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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, 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.

General Journal:

General Ledger:

Income statement:

RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzie see the need for a rugged allterrain 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 maintentince related to changing the oil, replacing the windshield wipers, rotating the tites, and inserting a new air fitter. Prepare the journal entries for tansactions. (If no entry is required for a transaction/event, select "No loumal Entry requirieg" in the first. Aroudit feld.) RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzee see the need for a fugged ail temain vetsicie to transpoit participants and suppties. They decide to purctuse a used Subuitban on July 1,2075, for $16.000. They expect to use the Suburban for five years and then sell the velicle for 56,500 . 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 velwele. placing the Great Adventures logo on the front hood, back. and both sides - An additional $33,000 is spent on a deluve roof rack and a trailer hach. The painting. toof fack, and hach are all expected to increase the future benefits of the vehicie for Great Actrentures. In addition, on October 22.2025 the company pays 52.400 for bosic vehicle maintenance related to changing the oid, replacing the windshield wipers. rotating the fires, and inserting o new air fiter. Each jauthal entey is poited automatcally to the generat ledgur, The unadjonted, adjeited, or poit cloving balances wilf sppear for exch accoint, bused on your solection. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Incotne Tax Payablet, } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 16,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Long.term Noles Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jaly 01 & & & 70,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{1}{|c|}{ Coumon 5lock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 28,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Eatoinge } \\ \hline No, & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 38,450 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} \\ \hline No. & Date & Debirine Rerencie \\ \hline & July 01 & & Credit & Balance \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{3}{|c|}{ Saliss Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 180,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{4}{|c|}{ Intorest Rovenue } \\ \hline No. & Date & Debit & Credit & Balance. \\ \hline & July.01 & & & 220 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Sales Disconts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 550 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods 5old } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 65900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Bepreciatioa Exulinas } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Muly 01 & & & 26,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supphin Exilanso } \\ \hline No. & Date & Debit & Credit & Balasce \\ \hline & July 01 & & & 2,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{1}{|c|}{ lyterest Eupnitan } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,EO0 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rinit 1 speisee i } \\ \hline No.: Date & Debit & Credit & Balance \\ \hline & July 01 & & & 4.400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & & loceme faxtmpensel \\ \hline No. & Date & Debit & Crualit & Balance \\ \hline & Jufy 61 & & & 16,500 \\ \hline \end{tabular} lasiuance Lypansn Dost-rinsinn RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzie see the need for a rugged allterrain 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 maintentince related to changing the oil, replacing the windshield wipers, rotating the tites, and inserting a new air fitter. Prepare the journal entries for tansactions. (If no entry is required for a transaction/event, select "No loumal Entry requirieg" in the first. Aroudit feld.) RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzee see the need for a fugged ail temain vetsicie to transpoit participants and suppties. They decide to purctuse a used Subuitban on July 1,2075, for $16.000. They expect to use the Suburban for five years and then sell the velicle for 56,500 . 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 velwele. placing the Great Adventures logo on the front hood, back. and both sides - An additional $33,000 is spent on a deluve roof rack and a trailer hach. The painting. toof fack, and hach are all expected to increase the future benefits of the vehicie for Great Actrentures. In addition, on October 22.2025 the company pays 52.400 for bosic vehicle maintenance related to changing the oid, replacing the windshield wipers. rotating the fires, and inserting o new air fiter. Each jauthal entey is poited automatcally to the generat ledgur, The unadjonted, adjeited, or poit cloving balances wilf sppear for exch accoint, bused on your solection. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Incotne Tax Payablet, } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 16,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Long.term Noles Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jaly 01 & & & 70,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{1}{|c|}{ Coumon 5lock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 28,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Eatoinge } \\ \hline No, & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 38,450 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} \\ \hline No. & Date & Debirine Rerencie \\ \hline & July 01 & & Credit & Balance \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{3}{|c|}{ Saliss Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 180,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{4}{|c|}{ Intorest Rovenue } \\ \hline No. & Date & Debit & Credit & Balance. \\ \hline & July.01 & & & 220 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Sales Disconts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 550 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods 5old } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 65900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Bepreciatioa Exulinas } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Muly 01 & & & 26,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supphin Exilanso } \\ \hline No. & Date & Debit & Credit & Balasce \\ \hline & July 01 & & & 2,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & \multicolumn{1}{|c|}{ lyterest Eupnitan } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & July 01 & & & 3,EO0 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rinit 1 speisee i } \\ \hline No.: Date & Debit & Credit & Balance \\ \hline & July 01 & & & 4.400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & & loceme faxtmpensel \\ \hline No. & Date & Debit & Crualit & Balance \\ \hline & Jufy 61 & & & 16,500 \\ \hline \end{tabular} lasiuance Lypansn Dost-rinsinn

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