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RWP 8 - 1 ( Algo ) Great Adventures Continuing Case ( GL ) At the end of 2 0 2 5 , the following
RWPAlgo Great Adventures Continuing Case GL
At the end of the following information is available for Great Adventures.
Additional interest for five months needs to be accrued on the $ note payable obtained on August Recall that
annual interest is paid each July
Assume that $ of the $ note discussed above is due next year. Record the entry to reclassify the current portion of the
longterm note.
By the end of the year, $ in gift cards have been redeemed. The company had sold gift cards of $ 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 $
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 $
Prepare the journal entries for transactions. If no entry is required for a particular transactionevent select No Journal Entry Required"
in the first account field.
Journal entry worksheet
Record the closing entry for revenue accounts.
Note: Enter debits before credits.
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