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This is a single multi-step accounting question, and I really need help with this!(all of the posts are part of the same question) The General
This is a single
multi-step accounting question, and I really need help with this!(all of the posts are part of the same question) The General Ledger is below here:
RWP7-1 (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 $16,000. They expect to use the Suburban for five years and then sell the vehicle for $6,500. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,800 to GEICO for a one-year insurance policy. - The company spends an extra $7,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $3,000 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 $2,400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial balance as of December 31, 2025, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. RWP7-1 (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 $16,000. They expect to use the Suburban for five years and then sell the vehicle for $6,500. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,800 to GEICO for a one-year insurance policy. - The company spends an extra $7,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $3,000 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 $2,400 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.) The painting, roof rack, and hitch are all expected to Increase the future benefits of the vehicle for Great Adventures. In addition, on Dctober 22,2025 , the company pays $2,400 for basic vehicle maintenance related to changing the oll, replacing the wIndshield vipers, rotating the tires, and Inserting a new alr filter. The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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 $2,400 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and Inserting a new alr 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. - The company pays $2,800 to GE/CO for a one-year insurance policy. - The company spends an extra $7,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An addltional $3,000 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 $2,400 for basic vehicle maintenance related to changing the oll, replacing the windshleld wipers, rotating the tires, and Inserting a new alr filter. 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. ch journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will pear for each account, based on your selection. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 28,700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 38,450 \\ \hline \end{tabular} \begin{tabular}{l|c|c|c|c|c|} \multicolumn{5}{l}{} \\ \multicolumn{5}{l}{} \\ points \\ \cline { 3 - 6 } & No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 54,500 \\ \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 180,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 65,900 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 550 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 26,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 4,400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 16,500 \\ \hline \end{tabular} Insurance Expense \begin{tabular}{|c|c|c|c|r|} \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 6,800 \\ \hline \end{tabular} >Step by Step Solution
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