RWP$7-1($Algo$)$ Great Adventures Continuing Case $($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 $1,2025,$ for $$13,400.$ They expect to use the Suburban for five years and then sell the vehicle for $$5,200.$ The

following expenditures related to the vehicle were also made on July $1,2025$:

The company pays $$2,150$ to GEICO for a one$-$year insurance policy.

The company spends an extra $$4,400$ to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both

sides.

An additional $$2,350$ 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 $$1,100$ 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 closing entry for revenue accounts.