At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $32,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,400 of the $32,400 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 $27,400 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 $14,400. 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 $6,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 Total Liabilities 0 Total Current Assets Long-term Assets: Stockholders' Equity 0 0 0 0 Oo oo 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets $ $ At the end of 2022, the following information is available for Great Adventures. . Additional interest for five months needs to be accrued on the $32,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,400 of the $32,400 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 $27,400 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 $14,400. 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 $6,400. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement General Journal 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. At the end of 2022, the following information is available for Great Adventures. 0 . Additional interest for five months needs to be accrued on the $32,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,400 of the $32,400 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 $27,400 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 $14,400. 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 $6,400. 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 Assume that $12,400 of the $32,400 loan discussed above is due next year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,400 during the year and recorded those as Deferred Revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet 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 $14,400. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet At the end of 2022, the following information is available for Great Adventures. . Additional interest for five months needs to be accrued on the $32,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,400 of the $32,400 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 $27,400 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 $14,400. 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 $6,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Unadjusted GREAT ADVENTURES, INC. Trial Balance Account Title Debit Credit Cash $ 89,430 52,400 Accounts Receivable 2,640 9,400 1,140 80,480 27,650 23,200 Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings Service Revenue 15,700 27,400 32,400 20,000 34,650 45,700 124,000 Sales Revenue 470 360 39,700 18,450 Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense 1,100 30,000 3,000 1,290 3,600 15,700 6,900 ILILCI COLIVEVELIUE JUU Cost of Goods Sold 39,700 18,450 1,100 30,000 Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 3,000 1,290 3,600 15,700 6,900 640 $ 353,700 $ 353,700