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. Answer is not complete 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.) No Date Dec 31 General Journal 1 Credit Interest Expense Interest Payable Debit 810 810 2 Dec 31 Notes Payable (Long term) Notes Payable (Current) 12,400 12,400 No Date General Journal Credit 1 Dobit 810 Dec 31 Interest Expense Interest Payable 810 2 Dec 31 Notes Payable (Long-term) Notes Payable (Current) 12,400 S 12.400 3 Dec 31 Deferred Revenue Sales Revenue 20,000 Blo 20,000 4 Dec 31 Loss Contingent Liability 14,400 3 14,400 . 5 Dec 31 Warranty Expense Warranty Liability 6,400 6,400 o 6 Dec 31 45,700 144,000 Service Revenue Sales Revenue Sales Discounts Interest Revenue Retained Earnings 470 360 189,590 7 Dec 31 141,990 > Retained Earnings Cost of Goods Sold Depreciation Expense Supplies Expense oooo 39.700 18.450 1 10 5 Dec 31 > 6,400 Warranty expense Warranty Liability 6,400 6 Dec 31 45,700 144,000 Service Revenue Sales Revenue Sales Discounts Interest Revenue Retained Earnings 470 360 189,590 7 Dec 31 141,990 Retained Earnings Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss 00000 39.700 18,450 1,100 30,000 3,000 2,100 3,600 15,700 6.900 640 6,400 14,400 Unadjusted Dates: to: General Ledger Account Cash Debit No. Accounts Receivable Debit Credit Date Credit No. Date Balance 89,430 Balance 52,400 Allowance for Uncollectible Accounts Date Credit No. Debit Inventory Debit No. Balance 2,640 Date Credit Balance 9.400 Prepaid Insurance Debit Credit No. Date Equipment Debit No. Date Balance 1.140 Credit Balance 80,480 Accumulated Depreciation Debit No. Date Credit No. Accounts Payablo Debit Credit Balance 27,650 Date Balance 23,200 Income Tax Payable Debit Credit No. Date Deferred Revenue Debit Credit Balance No. Date 15,700 Balance 27,400 Notes Payable (Long-term) Debit Credit Common Stock No. Date No. Date Debit Balance 32,400 Credit Balance 20.000 Common Stock Notes Payable (Long-term) Debit Credit No. Date No. Date Debit Balance 32,400 Credit Balance 20,000 Retained Earnings Debit Credit No. Date Service Revenue Debit Credit No. Date Balance 34,650 Balance 45,700 Sales Revenue Debit Credit No. Date No. Sales Discounts Debit Credit Date Balance 124,000 Balance 470 Interest Revenue No. Date Debit Credit No. Cost of Goods Sold Debit Credit Date Balance 360 Balance 39,700 Depreciation Expense Debit Credit No. Date Supplies Expense Debit Credit No. Balance 18,450 Date Balance 1,100 Salaries Expense Debit Credit No. Date Bad Debt Expense Deble Credit No. Date Balance 30,000 Balance 3,000 Interest Expense Debit Credit Rent Expense No. Date 1 Balance No. Date Debit Credit Balance Supplies Expense Depreciation Expense Debit Credit No. Date No. Date Debit Credit Balance 18,450 Balance 1,100 Salaries Expense Debit Credit No. Date Bad Debt Expense Debit Credit Balance 30,000 No. Date Balance 3,000 Interest Expense Debit Credit No. Date Rent Expense Debit Credit No. Date Balance 1,290 Balance 3,600 Income Tax Expense No. Date Insurance Expense Debit Credit Debit Credit No. Date Balance Balance 15,700 6,900 Repairs and Maintenance Expense Date Debit Credit No. Balance 540 Adjusted Dates: Dec 31 to: Dec 31 General Ledger Account No. Date Cash Debit Credit Accounts Receivable Debit Credit No. Date Balance 89,430 Balance 52,400 Allowance for Uncollectible Accounts Date Debit Credit No. Inventory Debit No. Balance 2.640 Date Credit Balance 9,400 Prepaid Insurance Debit Credit Equipment No. Date No. Date Balance 1,140 Debit Credit Balance 80.480 No. Accumulated Depreciation Debit Credit Date No. Accounts Payable Debit Credit Balance 27,650 Date Balance 23,200 Interest Payable No. Date Debit Credit Balance Income Tax Payable Credit No. Date Debit 0 Balance 15,700 1 Dec 31 810 810 Deferred Revenue Notes Payable (Current) Deferred Revenue No. Notes Payable (Current) Debit Credit Date Debit Credit No. Date Balance Balance 27.400 7.400 0 3 Dec 31 20,000 Dec 31 12,400 12,400 Notes Payablo (Long-term) Debit Credit Contingent Liability Debit Credit No. Date No. Date Balance 32,400 20,000 Balance 0 14,400 Dec 31 12,400 Dec 31 14,400 Warranty Liability Debit Credit No. Common Stock Dobit Credit Date Balance No. Date 0 Balance 20,000 5 Dec 31 6,400 6,400 No. Retained Earnings Debit Credit Date Service Revenuo