At the end of 2022, the following information is available for Great Adventures.

• Additional interest for five months needs to be accrued on the $31,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.
• Assume that $11,000 of the $31,000 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 $26,000 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.

REQUIRMENTS:

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, 2022, in the 'Trial Balance' tab.

3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab.

4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab.

5. Record the closing entries in the 'General Journal' tab.

1.) General Journal

2.) General Ledger

3.) Trial Balance

4.)Income Statement

5.) Balance Sheet

Journal entry worksheet 2 3 4 5 6 7 Additional interest for five months needs to be accrued on the $31,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal General General Trial Income Balance Require... Journal | Ledger Balance Statem... | Sheet Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjust Dates: to: General Ledger Account Cash Debit Accounts Receivable Date Debit Credit No. Date Credit Balance No. | 89,220 L Balance 51,000 Allowance for Uncollectible Accounts Date Debit Credit Balance 2,500 Inventory Debit Credit No. No. Date Balance 8,000 Prepaid Insurance Debit Credit Equipment Debit Credit No. Date No. Date Balance 1,000 Balance 69,700 Accumulated Depreciation Date | Debit Credit | Balance 26,250 Accounts Payable Debit Credit No. No. Date Balance 21,800 Income Tax Payable Debit Credit Deferred Revenue Debit Credit No. Date Date Balance 15,000 | No. L Balance 26,000 Common Stock Debit Credit No. Notes Payable (Long-term) Date Debit Credit Balance No. | 31,000 L Date Balance 20,000 Service Revenue Debit Credit No. Date Retained Earnings | Debit Credit | Balance No. I 33,950 L Date Balance 45,000 Sales Discounts Debit Credit No. Sales Revenue | Debit | Credit | Balance 110,000 Date No. Date Balance 400 Interest Revenue Debit Credit Cost of Goods Sold Debit Credit No. Date No. Date Balance 220 Balance 39,000 No. Depreciation Expense Date | Debit | Credit | Balance 17,750 No.Date Supplies Expense | Debit | Credit | Balance 750 Salaries Expense Debit Credit Bad Debt Expense Debit Credit No. Date No. Date Balance 26,500 Balance 2,650 | Interest Expense Debit Credit Rent Expense Debit Credit No. Date No. Date Balance 1,150 Balance 2,900 Income Tax Expense Debit Credit Insurance Expense Debit Credit No. Date No. Date Balance 15,000 Balance 6,200 No. Repairs and Maintenance Expense Date | Debit | Credit | Balance 500 General General Trial Income Balance Require... Journal | Ledger Balance Statem... | Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Show less Unadjust GREAT ADVENTURES, INC. Trial Balance Account Title Credit Cash Debit 89,220 51,000 2,500 8,000 1,000 69,700 | 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 26,250 21,800 15,000 26,000 31,000 20,000 33,950 45,000 110,000 400 220 39,000 17,750 750 26,500 2,650 1,150 2,900 15,000 6,200 500 331,720 $ $ $ 331,720 General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet 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. Show less Unadjusti GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues: $ 0 Net Sales 0 $ 0 Gross Profit Operating Expenses: 0 oooooool 0 Total Operating Expenses Operating Income (Loss) OOOOOOO Income Before Income Taxes General General Trial Income Balance Require... Journal Ledger Balance Statem... Sheet 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. Show less Unadjust GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ of of 07 01 oi Total Current Liabilities - Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity 0 0 01 Total Stockholders' Equity Total Liabilities and Stockholders'Equity Total Assets $ $