I NEED HELP RECORDING THE FOLLOWING:

#1. Dec 31 - Additional interest for five months needs to be accrued on the $34,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.

#2. Dec 31 - Assume that $14,000 of the $34,000 loan discussed above is due next year.

#3. Dec 31 - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $29,000 during the year and recorded those as Deferred Revenue.

#4. Dec 31 - 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 $16,000.

#5. Dec 31 - 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 $8,000.

#6. Dec 31 - Record the closing entry for revenue accounts.

#7. Dec 31 - Record the closing entry for expense and loss accounts.

(Thank you so much!)

At the end of 2022, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $34,000,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. - Assume that $14,000 of the $34,000 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 $29,000 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 $16,000. - 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 $8,000