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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025 The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) View transaction list Journal entry worksheet 3 4 5 6 Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025 The company pays $1,950 to GEICO for a one-year insurance policy The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) View transaction list Journal entry worksheet 3 5 6 Record the expiration of prepaid insurance. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025: The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) View transaction list Journal entry worksheet 3 4 6 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit 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 $12.600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025: The company pays $1,950 to GEICO for a one-year insurance policy The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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.) View transaction list Journal entry worksheet < 3. 4 5 Record the closing entry for expense accounts. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025 The company pays $1,950 to GEICO for a one-year insurance policy The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air filter General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet 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 Revenues! Net Salos Gross Profit Operating Expenses GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 $ 0 0 0 0 0 $ 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025: The company pays $1,950 to GEICO for a one-year Insurance policy The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and Inserting a new air filter. Requirement General Journal General Ledger Thal Balance Income Statement Balance Sheet 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 Assets Current Assets GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Liabilities Current Liabilities Total Current Liabilities Long-term Liabilities Total Current Assets Long-term Assets: O Total Liabisbes Stockholders' Equity Total Assets Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity