Please fix the error as soon as possible

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 $31,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,400 of the $31,400 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 $26,400 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 $13,400. 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 $5,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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 Debit Credit Date Dec 31 1 785 Interest Expense Interest Payable 785 2 Dec 31 11,400 Notes Payable (Long-term) Notes Payable (Current) 11,400 3 Dec 31 20,000 Deferred Revenue Sales Revenue 20,000 4 Dec 31 13,400 Loss Contingent Liability >> 13,400 5 Dec 31 5,400 Warranty Expense Warranty Liability 5,400 6 Dec 31 45,200 Service Revenue Sales Revenue >> 45,200 7 Dec 31 20,775 Retained Earnings Loss Warranty Expense Interest Expense OOOO 13,400 5,400 1,975 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Dates: Dec 31 to: Dec 31 General Ledger Account Cash Debit Accounts Receivable Debit Credit No. Date Credit No. Date Balance 89,280 Balance 51,400 Allowance for Uncollectible Accounts Date Debit Credit Inventory Debit No. No. Date Credit Balance 2,540 Balance 8,400 Prepaid Insurance Debit Credit Equipment Debit No. Date No. Date Credit Balance 1,040 Balance 72,780 Accumulated Depreciation Debit Credit Accounts Payable Debit Credit No. Date No. Date Balance 26,650 Balance 22,200 Interest Payable Debit Credit Income Tax Payable Debit Credit No. Date No. Date Balance 0 785 Balance 15,200 Dec 31 785 Deferred Revenue Debit Credit Notes Payable (Current) Debit Credit No. Date No. Date Balance 26,400 6,400 Balance 0 11,400 3 Dec 31 20,000 2 Dec 31 11,400 Notes Payable (Long-term) Debit Credit Contingent Liability Debit Credit No. Date No. Date Balance 31,400 20,000 Balance 0 13,400 2 Dec 31 11,400 4 Dec 31 13,400 Warranty Liability Debit Credit Common Stock Debit Credit No. Date No. Date Balance 0 5,400 Balance 20,000 Dec 31 5,400 Retained Earnings Debit Credit Service Revenue Debit Credit No. Date No. Date Balance 34,150 13,375 Balance 45,200 4 7 Dec 31 20,775 6 Dec 31 45,200 0 Sales Revenue Sales Discounts Debit Credit No. Date Debit Credit No. Date Balance 420 Balance 114,000 134,000 179,200 3 6 Dec 31 Dec 31 20,000 45,200 Interest Revenue Debit Credit Cost of Goods Sold Debit Credit | No. Date Balance No. Date Balance 39,200 260 Depreciation Expense Debit Credit Supplies Expense Debit Credit No. Date No. Date Balance Balance 17,950 850 Salaries Expense Debit Credit Bad Debt Expense Debit Credit No. Date No. Date Balance 27,500 Balance 2,750 Interest Expense Debit Credit Rent Expense Debit Credit No. Date No. Date Balance 3,100 Balance 1,190 1,975 0 1 785 Dec 31 Dec 31 7 1,975 Income Tax Expense Debit Credit Insurance Expense Debit Credit No. Date No. Date Balance 15,200 Balance 6,400 Income Tax Expense Debit Credit Insurance Expense Debit Credit No. Date No. Date Balance 15,200 Balance 6,400 Repairs and Maintenance Expense Date Debit Credit Warranty Expense Debit Credit No. No. Date Balance Balance 540 5 5,400 5 7 Dec 31 Dec 31 5,400 0 5,400 Loss No. Date Debit Credit Balance 0 13,400 0 4 13,400 Dec 31 Dec 31 7 13,400 Trial Balance December 31, 2022 Account Title Debit Credit $ 89,280 51,400 2,540 8,400 1,040 72,780 26,650 22,200 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Retained Earnings 785 15,200 6,400 11,400 20,000 13,400 5,400 20,000 13,375 179,200 Sales Revenue Sales Discounts 420 Interest Revenue 260 39,200 17,950 850 27,500 2,750 Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 3,100 15,200 6,400 540 336,810$ 336,810 GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Interest Expense >$ 0 Interest Payable x 785 Sales Revenue 179,200 Service Revenue 0 Net Sales 179,985 0 Gross Profit Operating Expenses Bad Debt Expense 2,750 Income Tax Expense 15,200 Depreciation Expense 17,950 Insurance Expense 6,400 Supplies Expense 850 Interest Expense 0 Rent Expense 3,100 0 $ 179,985 0 0 Total Operating Expenses Operating Income (Loss) 46,250 133,735 0 0 133,735 0 133,735 Income Before Income Taxes $ GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities Cash 785 Accounts Receivable 89,280 51,400 0 11,400 15,200 Interest Payable Notes Payable (Current) Income Tax Payable Contingent Liability Warranty Liability Accounts Payable 9|o|ee| 0 13,400 5,400 0 0 22,200 0 0 0 0 0 0 68,385 20,000 88,385 140.680 Total Current Assets Long-term Assets Inventory Total Current Liabilities Notes Payable (Long-term) Total Liabilities Stockholders' Equity Retained Earnings Common Stock x 8,400 147,110 20,000 0 0 0 0 Total Stockholders' Equity Total Liabilities and Stockholders'Equity 167,110 255,495 Total Assets 149,080