Required information RWP7-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below] 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025 The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3.600 to repaint the vehicle, placing the Great Adventures logo on the front hood. back, and both sides An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. RWP7-1 (Algo) Great Adventures Continuing Case Part 4 4. Record the depreciation expense and any other adjusting entries related to the vehicle on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list No View journal entry worksheet Date December 31, 2025 Depreciation Expense Accumulated Depreciation General Journal Debit 1,560 Credit d

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Transcribed Image Text:Required information RWP7-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] 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 $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025 The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3.600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides • An additional $2,150 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 $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. RWP7-1 (Algo) Great Adventures Continuing Case Part 4 4. Record the depreciation expense and any other adjusting entries related to the vehicle on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list No 1 View journal entry worksheet Date December 31, 2025 Depreciation Expense Accumulated Depreciation General Journal Debit 1,560 Credit

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