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 $31,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $11,000 of the $31,000 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 $26,000 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 $13,000. 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 $5,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2025, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2025, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. Requirement General Journal > View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the closing entry for expense and loss accounts. Note: Enter debits before credits.. Date December 31 General Journal Debit Credit Prepare une journal entries for transactions. (no entry is required for a particular transact in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date December 31 General Journal + Debit Credit Record entry Clear entry View general journal 14 ces Journal Ledger Statement Saved Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the com The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Assets Current Assets: GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Liabilities Current Liabilities: + Total Current Liabilities Total Current Assets Total Liabilities Long-term Assets: Stockholders' Equity