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it is all one question, part 1, 2, 3, 4 and 5 Required information [The following information applies to the questions displayed below.) Tony and
it is all one question, part 1, 2, 3, 4 and 5
Required information [The following information applies to the questions displayed below.) 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, 2022, for $14,800. They expect to use the Suburban for five years and then sell the vehicle for $5,900. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,500 to GEICO for a one-year Insurance policy. The company spends an extra $5,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,700 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 $1,800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new alr filter. Required: 1. Record the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View Journal entry worksheet No Date General Journal Credit Debit 23,400 1 Jul 01, 2022 Equipment Prepaid Insurance Cash 2,500 25,900 2. Record the expenditure related to vehicle maintenance on October 22, 2022. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Step by Step Solution
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