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. Require... General General Trial 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.) View transaction list Journal entry worksheet Ko @ @ @ 6 6, Record the closing entry for revenue accounts. Note: Enter debits before credits Date General Journal Dec 31 Debit Credit Record entry View general journal Clear entry 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 or 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. Reguire General General Trial 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.) View transaction list Journal entry worksheet (o @ O O Record the closing entry for expense and loss accounts. Note: Enter debits before credits. General Journal Dec 31 Debit Credit 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. Require... General General Trial 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.) View transaction list Journal entry worksheet
