At the end of 2025, the following information is avallable for Great Adventures. - Addiltional interest for five months needs to be accrued on the $32,800,6% note payable obtalned on August 1, 2024. Recall that annual interest is paid each July 31. - Assume that $12,800 of the $32,800 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 gitt cards have been redeemed. The company had sold gift cards of $27,800 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 $14,800. - 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 $6,800. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet Additional interest for five months needs to be accrued on the $32,800,6% note payable obtained on August 1,2024 . Recall that annual interest is paid each July 31. Record the adjusting entry. Note: Enter deblis before crecits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Jot in the first account field.) Journal entry worksheet Assume that $12,800 of the $32,800 note discussed above is due next year. Record the entry to redassify the current portion of the long-term note. Note: Enter debits before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, selec In the first account field.) Journal entry worksheet By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,800 during the year and recorded those as Deferred Revenue. Record the adjusting entry. Note: Enter deblts before credits. the likelihood of payment occulnig is provabe, dill warranty against defect for one year. At the end of the For sales of MU watches, Great Adventures of estimates future warranty costs to be $6,800. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No J. in the first account field.) Journal entry worksheet Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the Iikelihood of payment occurring is probable, and the estimated amount to be paid is $14,800. Record the adjusting entry. Note: Enter deblts before credits. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select in the first account field.) Journal entry worksheet
