Need urgent help with all the problems in the pictures provided thank you !! including the balance sheet and income statement
\begin{tabular}{|c|c|c|} \hline Operating Income (Loss) & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline Income Before Income Taxes & & 0 \\ \hline & & 0 \\ \hline & $ & 0 \\ \hline \end{tabular} Trial Balance Balance Sheet > \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ GREAT ADVENTURES, INCORPORATED } \\ \hline \multicolumn{6}{|c|}{ Balance Sheet } \\ \hline \multicolumn{6}{|c|}{ December 31,2025} \\ \hline \multicolumn{3}{|c|}{ Assets } & \multicolumn{3}{|l|}{ Liabilities } \\ \hline Current Assets: & & & Current Liabilities. & & \\ \hline & $ & 0 & & $ & 0 \\ \hlineF & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hlinep & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hline F & & 0 & & & 0 \\ \hline & & 0 & Total Current Liablities & & 0 \\ \hline F & & 0 & & & 0 \\ \hline Total Current Assets & & 0 & Total Liabilities & & 0 \\ \hline Long-term Assets: & & & Stockholders' Eq & & \\ \hline & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hline & & 0 & & & 0 \\ \hline 7 & & 0 & Total Stockholders' Equity & & 0 \\ \hline Total Assets & $ & 0 & Total Liabilities and Stockholders' Equity & 5 & 0 \\ \hline \end{tabular} 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 $12,000. Record the adjusting entry. 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 $4,000. Record the adjusting entry. Record entry to close the revenue accounts. Record entry to close the expense accounts. At the end of 2025 , the following information is avallable for Great Adventures. - Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August1, 2024, Recall that annual interest is paid each July 31. - Assume that $10,000 of the $30,000 note discussed above is due next year. Record the entry to reclassify the current portion of the Iong-term note. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,000 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 $12,000. - 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 $4,000. Prepare the journal entries for transactions: (It no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
