Asking for the debit and credit values and journal entries 3,5 and 6
3. Record the deprecation for vehicle purchased. Use straight line deprecation
5. Record the closing entry for revenue accounts
6. Record closing entry for expense accounts
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 $14,400. They expect to use the Suburban for five years and then sell the vehicle for $5,700. The following expenditures related to the vehicle were also made on July 1, 2022: - The company pays $2,400 to GEICO for a one-year insurance policy. - The company spends an extra $5,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,600 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 $1,600 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Accounts Receivable \begin{tabular}{|c|c|c|} \hline Debit & Credit & Balance \\ \hline & & 62,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Inventory & \\ \hline Debit & Credit & Balance \\ \hline & & 8,200 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 30,000 \\ \hline \multicolumn{5}{|c|}{ Interest Payable } \\ \hline \multicolumn{2}{|c|}{ Dobit } & Credit & Balance \\ \hline \multicolumn{1}{|c|}{ Do. } & Date & Debil & 1,350 \\ \hline & Jul 01 & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|r|} \hline \multicolumn{5}{|c|}{ Notes Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 54,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 25,220 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 36,450 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 50,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 148,000 \\ \hline \end{tabular} \begin{tabular}{l} \multicolumn{5}{c|}{ Interest Revenue } \\ \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 180 \\ \hline \end{tabular} \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 470 \\ \hline \multicolumn{4}{|c|}{ Depreciation Expense } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credit & Balance \\ \hline No. & Date & & & 22,000 \\ \hline & Jul 01 & & \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of goods sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 54,940 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|r|} \hline \multicolumn{5}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & Jul 01 & & & 36,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 1,700 \\ \hline \multicolumn{3}{|c|}{ Bad Debt Expense } \\ \hline \multicolumn{1}{|c|}{ Debit } & Credit & Balance \\ \hline \multicolumn{1}{|c|}{ No. } & Date & Deb & 3,600 \\ \hline & Jul 01 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 3,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 3,600 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 15,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Insurance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jul 01 & & & 6,000 \\ \hline 4 & Dec 31 & 1,200 & & 7,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Repairs and Maintenance Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & Jul 01 & & & 0 \\ \hline 2 & Oct 22 & 1,600 & & 1,600 \\ \hline 6 & Dec 31 & & 1,600 & 0 \\ \hline \end{tabular} Post-closing Post-closing
