At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1 2021. Recall that annual interest is paid each July 31 Assume that $11,800 of the $31,800 loan discussed above is due next year . By the end of the year. $20,000 ingin cards have been redeemed. The company had sold gift cards of $26.800 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 $13,800, 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 $5.800. Requirement General Journal General Ledger Tral 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. General Journal > View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 2 3 5 6 7 > 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 $13,800. es Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet 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 $5,800. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet VE GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales + Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Journal inal Balance Ledger 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 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Lates Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders'Equity Total Assets View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 2 3 5 6 7 > 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 $13,800. es Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet 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 $5,800. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet VE GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales + Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Journal inal Balance Ledger 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 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets Current Lates Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders'Equity Total Assets
