looking to find the retaining earnings / and help on income statment and Balance sheet
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Sburban on July 1,2022 , for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022: - The company pays $1,950 to GElCO for a one-year insurance policy. - The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,150 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 $700 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 12 Record the closing entry for revenue accounts. Note: Enter debits before credits. Record the closing entry for expense accounts. Note: Enter debits before credits. GKEAI AUVENIUKES, INC. Income Statement \& Income Statement Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Sburban on July 1,2022 , for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2022: - The company pays $1,950 to GElCO for a one-year insurance policy. - The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,150 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 $700 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 12 Record the closing entry for revenue accounts. Note: Enter debits before credits. Record the closing entry for expense accounts. Note: Enter debits before credits. GKEAI AUVENIUKES, INC. Income Statement \& Income Statement
