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please use the given info to debit/credit all 7 transactions and provide the amounts too. thank you so much in advance!! At the end of
please use the given info to debit/credit all 7 transactions and provide the amounts too. thank you so much in advance!!
At the end of 2022, the following information is available for Great Adventures. - Additional interest for five months needs to be accrued on the $32,400,6% loan obtained on August 1, 2021, Recall that annual interest is paid each July 31. - Assume that $12,400 of the $32,400 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 $27,400 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 $14,400. - For sales of MU watehes, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future watranty costs to be $6,400. Additional interest for five months needs to be accrued on the $32,400,6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,400 of the $32,400 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 $27,400 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 \$1. nn 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 $6,400. Record the closing entry for revenue accounts. Record the closing entry for expense and loss accounts. = journal entry has been entered Step by Step Solution
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