Note: The question has been answered wrong multiple times, please make sure that the answer is correct before submitting. The depreciation expense is not 2,780, that is the incorrect answer. Please do not copy and paste from other posts. Thank You.
Great Adventures Problem AP7-1 (GL) 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 $12,800. They expect to use the Suburban for five years and then sell the vehicle for $4,900. The following expenditures related to the vehicle were also made on July 1,2022 : - The company pays $2,000 to GElCO for a one-year insurance policy. - The company spends an extra $3,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,200 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 $800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Great Adventures Problem AP7-1 (GL) 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 $12,800. They expect to use the Suburban for five years and then sell the vehicle for $4,900. The following expenditures related to the vehicle were also made on July 1,2022 - - The company pays $2,000 to GE/CO for a one-year insurance policy. - The company spends an extra $3.800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,200 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 $800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. X Answer is not complete. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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 $12,800. They expect to use the Suburban for five years and then sell the vehicle for $4,900. The following expenditures related to the vehicle were also made on July 1,2022 - - The company pays $2,000 to GE/CO for a one-year insurance policy. - The company spends an extra $3,800 to repaint the vehicle. placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,200 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 $800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. Prepare the journal entries for transactions. (1f no entry is required for a transaction/event, select "No Journal Entry Required" Prepare the journal entries for transactions. (If no en account field.) Journal entry worksheet (1)2(34( Record the closing entry for expense accounts. Nate: Enter debits before credits
