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please help!!! At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on
please help!!!
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, Requirement General General Ledger Trial Balance Income Balance Sheet Journal Statement 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 Dato General Journal Dobit Credit 1 Dec 31 795 Interest Expense Interest Payable 795 2 Dec 31 No Joumal Entry Required x 3 Dec 31 2,000 Deferred Revenue Sales Revenue 2,000 4 Dec 31 13,800 Loss Contingent Liability O 13,800 on 5 Dec 31 > 5,800 Warranty Expenso Warranty Liability 5,800 6 Dec 31 Deferred Revenue Income Tax Payable 20,000 * 20,000 7 Dec 31 20,395 Income Tax Expense Interest Expense Bad Debt Expenso Warranty Expense OOO 795 13,800 5,800 XX Step by Step Solution
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