QUESTION 1:
Journal entries asks (PLEASE CORRECT ANY OF MY MISTAKES in my entries im sure theyre wrong somewhere):
1.Additional interest for five months needs to be accrued on the $30,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.
2.Assume that $10,600 of the $30,600 loan discussed above is due next year.
3.By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,600 during the year and recorded those as Deferred Revenue.
4.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 $12,600.
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 $4,600.
6.Record the closing entry for revenue accounts.
7.Record the closing entry for expense and loss accounts.
QUESTION 2:
QUESTION 3:
2 At the end of 2022, the following information is available for Great Adventures. 15 points Additional interest for five months needs to be accrued on the $30,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $10,600 of the $30,600 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 $25,600 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 $12,600. 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 $4,600. eBook Print References 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 Warranty Expense Warranty Liability 4,600 4,600 View transaction list View journal entry worksheet No General Journal Credit Date Dec 31 Debit 765 1 Interest Expense Interest Payable 765 2 Dec 31 10,600 Notes Payable (Long-term) Notes Payable (Current) 10,600 3 Dec 31 20,000 Deferred Revenue Sales Revenue 20,000 4 Dec 31 12,600 Repairs and Maintenance Expense Contingent Liability 12,600 5 Dec 31 4,600 Warranty Expense Warranty Liability 4,600 6 Dec 31 4,600 Warranty Expense Warranty Liability 4,600 Dec 31 17,965 Retained Earnings Interest Expense Repairs and Maintenance Expense Warranty Expense 765 12,600 4,600 2 estimates future warranty costs to be $4,600. Requirement General Journal General Ledger 15 points Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing eBook GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Print Assets Liabilities Current Assets: Current Liabilities: References $ 0 5 0 0 0 Oo 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 OOOO 0 0 0 Total Liabilities 0 Total Current Assets Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets $ S 0
