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Tony and Suzle see the need for a rugged all-terralin vehicle to transport participants and supplies. They decide to purchase a used Suburban on July
Tony and Suzle see the need for a rugged all-terralin vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1. 2022, for $14.800. They expect to use the Suburban for five years and then sell the vehicle for $5,900. The following expenditures related to the vehlcle were also made on July 1, 2022: The company pays $2500 to GEICO for a one-year Insurance policy The company spends an extra $5,800 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,700 Is spent on a deluxe roof rack and a traller hitch. The palnting, 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 $1,800 for basic vehicle malntenance related to changling the oll, replacing the windshield wipers, rotating the tires, and Inserting a new alir filter. General General Income Balance Sheet Requirement Trial Balance Journal Ledger Statement 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
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