vehicle, placing the Great Adventures logo on the frort hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In adotion, on October 22, 2025, the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wiper rotating the tires, and inserting a new atr fiter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event. select "No Journal Entry Recuired" in the first account field.) Journal entry worksheet Record the expenditures related to the vehicle on July 1. 2025. Nose: The capitalized cost of the vehicle is recorded in the Equipment account. Notes Entar debits betare arect. RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle see the need for a rugged ali-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GElCO for a one-year insurance policy. - The company spends an extra \$3.400 to repaint the vehicle. piacing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Activentures. In adoition, on October 22 . 2025 , the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers rotating the tires, and inserting a new alf filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs: account field.) Journal entry worksheet Record the expenditure related to vehicle maintenance on October 22, 2025. Nate: Enter trbits betare crecion. RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for \$12400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GElCO for a one-year insurance policy. - The company spends an extra \$3,400 to repaint the vehicle. placing the Great Advertures logo on the front hood, back, and both sldes. - An additional $2.100 is spent on a deluxe root rack and a traler hich. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In adoition, on October 22,2025 , the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield w/pers rotating the tires, and inserting a new alr fitec. Prepare the journal entries for transactions. (If no entry is required for a transaction/evert, select "No Joumal Entry Recuired'" in the first account field.) Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Nigste: Entte tebits Sifure chect. RWP7.1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle 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 \$12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller 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 222025 , the company pays $600 for basic vehicle maintenance related to changing the ofl, replacing the windshteld wipers, rotating the tires, and inserting a new alr fiter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry, Recuired" in the first account feld.) Journal entry worksheet Record the expiration of prepaid insurance. Hites Enter debits defose dretis. RWP7.1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged all-terrain vehicle to transport particlpants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025; - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller 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 $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new alr filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first Prepare the journ Journal entry worksheet tutt : Wnter dehits betort cresta. RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4,700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GECO for a one-year insurance policy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both slides. - An additional $2,100is spent on a deluve roof rack and a traller hirch. 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 $600 for basic vehicle maintenance related to changing the oll, replacing the Windshleid wipers. rotating the trect, and inserting a new alr filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/tvent, select 'No Journal Entry Required' in the first account fiaid.) Journal entry worksheet RWP7.1 (Algo) Great Adventures Continulng Cose (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and cupplec. They decide to purchace a used Suburban on July 1, 2025 , for $12, 400 . They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on july 1, 2025: - The company pays $1,900 to GelCO for a one-year insurance pollcy. - The company spends an extra \$3.400 to repaint the vehicle, piacing the Great Advertures logo on the trort hood. back and botin sides. - An additional $2100 is spent on a deluxe roof rack and a traser hich. The painting, roof rack, and hich are all expected to increase the future benefts of the vehicle for Grear Atientures. In acidion, on October 22 . 2025 , the company pays $600 for basic vehicle mainterance telated to changing the oll, replacing the windshleid whers. rotsting the tires, and inserting a new atr fitec Choose the appropriate accounts to be reported on the income ratement. The unadjured. acjusted. or poar-ciosing balances will appear for each account based on your selection. RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle 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 $12.400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluve roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to Increase the future benefits of the vehicle for Great Adventures. In adoltion, on October 22 2025, the company pays $600 for bask vehicle malntenance related to changing the oll, replacing the windshleld wipers. rotating the tires, and inserting a new alr filter. 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-dosing balances will appear for each account, based on your selection. RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged alilferrain vehicle to transport particlpants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were aiso made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance policy. - The company spends an extra $3,400 to repaint the vehicle, placing the Great Adventures logo on the frort hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In adotion, on October 22, 2025, the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wiper rotating the tires, and inserting a new atr fiter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event. select "No Journal Entry Recuired" in the first account field.) Journal entry worksheet Record the expenditures related to the vehicle on July 1. 