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 $$12,800.$ They expect to use the Suburban for five years and then sell the vehicle for $$4,900.$ The

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

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 $22,2025,$ 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. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post$-$closing balances

will appear for each account, based on your selection.

Unadjusted 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.

Unadjusted

Required:

General Journal

Income Statement

Balance Sheet