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, 2022, for $12,200. They expect to use the Suburban for five years and then sell the vehicle for $4,600. The following expenditures related to the vehicle were also made on July 1, 2022: . The company pays $1,850 to GEICO for a one-year insurance policy The company spends an extra $3,200 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides . An additional $2,050 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future beneits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $500 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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, 2022, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal tab. General Journal > GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: $ 0 0 0 0 Net sales 0 Gross profit Expense $ 0 S Total operating expenses Operating income Non-operating items: 0 0 Income before Income Taxes 0 0 $ 0 Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: 0 Total current liabilities Long-term liabilities: 0 0 Total Current Assets Long-term assots: Total liabilities Stockholders' Equity 0 Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets $ 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, 2022, for $12,200. They expect to use the Suburban for five years and then sell the vehicle for $4,600. The following expenditures related to the vehicle were also made on July 1, 2022: . The company pays $1,850 to GEICO for a one-year insurance policy The company spends an extra $3,200 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides . An additional $2,050 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future beneits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $500 for basic vehicle maintenance related to changing the oll, replacing the windshield wipers, rotating the tires, and inserting a new air filter Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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, 2022, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2022 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal tab. General Journal > GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: $ 0 0 0 0 Net sales 0 Gross profit Expense $ 0 S Total operating expenses Operating income Non-operating items: 0 0 Income before Income Taxes 0 0 $ 0 Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: 0 Total current liabilities Long-term liabilities: 0 0 Total Current Assets Long-term assots: Total liabilities Stockholders' Equity 0 Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets $ 0
