Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies....

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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 $14,600. They expect to use the Suburban for five years and then sell the vehicle for $5,800. The following expenditures related to the vehicle were also made on July 1, 2022: . The company pays $2,450 to GEICO for a one-year insurance policy. The company spends an extra $5,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,650 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 $1,700 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 < 1 2 3 4 5 6 Record the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Date Jul 01 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income 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. Unadjusted Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Interest Revenue Sales Discounts Cost of goods sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total GREAT ADVENTURES, INC. Trial Balance October 22, 2022 Account Title Debit Credit $ 83,660 63,000 3,700 8,300 90,890 30,500 23,400 1,400 15,800 56,000 25,655 36,700 51,000 152,000 185 480 56,310 22,500 1,800 37,000 3,700 3,100 3,700 15,800 6,100 $ 396,340 $ 396,340 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 $14,600. They expect to use the Suburban for five years and then sell the vehicle for $5,800. The following expenditures related to the vehicle were also made on July 1, 2022: . The company pays $2,450 to GEICO for a one-year insurance policy. The company spends an extra $5,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,650 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 $1,700 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 < 1 2 3 4 5 6 Record the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. Note: Enter debits before credits. Date Jul 01 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income 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. Unadjusted Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Interest Revenue Sales Discounts Cost of goods sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Total GREAT ADVENTURES, INC. Trial Balance October 22, 2022 Account Title Debit Credit $ 83,660 63,000 3,700 8,300 90,890 30,500 23,400 1,400 15,800 56,000 25,655 36,700 51,000 152,000 185 480 56,310 22,500 1,800 37,000 3,700 3,100 3,700 15,800 6,100 $ 396,340 $ 396,340