Required Information Great Adventures Problem AP7-1 (The following information applies to the questions displayed below) 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 GEICO 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 1 Great Adventures Problem AP7-1 Part 1 Required: 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. (if no entry is required transaction/event, select "No Journal Entry Required in the first account field.) View transaction fist Journal entry worksheet Record the expenditures related to the new vehicle. Note: Enter debits betere credits General Journal Debit Credit Date Jul 01, 2022 Record entry Clear entry View general jouma / Required Information Great Adventures Problem AP7-1 The following information applies to the questions displayed below.) al 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 an The company pays $2,000 to GEICO 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 Great Adventures Problem AP7-1 Part 3 3. Prepare a depreciation schedule using the straight-line method GREAT ADVENTURES End of Year Amounts Deveciation Accumulated Expense Depreciation Real Yale Year 2022 2023 2024 2025 2027 Total 0 Required Information Great Adventures Problem AP7-1 The following information applies to the questions displayed below] 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 GEICO 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 tres, and inserting a new air fiter Great Adventures Problem AP7-1 Part 4 4. Record the depreciation expense and any other adjustments related to the vehicle on December 31, 2022 if no entry is required for a transaction event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the vehicle Not: Er det beste B General Journal Debit Credit Dec 31, 2022 Record entry Clearly View general journal
