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Additional interest for five months needs to be accrued on the $30,400,6% note payable obtained on August 1 , 2024. Recall that annual interest is paid each July 31. Record the adjusting entry. 2 Assume that $10,400 of the $30,400 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. 3 By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,400 during the year and recorded those as Deferred Revenue. Record the adjusting entry. GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 At the end of 2025, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $30,400,6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. - Assume that $10,400 of the $30,400 note discussed above is due next year. Record the entry to reclassify the current ponion of the long-term note. - By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,400 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 $12,400 - 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 $4.400. GREAT ADVENTURES, INCORPORATED Balance Sheet December 31,2025 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 $12,400. Record the adjusting entry. 5 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 $4,400. Record the adjusting entry. 6 Record the closing entry for revenue accounts. 7 Record the closing entry for expense and loss accounts. GREAT ADVENTURES, INCORPORATED Trial Balance \begin{tabular}{|c|c|c|} \hline & Debit & Credit \\ \hline Q Cash & 89,130 & \\ \hline Accounts Receivable & 50,400 & \\ \hline Allowance for Uncollectible Accounts & & 2.440 \\ \hline inventory & 7.400 & \\ \hline Prepaid Insurance & 940 & \\ \hline Equipment & 65,080 & \\ \hline DAccumulatedDepreciation & & 25,650 \\ \hline Accounts Payable & & 21,200 \\ \hline A Income Tax Payable & & 14,700 \\ \hline Delerred Revenue & & 25,400 \\ \hline Wotes Payable (Long-term) & & 30,400 \\ \hline Common Stock & & 20,000 \\ \hline Q Retained Earnings & & 33,650 \\ \hline Q Service Revenue & & 44,700 \\ \hline Sales Revenue. & & 104,000 \\ \hline QSales Discounts & 370 & \\ \hline QlnterestRevenue & & 160 \\ \hline Cost of Goods Sold & 38,700 & \\ \hline Depreciation Expense & 17,450 & \\ \hline QSupplies Expense & 600 & \\ \hline QSalaries Expense & 25,000 & \\ \hline Q Bad Debt Expense & 2,500 & \\ \hline Q Interest Expense & 1,090 & \\ \hline ARent Expense & 2,600 & \\ \hline Q Income Tax Expense & 14,700 & \\ \hline Dinsurance Expense & 5,900 & \\ \hline Prepairs and Maintenance Expense & 440 & \\ \hline \end{tabular}