Question #4: At the end of 2022, the following information is available for Great Adventures.

• Additional interest for five months needs to be accrued on the $33,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.
• Assume that $13,400 of the $33,400 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 $28,400 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 $15,400.
• 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 $7,400.

At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $33,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $13,400 of the $33,400 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 $28,400 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 $15,400. end of the year, the company estimates future warranty costs to be $7,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1 Additional interest for five months needs to be accrued on the $33,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. 2 Assume that $13,400 of the $33,400 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 $28,400 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 $15 400 Note : = journal entry has been entered 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 $15,400. 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 $7,400. 6 Record the closing entry for revenue accounts. 7. Record the closing entry for expense and loss accounts. Note : = journal entry has been entered Cash Debit Accounts Receivable Debit Credit No. Date Credit No. Date Balance 89,580 Balance 53,400 Inventory Debit No. Date / Debit Credit No. Date Credit Balance 2,740 Balance 10,400 Equipment Prepaid Insurance Debit Credit No. Date No. Date Credit Balance 1,240 Balance 88,180 Accumulated Depreciation Debit Credit Accounts Payable Debit Credit No. Date No. Date Balance 28,650 Balance 24,200 Deferred Revenue Income Tax Payable Debit Credit No. Date No. Date Debit Credit Balance 16,200 Balance 28,400 Common Stock Notes Payable (Long-term) Debit Credit No. Date No. Date Debit Credit Balance 33,400 Balance 20,000 Retained Earnings Debit Credit Service Revenue Debit Credit No. Date No. Date Balance 35,150 Balance 46,200 Sales Revenue Debit Credit Sales Discounts Debit Credit No. Date No. Date Balance 134,000 Balance 520 Interest Revenue Cost of Goods Sold No. Date Debit Credit No. Date Debit Credit Balance 460 Balance 40,200 Depreciation Expense Debit Credit Supplies Expense Debit Credit No. Date No. Date Balance 18,950 Balance 1,350 Salaries Expense Bad Debt Expense No. Date Debit Credit No. Date Debit Credit Balance 32,500 Balance 3,250 Interest Expense Rent Expense No. Date Debit Credit No. Date Debit Credit Balance 1,390 Balance 4,100 Income Tax Expense Insurance Expense No. Date Debit Credit No. Date Debit Credit Balance Balance 16,200 7,400 Repairs and Maintenance Expense No. Date Debit Credit Balance 740 Unadjusted GREAT ADVENTURES, INC. Trial Balance Account Title Credit $ Debit 89,580 53,400 2,740 10,400 1,240 88,180 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) 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 Total 28,650 24,200 16,200 28,400 33,400 20,000 35,150 46,200 134,000 520 460 40,200 18,950 1,350 32,500 3,250 1,390 16,200 7,400 740 369,400 $ $ 369,400 Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes 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. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets At the end of 2022, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $33,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $13,400 of the $33,400 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 $28,400 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 $15,400. end of the year, the company estimates future warranty costs to be $7,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1 Additional interest for five months needs to be accrued on the $33,400, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. 2 Assume that $13,400 of the $33,400 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 $28,400 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 $15 400 Note : = journal entry has been entered 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 $15,400. 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 $7,400. 6 Record the closing entry for revenue accounts. 7. Record the closing entry for expense and loss accounts. Note : = journal entry has been entered Cash Debit Accounts Receivable Debit Credit No. Date Credit No. Date Balance 89,580 Balance 53,400 Inventory Debit No. Date / Debit Credit No. Date Credit Balance 2,740 Balance 10,400 Equipment Prepaid Insurance Debit Credit No. Date No. Date Credit Balance 1,240 Balance 88,180 Accumulated Depreciation Debit Credit Accounts Payable Debit Credit No. Date No. Date Balance 28,650 Balance 24,200 Deferred Revenue Income Tax Payable Debit Credit No. Date No. Date Debit Credit Balance 16,200 Balance 28,400 Common Stock Notes Payable (Long-term) Debit Credit No. Date No. Date Debit Credit Balance 33,400 Balance 20,000 Retained Earnings Debit Credit Service Revenue Debit Credit No. Date No. Date Balance 35,150 Balance 46,200 Sales Revenue Debit Credit Sales Discounts Debit Credit No. Date No. Date Balance 134,000 Balance 520 Interest Revenue Cost of Goods Sold No. Date Debit Credit No. Date Debit Credit Balance 460 Balance 40,200 Depreciation Expense Debit Credit Supplies Expense Debit Credit No. Date No. Date Balance 18,950 Balance 1,350 Salaries Expense Bad Debt Expense No. Date Debit Credit No. Date Debit Credit Balance 32,500 Balance 3,250 Interest Expense Rent Expense No. Date Debit Credit No. Date Debit Credit Balance 1,390 Balance 4,100 Income Tax Expense Insurance Expense No. Date Debit Credit No. Date Debit Credit Balance Balance 16,200 7,400 Repairs and Maintenance Expense No. Date Debit Credit Balance 740 Unadjusted GREAT ADVENTURES, INC. Trial Balance Account Title Credit $ Debit 89,580 53,400 2,740 10,400 1,240 88,180 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) 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 Total 28,650 24,200 16,200 28,400 33,400 20,000 35,150 46,200 134,000 520 460 40,200 18,950 1,350 32,500 3,250 1,390 16,200 7,400 740 369,400 $ $ 369,400 Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: Net Sales Gross Profit Operating Expenses: Total Operating Expenses Operating Income (Loss) Income Before Income Taxes 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. Unadjusted GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders'Equity Total Assets