record closing closing entries for revenus and expense

At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $31,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,600 of the $31,600 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 $26,600 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 $13,600. 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 $5,600. General Requirement General Income Journal Trial Balance Ledger Balance Sheet Statement 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 View Journal entry worksheet No General Journal Debit Credit Date Dec 31 1 790 Interest Expenso Interest Payable 790 2 Dec 31 11,600 Notes Payable (Long-term) Notes Payable (Current) 11,600 3 Dec 31 20,000 Deferred Revenue Sales Revenue 20.000 IN 4 Dec 31 13,600 Loss Contingent Liability 13,600 Dec 31 5,600 Warranty Expense Warranty Liability 5,600 %25 er 08 Problems . Additional interest for five months needs to be accrued on the $31600, 6% loan obtained on Augu interest is paid each July 31. Assume that $11,600 of the $31,600 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 car recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventur the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,600, . For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the er estimates future warranty costs to be $5,600. ces 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, se In the first account field.) View transaction list View journal entry worksheet X Debit 790 during the year and recorded unose as vererred Revenue. 11,600 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 $13,600. 20,000 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 $5,600. 13,600 6 Record the closing entry for revenue accounts. 7 Record the closing entry for expense and loss accounts. 5,600 Note : = journal entry has been entered At the end of 2022, the following information is available for Great Adventures Additional interest for five months needs to be accrued on the $31,600, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $11,600 of the $31,600 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 $26,600 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 $13,600. 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 $5,600. General Requirement General Income Journal Trial Balance Ledger Balance Sheet Statement 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 View Journal entry worksheet No General Journal Debit Credit Date Dec 31 1 790 Interest Expenso Interest Payable 790 2 Dec 31 11,600 Notes Payable (Long-term) Notes Payable (Current) 11,600 3 Dec 31 20,000 Deferred Revenue Sales Revenue 20.000 IN 4 Dec 31 13,600 Loss Contingent Liability 13,600 Dec 31 5,600 Warranty Expense Warranty Liability 5,600 %25 er 08 Problems . Additional interest for five months needs to be accrued on the $31600, 6% loan obtained on Augu interest is paid each July 31. Assume that $11,600 of the $31,600 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 car recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventur the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,600, . For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the er estimates future warranty costs to be $5,600. ces 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, se In the first account field.) View transaction list View journal entry worksheet X Debit 790 during the year and recorded unose as vererred Revenue. 11,600 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 $13,600. 20,000 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 $5,600. 13,600 6 Record the closing entry for revenue accounts. 7 Record the closing entry for expense and loss accounts. 5,600 Note : = journal entry has been entered