At the end of 2025, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $30,800, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,800 of the $30,800 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 $25,800 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 believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,800 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 $4,800. Additional interest for five months needs to be accrued on the $30,800, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 Assume that $10,800 of the $30,800 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,800 during the year and recorded those as Deferred Revenue. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 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 $12,800. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 5 6 7 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 $4,800. Record the adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 4 5 7 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Record the closing entry for expense and loss accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Unadjusted Based on your selection. Assets Current Assets: GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 0 0 0 Current Liabilities: Liabilities $ 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities and Stockholders' Equity $ 0 Income Statement Balance Sheet