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Posted on Sep 17, 2024

- Additional interest for five months needs to be accrued on the $30,400,6% note payable obtained on August, 1, 2024. Recall that annual interest is

- Additional interest for five months needs to be accrued on the $30,400,6% note payable obtained on August, 1, 2024. Recall that annual interest is paid each July 31. - Assume that $10,400 of the $30,400 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 $25,400 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 $12,400. - 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 $4,400. Adjusted Dates: December 31 to: December 31 - General Lodger Account Accounts Recelvable \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Allowance for Uncollectible Accounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2,440 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 7.400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepald Insurance } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 940 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 65,080 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 25.650 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 21.200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Income Tax Payable } \\ \hline No, & Date & Debit & Credit & Balance \\ \hline & & & & 14,700 \\ \hline \end{tabular} Deferred Revenua Common Stock \begin{tabular}{|r|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 20.000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 33,650 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 44,700 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & & & & 370 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 160 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Coods sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 38,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 17,450 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Supplles Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 25,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2.500 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|l|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2.600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 14,700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Repairs and Maintenance Exponse } \\ \hline No. & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & & & & 440 & & & & \\ \hline \end{tabular} - Additional interest for five months needs to be accrued on the $30,400,6% note payable obtained on August, 1, 2024. Recall that annual interest is paid each July 31. - Assume that $10,400 of the $30,400 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 $25,400 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 $12,400. - 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 $4,400. Adjusted Dates: December 31 to: December 31 - General Lodger Account Accounts Recelvable \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Allowance for Uncollectible Accounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2,440 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 7.400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepald Insurance } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 940 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 65,080 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 25.650 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 21.200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Income Tax Payable } \\ \hline No, & Date & Debit & Credit & Balance \\ \hline & & & & 14,700 \\ \hline \end{tabular} Deferred Revenua Common Stock \begin{tabular}{|r|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 20.000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 33,650 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 44,700 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Sales Discounts } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & & & & 370 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 160 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Coods sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 38,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 17,450 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Supplles Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Salaries Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 25,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2.500 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|l|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2.600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 14,700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Repairs and Maintenance Exponse } \\ \hline No. & Date & Debit & Credit & Balance & No. & Date & Debit & Credit & Balance \\ \hline & & & & 440 & & & & \\ \hline \end{tabular}