At the end of 2022, the following information is available for Great Adventures Additional Interest for five months needs to be accrued on the $30,600,6% loan obtained on August 1, 2021. Recall that annual Interest is paid each July 31, Assume that $10,600 of the $30,600 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 $25,600 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 belleves the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,600 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 $4,600. General General Requirement Income Trial Balance Journal Balance Sheet Ledger Statement 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 Post-closing GREAT ADVENTURES, INC. Unadjusted Income Statement Adjusted For the Period Ended December 31, 2022 Post.closing $ 0 0 0 0 Net Sales Alle er i ZULL, Me Toowing Toon is available of Great Auvertures. Additional interest for five months needs to be accrued on the $30,600,6% loan obtained on August 1, 2021 Recall that annual interest is paid each July 31 Assume that $10,600 of the $30,600 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 $25,600 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 belleves the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,600 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 $4,600, Income Statement General General Requirement Journal Ledger Tolal Balance 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. Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets $ 3 3 0 Current Liabilities: 0 0 0 0 0 0 0 0 At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $30,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31 Assume that $10,600 of the $30,600 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 $25,600 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 $12,600 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 $4,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. from General Journal > Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Credit Account Title $ Debit 89,160 50,600 2,460 7,600 960 66.620 25,850 21,400 765 16,835 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense 5,600 30,600 12,600 4,600 20,000 33,750 44.800 106,000 380 180 38,800 17.550 66,620 25,850 21,400 765 16,835 5,600 30,600 12,600 4,600 20,000 33,750 44,800 106,000 Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Exponse Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 380 180 38,800 17.550 650 25.500 2,550 1,110 2,700 14,800 6,000 460 325,440 $ 325,440 At the end of 2022, the following information is available for Great Adventures Additional Interest for five months needs to be accrued on the $30,600,6% loan obtained on August 1, 2021. Recall that annual Interest is paid each July 31, Assume that $10,600 of the $30,600 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 $25,600 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 belleves the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,600 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 $4,600. General General Requirement Income Trial Balance Journal Balance Sheet Ledger Statement 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 Post-closing GREAT ADVENTURES, INC. Unadjusted Income Statement Adjusted For the Period Ended December 31, 2022 Post.closing $ 0 0 0 0 Net Sales Alle er i ZULL, Me Toowing Toon is available of Great Auvertures. Additional interest for five months needs to be accrued on the $30,600,6% loan obtained on August 1, 2021 Recall that annual interest is paid each July 31 Assume that $10,600 of the $30,600 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 $25,600 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 belleves the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,600 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 $4,600, Income Statement General General Requirement Journal Ledger Tolal Balance 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. Post-closing GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets $ 3 3 0 Current Liabilities: 0 0 0 0 0 0 0 0 At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $30,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31 Assume that $10,600 of the $30,600 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 $25,600 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 $12,600 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 $4,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. from General Journal > Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Credit Account Title $ Debit 89,160 50,600 2,460 7,600 960 66.620 25,850 21,400 765 16,835 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense 5,600 30,600 12,600 4,600 20,000 33,750 44.800 106,000 380 180 38,800 17.550 66,620 25,850 21,400 765 16,835 5,600 30,600 12,600 4,600 20,000 33,750 44,800 106,000 Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Exponse Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 380 180 38,800 17.550 650 25.500 2,550 1,110 2,700 14,800 6,000 460 325,440 $ 325,440