2 At the end of 2025, the following information is available for Great Adventures. 33.33 points Skipped eBook References Additional interest for five months needs to be accrued on the $30,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,600 of the $30,600 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 $25,600 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 $12,600. 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 $4,600. points Skipped Journal entry worksheet 1 2 3 4 5 6 7 eBook References Additional interest for five months needs to be accrued on the $30,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal points Skipped Journal entry worksheet < 1 3 4 5 6 7 eBook References Assume that $10,600 of the $30,600 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal points Skipped Journal entry worksheet < 1 2 4 5 6 7 eBook References By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,600 during the year and recorded those as Deferred Revenue. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal points Skipped Journal entry worksheet < 1 2 3 5 6 7 eBook References 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 $12,600. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal points Skipped eBook References Journal entry worksheet < 1 2 3 4 5 6 7 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 $4,600. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal points Skipped Journal entry worksheet < 1 2 3 4 5 6 eBook References Record the closing entry for expense and loss accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit