At the end of 2025 , the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $31,000,6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. - Assume that $11,000 of the $31,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. - 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 belitives 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. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Jo in the first account field.) year, the company estmates tuture warranty costs to be $5,0U. Each journal entry is posted autornatically to the general ledger. The unadjusted, adjusted, or post-closing ba appear for each account, based o your selection. to: At the end of 2025 , the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $31,000,6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. - Assume that $11,000 of the $31,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. - 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 belitives 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. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Jo in the first account field.) year, the company estmates tuture warranty costs to be $5,0U. Each journal entry is posted autornatically to the general ledger. The unadjusted, adjusted, or post-closing ba appear for each account, based o your selection. to
