Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tony and Susie see the need for a rugged all-terrain Vehicle to transport participants and supplies. They decide to purchase a used suburban on July
Tony and Susie 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 $14,800. They expect to use a suburban for five years and then sell the vehicle for $5900 the following expenditures Related to the vehicle, were also made on July 1, 2025:
The company pays $2500 to Geico for a one year insurance policy.
The company spends an extra $5800 to repaint the vehicle, placing the great adventures logo on the front hood, back, and both sides.
An additional $2700 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 $1800 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.
Requirements:
1. Record each of the transaction listed above in the general journal tab. Review the general ledger in the trial balance tab 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
I appreciate anything and all the help. thank you!
i have the first five general journal done. i need help with mainly the BALANCE SHEET and recording the closing entries
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 " account field.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No J account field.) Journal entry worksheet 6 Record the expenditures related th the vehicle on July 1, 2025. Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal account field.) Journal entry worksheet 2 6 Record the expiration of prepaid insurance. Note: Enter debits before credits. repare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Jourr account field.) Journal entry worksheet 2345 Record the closing entry for expense accounts. Note: Enter debits before credits. Tony and Suzie see the need for a rugged all-ferrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1,2025 , for $14,800. They expect to use the Suburban for five years and then sell the vehicle for $5,900. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,500 to GEICO for a one-year insurance policy. - The company spends an extra $5,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,700 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expecjed to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22,2025 , the company pays $1,800 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 Joumal' 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 classined balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Unadjusted GREAT ADVENTURES, INCORPORATED Trial Balance October 22, 2025 Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing baiances will appear for each account, based on your selection. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Requir account field.) Journal entry worksheet 6 Record the expenditure related to vehicle maintenance on October 22, 2025. Note: Enter debits before credits. Unadjusted Trlal Balance Balance Sheet \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 51,500 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 156,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 190 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 490 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{9}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 57,680 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 23,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & - & & 1,900 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 38,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,200 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 15,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Insurance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 6,200 \\ \hline \end{tabular} General Journal Trial Balance 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. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal account field.) Journal entry worksheet 6 Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. 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 " account field.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No J account field.) Journal entry worksheet 6 Record the expenditures related th the vehicle on July 1, 2025. Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal account field.) Journal entry worksheet 2 6 Record the expiration of prepaid insurance. Note: Enter debits before credits. repare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Jourr account field.) Journal entry worksheet 2345 Record the closing entry for expense accounts. Note: Enter debits before credits. Tony and Suzie see the need for a rugged all-ferrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1,2025 , for $14,800. They expect to use the Suburban for five years and then sell the vehicle for $5,900. The following expenditures related to the vehicle were also made on July 1, 2025: - The company pays $2,500 to GEICO for a one-year insurance policy. - The company spends an extra $5,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. - An additional $2,700 is spent on a deluxe roof rack and a traller hitch. The painting, roof rack, and hitch are all expecjed to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22,2025 , the company pays $1,800 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 Joumal' 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 classined balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. Unadjusted GREAT ADVENTURES, INCORPORATED Trial Balance October 22, 2025 Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing baiances will appear for each account, based on your selection. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Requir account field.) Journal entry worksheet 6 Record the expenditure related to vehicle maintenance on October 22, 2025. Note: Enter debits before credits. Unadjusted Trlal Balance Balance Sheet \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 51,500 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 156,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 190 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 490 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{9}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 57,680 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 23,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & - & & 1,900 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 38,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,200 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 15,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Insurance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 6,200 \\ \hline \end{tabular} General Journal Trial Balance 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. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal account field.) Journal entry worksheet 6 Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started