At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $31,000,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,000 of the $31,000 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 $26,000 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 $13,000. 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 $5,000. X Answer is not complete. General General Trial Require... Income Balance Journal Ledger Balance Statem... 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.) No Date General Journal Debit Credit Dec 31 Interest Expense 7757 Interest Payable 7TEV Dec 31 No Journal Entry Required Dec 31 20,000 Deferred Revenue Sales Revenue 20,000 Dec 31 Loss 08 S sssssss Dec 31 Warranty Expense Warranty Liability 5,000 Dec 31 Service Revenue 20,000 X Dec 31 Interest Expense Warranty Expense Cash 1 Journal Leager Balance Statem... Sneet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Show less Post-closi GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit 89,220 Accounts Receivable 51.000 Allowance for Uncollectible Accounts 2,500 Inventory 8,000 Prepaid Insurance 1.000 Equipment 69,700 Accumulated Depreciation 26.250 Accounts Payable . 21,800 Interest Payable 775 Income Tax Payable 15,000 Deferred Revenue 6,000 Notes Payable (Long-term) 31,000 Warranty Liability 5,000 Common Stock 20.000 Retained Earnings 33,950 Service Revenue 25,000 Sales Revenue 130,000 Sales Discounts 400 Interest Revenue 220 Cost of Goods Sold 39,000 Depreciation Expense 17.750 Supplies Expense 750 Salaries Expense 26,500 Bad Debt Expense 2,650 Interest Expense 1,925 Rent Expense 2,900 Income Tax Expense 15,000 Insurance Expense 6.200 Repairs and Maintenance Expense 500 Warranty Expense 5,000 Total 337,495 5 317,495 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 $13,000. 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 $5,000. Answer is not complete. General General Trial Income Balance Require... Journal Ledger Balance Statem... 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. Show less Post-closi GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: $ 0 0 0 0 Net Sales 0 0 Gross Profit Operating Expenses: Total Operating Expenses Operating Income (LOSS OOOOOOO Income Before Income Taxes
