complete the journal entries 2,6 and 7

Great Adventures Problem AP8-1 (GL) At the end of 2022, the following information is avalloble for Great Adventures: - Additional interest for five months needs to be accrued on the $33,000,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31 - Assume that $13,000 of the $33,000 loan discussed above is due next yeor - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $28,000 during the year and recorded those as Deferred Revenue. - Great Adventures is a defendant in litigotion involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated omount to be paid is $15,000 - For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the compary estimates future warranty costs to be $7,000 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledoer' 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 dassified balance sheet as of December 31, 2022, in the 'Balance Shent' tab. 5. Record the closing entries in the 'General Journal' tab. Journal entry worksheet (3) 4 5 6 7 Assume that $13,000 of the $33,000 loan discussed above is due next year. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 5 Record the closing entry for revenue accounts. Note: Enter debits before credits. Journai entry worksneet (1) 2 3 4 5 Record the closing entry for expense and loss accounts. Note: Enter debits before credits. Additional interest for five months needs to be accrued on the $33,000,6% loan obtained on August 1, 2021 . Recall that annual interest is paid each July 31. Assume that $13,000 of the $33,000 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 $28,000 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 believes the likelihood of payment occurring is probable, and the estimated amount to be paid is 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 bdimaid is $15,000. 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 $7,000. Record the closing entry for revenue accounts. Record the closing entry for expense and loss accounts. General Ledger Account \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 89,520 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 53,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Allowance for Uncollectible Accounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 2,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 10,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Prepaid Insuraice } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 1,200 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 85,100 \\ \hline \end{tabular} \begin{tabular}{|r|r|c|c|r|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 28.250 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 23,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Interest Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 0 \\ \hline 1 & Dec 31 & & 825 & 825 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Income Tax Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 16,000 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Doferred Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 28,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Notes Payable (Long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 33.000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (Long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 33.000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Contingent Liability } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{c|}{ Balance } \\ \hline & & & & 0 \\ \hline 4 & Dec 31 & & 15,000 & 15,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Warranty Liability } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 0 \\ \hline 5 & Doc 31 & & 7,000 & 7,000 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 20,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 34,950 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 46,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|r|} \hline \multicolumn{5}{c|}{ Sales Discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 500 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 420 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 40,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{6}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 18,750 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 1,250 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|} \hline \multicolumn{5}{|c|}{ Salaries Expense } \\ \hline No. Date & Debit & Credit & Balance \\ \hline & & & 31,500 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Bad Debt Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 3,150 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 3,900 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Insurance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 7.200 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Repairs and Maintenance Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{4}{|c|}{} & \multicolumn{4}{|c|}{ Loss } & \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 0 \\ \hline & 4 & Dec 31 & 15,000 & 15,000 \\ \hline \end{tabular}