Debit Credit No. Balance 34,650 Date Balance 45,700 Sales Revenue No. Date Debit Sales Discounts Debit Credit Credit No. Date Balance 124,000 144,000 Balance 470 3 Dec 31 20,000 Interest Revenue Cost of Goods Sold No. Date Debit Credit Balance No. Dato Debit Credit Balance CUCI ZU,UVU 144,UVU Interest Revenue Debit Credit No. Date Balance No Cost of Goods Sold Debit Credit Date Balance 360 39,700 Depreciation Expense Debit Credit No. Date Supplies Expense Debit Credit No. Balance 18,450 Date Balance 1.100 Salaries Expense Debit Credit No. Data Bad Debt Expense Debit Credit No. Date Balance 30,000 Balance 3,000 Interest Expense Debit Credit No. Date Rent Expense Debit Credit No. g Date Balance 1,290 2,100 Balance 3,600 Dec 31 810 Income Tax Expense Debit Credit No. Date Insurance Expense Dobit Credit No Date Balance 15,700 Balance 6,900 Repairs and Maintenance Expenso Dato Debit Credit No. Warranty Expense Debit Credit Balance 640 No. Date Balance 0 6,400 5 Dec 31 6,400 Post-closing Dates: Dec 31 to: Dec 31 General Ledger Account No. Cash Debit Date Credit No. Accounts Receivable Debit Credit Balance 89,430 Date Balance 52.400 Allowance for Uncollectible Accounts Date Debit Credit No. Inventory Debit No. Balance 2.640 Date Credit Balance 9,400 Prepaid Insurance Debit Credit No. Date Equipment Debit No. Date Credit Balance 1,140 Balance 80,480 Accumulated Depreciation Debit Credit No. Date Balance 27,650 No. Accounts Payable Debit Credit Date Balance 23,200 Interest Payable Debit Credit No. Date Income Tax Payable Debit Credit No. Date Balance 0 810 Balance 15.700 1 Dec 31 810 Deferred Revenue Notes Payable (Current) No. Date Debit Credit Balance No. Data nake Deferred Revenue Notes Payable (Current) Debit Credit No. Date Debit Credit Date Balance Balance No. 27400 7,4002 0 Dec 31 20,000 Dec 31 12,400 12.400 Notes Payable (Long-term) Debit Credit No. Date No. Contingent Liability Debit Credit Date Balance 32,400 20,000 4 Balance 0 14,400 2 Dec 31 12,400 Dec 31 14,400 Common Stock Warranty Liability Debit Credit No. Date Balance No. Date Debit Credit 0 Balance 20,000 5 Dec 31 6,400 6,400 Retained Earnings Debit Credit No. Date Service Revenue Debit Credit Date 02 Balance 45,700 0 6 7 Balance No. 34,650 224,240 6 82,250 Dec 31 Dec 31 189,590 Dec 31 45,700 141,990 Sales Revenue No. Date Debit Credit Sales Discounts Debit Credit No. Date Balance 124,000 144,000 Balance 470 0 3 Dec 31 Dec 31 20,000 6 Dec 31 470 GRA 6 144,000 0 Interest Revenue No. Date Debit Credit Cost of Goods Sold Debit Credit No. Date Balance 360 Balance 39.700 6 Dec 31 360 Dec 31 39,700 0 Depreciation Expense Debit Credit No. Date Supplies Expense Debit Credit Balance 18,450 No. Date Balance 1.100 7 Dec 31 18,450 Dec 31 1,100 Salaries Expense Bad Debt Expense No. Date Debit Credit No. Date Debit Credit Balance 30,000 0 Dec 31 Balance 3,000 0 30,000 1 7 Dec 31 3,000 Interest Expense Debit Credit Rent Expenso No. Date No. Date Balance 1,290 Debit Credit 1 7 Dec 31 Dec 31 Balance 3,600 0 810 2.100 Dec 31 3,600 2,100 Income Tax Expense Insurance Expense No. Date Debit Credit No. Date Debit Credit Balance 15,700 0 7 Dec 31 Balance 6,900 0 15,700 7 Dec 31 6.900 Repairs and Maintenance Expense Warranty Expense 11 1 810 Dec 31 Dec 31 Dec 31 2.100 0 3,600 0 7 2,100 Income Tax Expense No. Date Insurance Expense Debit Credit Debit Credit No. Date Balance 15,700 Balance 6.900 0 2 Dec 31 15,700 Dec 31 6,900 Repairs and Maintenance Expense Date Debit Credit No. Warranty Expense Debit Credit No. Balance 640 Date 7 Dec 31 640 0 Balance 0 6,400 0 6,400 5 7 Dec 31 Dec 31 6,400 Loss No. Date Debit Credit Balance 4 7 Dec 31 Dec 31 14,400 14,400 0 14.400
