ny and Suzie see the need for a rugged ah-terrain vehicle to transport participants and supplies. They decide to purchase a used burban on July 1, 2025, for $13,000. They expect to use the Suburban for five years and then sell the vehicle for $5,000. The. llowing expenditures related to the vehicle were also made on July 1, 2025: The company pays $2,050 to GEICO for a one-year insurance policy. The company spends an extra $4,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional \$2,250 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 22,2025 , the company pays $900 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new air fiter Prepare the journal entries for transactions. (It no ency is required for a transaction/event, select "No Journal Entry finquired" in the first acrount fieldi) account fieldi) Journal entry worksheet 23450 Mecord the expenditurus related to the vehicle on Suly 1, 2025, Notet the caphalized cout of the vellefe is recorded in the Equipment acoount. following expenditures related to the vehicle were also made on July 1:2025. - The compary pays $2,050 to GElCO for a one-yedr insurance policy. - The company spends an extra $4,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides - Atr additionai $2:250 is spent on a deluxe foof rack and a tralicr hitch The painting, roof rack, and hitch are al expected to increase the future benefits of the vehicle for Great Actuentures, In addition, on October 22,2025 , the compony pays $900 for basie vehicle maintenance related to changing the ofl, replacing the windishieid wipers. rotating the tires, and inserting a new air finer. ascount field, ) Journal entry worksheet Aecard the expenditure releted to velide maintenunce on odetier 22,2025 ollowing expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,050 to GEicO for a oneyear insurance policy. - The company spends an extra $4,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides - An aditional $2.250 is spent on a deluxe roof rack and a trailer hisch The painting, roof rack, and hath are all expected to inciease the future benefits of the vehicle for Great Adventures, In addition, on October 22, 2025, the compary pays $900 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, fouting the tres, and inserting a new air fiter: Prepare the journal entries for transactions. If no estry is required for is transa cion/eyent, select "No Journal Entry Requlred" in the first account fielisy Journal entry worksheet Record the depreciaten for vehcle purchased. Use stralght-Mne dopreciation. Nules Enter debits beturs wedts. following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2.050 to GEICO for a one-year insurance policy - The company spends an extra $4.000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides - An additional \$2.250 is spent on a deluxe root rock and a trailer hiech. The painting roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures, in addition, on October 22,2025 , the company pays $900 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. cotating the tires, and inserting a new air fitter accecutht rield, Journal entry worksheet Fecord the explration of prepaid insurance. following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,050 to GEICO for a one-year insurance policy - The company spends an extra $4,000 to repaint the vehicie, placing the Great Adventures logo on the front hood, back, and both sides - An additionai $2250 is spent on a deluxe roof rack and a trailer hitch. The painting. roof rack, and hach are all expected to increase the future benefits of the vehicle for Great Adventures. in addition, on October 22,2025 , the company pays $900 for basic vehicie maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air fiter Prepare the journal entries for transactions, (If no entry is required for a transaction/event, select "Wo Journal fintry Required" In the first account (ield.) Journal entry worksheet Pecord the closing entry for rovenue accounts. foliowing experidiures related to the vehicle were also made on July 1,2025: - The compary pays $2,050 to GECO tor a one-year insurance policy - The company spends an extra 54,000 to repaint the vehicle, placing the Grear Atversures logo on the front hood, back, and both sides - Ar addisonal 52750 is spent on a deluxe roof rack and a trailer hitch The poirting, roof rack, and hith are al expected to increase the future benefits of the vehicle for Great Afdventures. in addition, on October 222025 , the company pays $900 for basic vehicle mentenance related to changing the ole replacing the windshieid wipeis. totating the tires, and inserting a new air fiter. firs acteint Eeldi? Journal entru workiba
