RWP$7-1($Algo$)$ Great Adventures Continuling Cose

$[$The following information applles to the questlons displayed below.$]$

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 $1,2025,$ for $$13,000.$ They expect to use the Suburban for five years and then sell the

vehicle for $$5,000.$ The following expenditures related to the vehicle were also made on July $1,2025$:

The company pays $$2050$ to $G\frac{E}{C}O$ for a one$-$year insurance policy.

The company spends an extra $$4,000$ to repalnt 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 traller 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 alr filter.

RWP$7-1($Algo$)$ Great Adventures Continuing Case Part $1$

Required:

Record the expenditures related to the vehicle on July $1,2025.$ Note: The capitalized cost of the vehicle is recorded in the

Equipment account. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1.$Record the expenditures related to the new vehicle.!!!!!!!!!!!!!!!!!!!!!!!

Note: Enter debits before credits.

$3.$ Prepare a depreciation schedule using the straight$-$line method.!!!!!!!!!!!!!!!!!!!!!!!!!!!!

$4.$ Record the depreciation expense and any other adjusting entries related to the vehicle on December $31,2025.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$