Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Cash S Debit 89,190 50.800 Accounts Receivable Allowance for Uncollectible Accounts 2,480 7.800 980 1 1 68,160 28.050 21,600 770 14,900 5,800 10.800 20,000 12.800 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 Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense 4.800 20.000 33.850 44,900 128.000 390 200 38.900 17,650 700 26.000 2.600 1.900 ttttt 2.800 14.900 6.100 480 4,800 12.800 'Loss Total S 348,950 $ 346,950 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 $30,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $10,800 of the $30,800 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 $25,800 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 $12,800. 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 $4,800. Requirement General General Ledger Journal 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.) View transaction list Journal entry worksheet Additional interest for five months needs to be accrued on the $30,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Debit Credit Date Der 31 General Journal Interest Fynense 7701 Drov Noyt 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.) View transaction list Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits. Date Debit Credit Dec 31 General Journal Sales Revenue Service Revenue Interest Revenue Retained Earnings Sales Discounts Record entry Clear entry View general journal Record the closing entry for expense and loss accounts. Note: Enter debits before credits. Date Debit Credit Dec 31 General Journal Retained Earnings Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Record entry Clear entry View general journal
