Great Adventures Problem AP8-1 (GL) At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $31,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31 Assume that $11,800 of the $31,800 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 $26.800 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 $13.800, 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 $5,800, Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No General Journal Date Dec 31 Credit 1 Dobit 795 Interest Expense Interest Payable 795 2 Dec 31 No Journal Entry Required 3 Dec 31 Deferred Revenue Sales Revenue 20,000 20,000 4 Dec 31 Warranty Expense Contingent Liability 13,800 13,800 5 Dec 31 Warranty Expense Warranty Liability 5,800 >$ 5,800 6 Dec 31 158,000 Service Revenue Sales Revenue 158,000 7 Dec 31 158,000 Sales Revenue Interest Expense Warranty Expense Service Foo Expenso X