1. Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.
2. Assume that $11,800 of the $31,800 loan discussed above is due next year.
3. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue.
4. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800.
5. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800.
6. Record the closing entry for revenue accounts.
7. Record the closing entry for expense and loss accounts.
Great Adventures Problem AP81 (GL) At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,800 of the $31,800 loan discussed above is due next year. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue, Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders'Equity Total Assets Income Statement Balan Great Adventures Problem AP81 (GL) At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,800 of the $31,800 loan discussed above is due next year. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue, Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders'Equity Total Assets Income Statement Balan
