1. Record entry to close the revenue accounts.

2. Record entry to close the expense accounts.

3. Income Statement

4. Balance Sheet

At the end of 2025 , the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 . - Assume that $10,000 of the $30,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,000 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 $12,000. - 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 $4,000. Answer is not complete. 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.) - Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1 , 2024. Recall that annual interest is paid each July 31 . - Assume that $10,000 of the $30,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,000 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 $12,000. - 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 $4,000. 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.) Journal entry worksheet 1 (2) 3 5 6+7 Record entry to close the revenue accounts. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Required" in the first account field.) Journal entry worksheet Note: tnter debits betore credits. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. Prepare an income statement for the period ended December 31, 2025. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear fo account, based on your selection. Prepare a classified balance sheet as of December 31,2025 . 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