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I need the General Journal. I got it wrong and I want to understand why? Required information (The following information applies to the questions displayed
I need the General Journal. I got it wrong and I want to understand why?
Required information (The following information applies to the questions displayed below.) 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 $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022 ed . The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,000 is spent on a deluxe roof rack and a trailer hitch. . The painting, roof rack, and hitch are all expected po increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. o a w window shows your responses and what was marked correct and incorrect from your previous attemnt. The painting, roof rack, and hitch are a dected increase the future benefits oftehicle for Great Adventures. In addition, on October 22, 2022, the company pays $400 for basic vehicle mair ance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter 4. Record the depreciation expense and any other adjustments related to the vehicle on December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date 1 Dec 31, 2022 General Journal Depreciation Expense Accumulated Depreciation Insurance Expense Prepaid Insurance Repairs and Maintenance Expense Cash 2 Dec 31, 2022 Equipment Repairs and Maintenance Expense Repairs and Maintenance Expense Cash "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points dedi . a WStep by Step Solution
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