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Can you please create a general journal, income statement, and balance sheet based on the information below. At the end of 2022, the following information
Can you please create a general journal, income statement, and balance sheet based on the information below.
At the end of 2022, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $32,800,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. - Assume that $12,800 of the $32,800 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 $27,800 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. 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. appear for each acrount, based on vour selection. Prepare a classified balance sheet as of December 31,2022 . Choose the appropriate accounts to complete the company's balance st The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The opti you choose will be the values used to populate the income statement and balance sheet tabs. 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.) 4 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. 5 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. 6 Record the closing entry for revenue accounts. 7 Record the closing entry for expense and loss accounts. Note : = = journal entry has been entered Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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.) 1 Additional interest for five months needs to be accrued on the $32,800,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. 2 Assume that $12,800 of the $32,800 loan discussed above is due next year. 3 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. 4 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 Step by Step Solution
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