Additional interest for five months needs to be accrued on the $32,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,600 of the $32,600 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 $27,600 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 $14,600. 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 $6,600. 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 Record the closing entry for expense and loss accounts. Note: Enter debits before credits. Date Debit Credit Dec 31 General Journal Retained Earnings Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Salaries Expense Supplies Expense Bad Debt Expense Repairs and Maintenance Expense Warranty Expense Loss Interest Expense Income Tax Expense Record entry Clear entry View general journal 6 Dec 31 Service Revenue Sales Revenue Interest Revenue Sales Discounts Retained Earnings OOO 7 Dec 31 Retained Earnings Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Salaries Expense Supplies Expense Bad Debt Expense Repairs and Maintenance Expense Warranty Expense Loss Interest Expense Income Tax Expense