General General Income Requirement Journal Ledger Trial Balance 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 Credit $ Debit 89,430 52,400 2.640 9,400 1.140 80,480 Cash Accounts Receivable 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 Sales Revenue Sales Discounts 27,650 23,200 15,700 27.400 32,400 20,000 34,650 45.700 124,000 internet Ravne OU NOU 27,650 23,200 15,700 27 400 32.400 20,000 34,650 45,700 124,000 12 470 LYHO Accumulated Depreciation Accounts Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expenso Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 360 39,700 18,450 1,100 30,000 3,000 1,290 3,600 15,700 6.900 840 353,700 $ 363,700 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. Adjusted GREAT ADVENTURES, INC Trial Balance December 31, 2022 Account Title Credit $ Debit 89.430 52,400 2,640 9,400 1,140 80,480 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability rint 27,650 23,200 810 15,700 7,400 12,400 20,000 14.400 6,400 RAMA 7,400 12.400 20,000 14,400 6,400 20,000 34,650 45,700 144,000 470 360 MDeferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Eamings Service Revenue Sales Revenue 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 Repairs and Maintenance Expense Warranty Expense Loss Total 39,700 18.450 1,100 30,000 3,000 2,100 3,600 15,700 6.900 640 6,400 14.400 375,310 $ 375,310 Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Debit Credit 89.430 52.400 2.640 9.400 1,140 80,480 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability 'Warranty Liability Common Stock Retained Earnings Total 27,650 23,200 810) 15,700 7.400 12,400 20,000 14,400 6,400 20,000 82.250 232.850 232,850 $ Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Service Revenue Sales Revenue Sales Discounts 45,700 124,000 (470) 0 169,230 39,700 $ 129,530 Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss lolololololo 18,450 1,100 30,000 3,000 3,600 6,900 640 0 0 0 Total Operating Expenses Operating Income (Loss) Interest Expense 63,690 65,840 1.290 39,700 $ 129,530 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss DI 12 1 1 1 1 1 18,450 1,100 30,000 3,000 3,600 6,900 640 0 0 Total Operating Expenses Operating Income (Loss) Interest Expense Interest Revenue Income Before Income Taxes Income Tax Expense Net Loss Blo 63,690 65,840 1,290 (360) 66,770 15,700 51,070 $ Adjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Service Revenue 45,700 Sales Revenue 144,000 Sales Discounts (470) 0 Net Sales 189,230 Cost of Goods Sold 39,700 Gross Profit Operating Expenses: Depreciation Expense 18,450 Supplies Expense 1,100 Salaries Expense 30,000 Bad Debt Expense 3,000 Rent Expense 3,600 Insurance Expense 6,900 Repairs and Maintenance Expense 640 Warranty Expense 6,400 Loss 14,400 $ 149,530 OOOO 0 Total Operating Expenses Operating Income (Loss) 84,490 65,040 Cost of Goods Sold 39,700 Gross Profit $ 149,530 OOO tttt Operating Expenses: Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss 18,450 1,100 30,000 3,000 3,600 6,900 640 6,400 14,400 0 Blololo Total Operating Expenses Operating Income (Loss) Interest Expense Interest Revenue Income Before Income Taxes Income Tax Expense Net Loss lo t 84,490 65,040 2,100 (360) 66,780 15,700 51,080 >IX $ selection. Post-closing GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Service Revenue 0 Sales Revenue 0 Sales Discounts 0 0 0 > 0 $ 0 0 0 Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss OOOO 0 0 0 0 lololo 0 0 0 Total Operating Expenses Operating Income (Loss) Cost of Goods Sold > 0 Gross Profit $ 0 > 0 0 0 Operating Expenses: Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss 0 0 0 0 ololol 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) Interest Expense Interest Revenue Income Before Income Taxes Income Tax Expense Net Loss 0 0 0 0 >IX $ 0 Unadjusted Assets Current Assets: Cash slo Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 23,200 0 15,700 27 400 e|e|e|e|e|o|s 0 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Liabilities Current Liabilities: 89.430 Accounts Payable 52.400 Interest Payable (2,640) Income Tax Payable 9,400 Deferred Revenue 1.140 Notes Payable (Current) 0 Contingent Liability 0 Warranty Liability 0 0 Total Current Liabilities 0 Notes Payable (Long-term) 149,730 Total Liabilities Stockholders' Equity 80,480 Common Stock (27.650) Retained Earnings 0 0 Total Stockholders' Equity $ 202,560 Total Liabilities and Stockholders'Equity 0 0 0 66,300 32,400 98,700 Total Current Assets Long-term Assets Equipment Accumulated Depreciation 20,000 85.720 0 Total Assets 105,720 204420 Total Current Assets Long-term Assets: Equipment Accumulated Depreciation Total Current Liabilities Notes Payable (Long-term) Total Liabilities Stockholders' Equity Common Stock Retained Earings 20,000 82,250 80,480 (27,650) 0 0 202,560 Total Assets 0 102.250 202,560 Total Stockholders' Equity Total Liabilities and Stockholders'Equity $ Income Statement
