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.
Journal entry worksheet 6 Record the expenditures related to the vehicle on July 1,2025 . Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Journal entry worksheet Record the expenditure related to vehicle maintenance on October 22, 2025. Note: Enter debits before credits. Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. Journal entry worksheet Record the expiration of prepaid insurance. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits. Unadjusted GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Revenues: Net Sales Gross Profit Operating Expenses: \begin{tabular}{|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Operating Expenses Operating Income Non-Operating Items: Income Before Income Taxes Unadjusted GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Assets Liabilities Current Assets: Current Liabilities: \begin{tabular}{|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Current Liabilities Long-term Liabilities: \begin{tabular}{|l|} \hline Total Current Assets \\ \hline Long-term Assets: \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Liabilities Total Stockholders' Equity Total Assets Total Liabilities \& Stockholders' Equity Journal entry worksheet 6 Record the expenditures related to the vehicle on July 1,2025 . Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Journal entry worksheet Record the expenditure related to vehicle maintenance on October 22, 2025. Note: Enter debits before credits. Journal entry worksheet Record the depreciation for vehicle purchased. Use straight-line depreciation. Note: Enter debits before credits. Journal entry worksheet Record the expiration of prepaid insurance. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for expense accounts. Note: Enter debits before credits. Unadjusted GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Revenues: Net Sales Gross Profit Operating Expenses: \begin{tabular}{|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Operating Expenses Operating Income Non-Operating Items: Income Before Income Taxes Unadjusted GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Assets Liabilities Current Assets: Current Liabilities: \begin{tabular}{|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Current Liabilities Long-term Liabilities: \begin{tabular}{|l|} \hline Total Current Assets \\ \hline Long-term Assets: \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Total Liabilities Total Stockholders' Equity Total Assets Total Liabilities \& Stockholders' Equity
