Please help me solve this question. answer all parts - Journal entries, income statement and Balance sheet. Thankyou!
RWP8-1 (Static) Great Adventures Continuing Case (GL) At the end of 2025, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1, 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 reciassify the current portion 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 $25,000 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. Journal entry worksheet Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1,2024 . Recall that annual interest is paid each July 31 . Record the adjusting entry. Note: Enter debits before credits. Journal entry worksheet 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 long-term note. Note: Enter debits before credits. Journal entry worksheet 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. Record the adjusting entry. Note: Enter debits before credits. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet Record entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record entry to close the expense accounts. Note: Enter debits before credits. Prepare an income statement for the period ended December 31,2025 . Choose the appropriate acco company's income statement. The unadjusted, adjusted, or post-closing balances will appear for eac selection. Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the company's balar The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. RWP8-1 (Static) Great Adventures Continuing Case (GL) At the end of 2025, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1, 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 reciassify the current portion 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 $25,000 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. Journal entry worksheet Additional interest for five months needs to be accrued on the $30,000,6% note payable obtained on August 1,2024 . Recall that annual interest is paid each July 31 . Record the adjusting entry. Note: Enter debits before credits. Journal entry worksheet 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 long-term note. Note: Enter debits before credits. Journal entry worksheet 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. Record the adjusting entry. Note: Enter debits before credits. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet 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. Note: Enter debits before credits. Journal entry worksheet Record entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record entry to close the expense accounts. Note: Enter debits before credits. Prepare an income statement for the period ended December 31,2025 . Choose the appropriate acco company's income statement. The unadjusted, adjusted, or post-closing balances will appear for eac selection. Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the company's balar The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection
