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 $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,000 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, 2022, the company pays $400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers. rotating the tires, and inserting a new air filter > Answer is not complete. General General Income Requirement Trial Palance Balance Sheet View transaction list View journal entry worksheet X Debit Credit Record the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. 1.800 17.000 18,800 Record the expenditure related to vehicle maintenance on October 22, 2022. 400 400 1.250 1.250 Record the depreciation for vehicle purchased. Use straight-line depreciation. Record the expiration of prepaid insurance. Record the closing entry for reven Record the closing entry for expense accounts. 900 900 enue accounts. Note : 2.550 = journal entry has been entered Repairs and Maintenance Expense Depreciation Expense Insurance Expense 400 1.250 900 Donument General Ledger > GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue: 0 0 0 Net sales o o + Gross profit Expense: $ 0 $ . 0 Total operating expenses Operating income Non-operating items: 0 0 0 Income before Income Taxes 0 0 0 Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: Assets Current Assets 0 Total current liabilities Long-teranbilities: 0 0 Total Current Assets Long-term assets: Total liabilities Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity $ 0 $ Total Assets Income Statement Now Journal Ledger in Balance Statement Balance Sheet The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account tle Debit Credit Cash 64,070 Accounts Receivable 50,000 Allowance for Uncollectible Accounts 2.400 Inventory 7,000 Prepaid insurance 900 Equipment 62.000 Accumulated Depreciation 25,250 Accounts Payable 20,800 Interest Payable 750 income Tax Payable 14,500 Notes Payable 30,000 20,000 Common Stock Retained Earning 33.450 44,500 Service Revenue 100,000 Sales Revenue 120 Interest Revenue 350 Sales Discounts 38,500 Cost of goods sold Check my work 50,000 2.400 7.000 900 52.000 Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable interest Payable income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenge interest Revenue Sales Discounts Cost of goods sold Depreciation Expense Supplies Expense Sans Expense Bad Debt Expense interest Expense Rent Expense Income Tax Expense insurance Expense Total 25.250 20.800 750 54.600 30,000 20.000 33.450 44.500 100.000 120 350 38.500 16.000 500 24.000 2.400 1.800 2.400 17.050 4.800 291,7705 5 291,770