2025. Nose: The capitalized cost of the vehicle is recorded in the Equipment account. Notes Entar debits betare arect. RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle see the need for a rugged ali-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GElCO for a one-year insurance policy. - The company spends an extra \$3.400 to repaint the vehicle. piacing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Activentures. In adoition, on October 22 . 2025 , the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers rotating the tires, and inserting a new alf filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firs: account field.) Journal entry worksheet Record the expenditure related to vehicle maintenance on October 22, 2025. Nate: Enter trbits betare crecion. RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for \$12400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GElCO for a one-year insurance policy. - The company spends an extra \$3,400 to repaint the vehicle. placing the Great Advertures logo on the front hood, back, and both sldes. - An additional $2.100 is spent on a deluxe root rack and a traler hich. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In adoition, on October 22,2025 , the company pays $600 for basic vehicle maintenance related to changing the oll, replacing the windshield w/pers rotating the tires, and inserting a new alr fitec. Prepare the journal entries for transactions. (If no entry is required for a transaction/evert, select "No Joumal Entry Recuired'" in the first account field.) Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Nigste: Entte tebits Sifure chect. RWP7.1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle 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 \$12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller 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 222025 , the company pays $600 for basic vehicle maintenance related to changing the ofl, replacing the windshteld wipers, rotating the tires, and inserting a new alr fiter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry, Recuired" in the first account feld.) Journal entry worksheet Record the expiration of prepaid insurance. Hites Enter debits defose dretis. RWP7.1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged all-terrain vehicle to transport particlpants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025; - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluxe roof rack and a traller 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 $600 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new alr filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first Prepare the journ Journal entry worksheet tutt : Wnter dehits betort cresta. RWP7-1 (Algo) Great Adventures Continulng Case (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,400. They expect to use the Suburban for five years and then sell the vehicle for $4,700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GECO for a one-year insurance policy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both slides. - An additional $2,100is spent on a deluve roof rack and a traller hirch. 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 $600 for basic vehicle maintenance related to changing the oll, replacing the Windshleid wipers. rotating the trect, and inserting a new alr filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/tvent, select 'No Journal Entry Required' in the first account fiaid.) Journal entry worksheet RWP7.1 (Algo) Great Adventures Continulng Cose (GL) Tony and Suzle see the need for a rugged allterrain vehicle to transport participants and cupplec. They decide to purchace a used Suburban on July 1, 2025 , for $12, 400 . They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on july 1, 2025: - The company pays $1,900 to GelCO for a one-year insurance pollcy. - The company spends an extra \$3.400 to repaint the vehicle, piacing the Great Advertures logo on the trort hood. back and botin sides. - An additional $2100 is spent on a deluxe roof rack and a traser hich. The painting, roof rack, and hich are all expected to increase the future benefts of the vehicle for Grear Atientures. In acidion, on October 22 . 2025 , the company pays $600 for basic vehicle mainterance telated to changing the oll, replacing the windshleid whers. rotsting the tires, and inserting a new atr fitec Choose the appropriate accounts to be reported on the income ratement. The unadjured. acjusted. or poar-ciosing balances will appear for each account based on your selection. RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzle 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 $12.400. They expect to use the Suburban for five years and then sell the vehicle for $4.700. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $1,900 to GE/CO for a one-year insurance pollcy. - The company spends an extra \$3,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,100 is spent on a deluve roof rack and a traller hitch. The painting, roof rack, and hitch are all expected to Increase the future benefits of the vehicle for Great Adventures. In adoltion, on October 22 2025, the company pays $600 for bask vehicle malntenance related to changing the oll, replacing the windshleld wipers. rotating the tires, and inserting a new alr filter. 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-dosing balances will appear for each account, based on your selection

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Factory Business System Audit Lean Manufacturing

Authors: Rolf Thorsten

1st Edition

1091908583, 978-1091908581

More Books

Students also viewed these Accounting questions

Question

Find Vo in the circuit shown using Thevenins Theorem +12v

Answered: 1 week ago