QUESTION 1:
Journal entry requierments (PLEASE CORRECT WHATS IS WRONG):
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.
2.Record the expenditure related to vehicle maintenance on October 22, 2022.
3.Record the depreciation for vehicle purchased. Use straight-line depreciation.
4.Record the expiration of prepaid insurance.
5.Record the closing entry for revenue accounts.
6.Record the closing entry for expense accounts.
QUESTION 2:
is my income statement missing anything? Please correct my journal entries and if anything is missing in my income statement please add it!
QUESTION 3:
Is my balance sheet correct or am i missing anything?
Chapter 07: HmWrk (Part 02) Saved Check my work mode: This shows what is correct or Incorrect for the work y 1 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 $15,600. They expect to use the Suburban for five years and then sell the vehicle for $6,300. The following expenditures related to the vehicle were also made on July 1, 2022: 20 points The company pays $2,700 to GEICO for a one-year Insurance policy. The company spends an extra $6,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,900 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 $2,200 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new alr filter. x Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) No General Journal Debit Credit Date Jul 01 1 15.600 X Equipment Cash 3 x 15,600 X 2 2 Oct 22 2,200 Repairs and Maintenance Expense Cash 2.200 3 Dec 31 1.880 Depreciation Expense Accumulated Depreciation OOOOOO 1,880 4 Dec 31 Insurance Expense 1,350 Prepaid Insurance 1,350 5 Dec 31 No Journal Entry Required x 6 Dec 31 X Loss Depreciation Expense Repairs and Maintenance Expense Insurance Expense 1 OO 5.430 1.880 X 2.200 1.350 X Mc 1 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 20 points Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or p will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: $ 0 0 0 0 Net sales 0 $ 0 Gross profit Expense: Insurance Expense Repairs and Maintenance Expense Depreciation Expense 6,600 ololo 25,000 $ Total operating expenses Operating income Non-operating items: 31,600 (31,600) 0 0 Income before Income Taxes (31,600) 0 $ (31,600) MAC 1 Answer is not complete. ts Requirement General General Journal Income Ledger Trial Balance Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: (1,350) Assets Current Assets Prepaid Insurance 0 Total current liabilities Long-term liabilities: (1,350) 0 Total Current Assets Long-term assets: Equipment Total liabilities Stockholders' Equity Common Stock 124,140 27,830 Total Stockholders' Equity Total Liabilities & Stockholders Equity 27,830 27,830 Total Assets S 122,790 $
