RWP8-1 (Algo) Great Adventures Continuing Case (GL) At the end of 2025, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $30,600, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,600 of the $30,600 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. 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. 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 View journal entry worksheet No Date General Journal 1 December 311 Interest Expense Interest Payable Debit Credit 765 765 < Prev 2 of 3 Next > 2 View transaction list Journal entry worksheet 6.6 points < eBook Print References Record the closing entry for revenue accounts. 6 7 Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal 66 2 points 7 Record the closing entry for expense and loss accounts. References Note: Enter debits before credits Date December 31 General Journal Debit Credit Clear entry View general journal Record entry