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Tony and Suzie see the need for a rugged all - terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban
Tony and Suzie see the need for a rugged allterrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July for $ They expect to use the Suburban for five years and then sell the vehicle for $ The following expenditures related to the vehicle were also made on July :
The company pays $ to GEICO for a oneyear insurance policy.
The company spends an extra $ to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides.
An additional $ 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 the company pays $ for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.
tableRequirementtableGeneralJournaltableGeneralLedgerTrial BalanceStatement
Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or postclosing balances
will appear for each account, based on your selection.
Postclosing
tableGREAT ADVENTURES, INCORPORATED,,Income Statement,,For the Period Ended December Revenues:$
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