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RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Journal Ledger Balance Statem. Require. 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 Journal entry worksheet < 120 Record entry to close the revenue accounts. Note: Enter debits before credits. General Journal Date December 31 Record entry Clear entry 6

RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Journal Ledger Balance Statem. Require. 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 Journal entry worksheet < 120 Record entry to close the revenue accounts. Note: Enter debits before credits. General Journal Date December 31 Record entry Clear entry 6

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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in the first photo, please finish the "Record entry to close the revenue account" RWP8-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Journal Ledger Balance Statem Journal entry worksheet Require... 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 34 6 6 Record entry to close the revenue accounts. Note: Enter debits before credits. General Journal Date December 31 Record entry Clear entry Show Transcribed Text < Requirement ů 7 in the second photo, please finish "record entry ro close the expense accounts" Journal entry worksheet < RWPB-1 (Static) Great Adventures Continuing Case (GL) At the end of 2025, the following information is available for Great Adventures. Record entry to close the expense accounts. Date December 31 Balance Sheet Debit Credit Note: Enter debits before credits. General Journal Record entry View general journal Ĵ Additional interest for five months needs to be accrued on the $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Balance Journal Ledger Balance Statem.... Sheet Show Transcribed Text General Ledger > Require 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 > Debit Credit View general journal
Transcribed Image Text:in the first photo, please finish the "Record entry to close the revenue account" RWP8-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Journal Ledger Balance Statem Journal entry worksheet Require... 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 34 6 6 Record entry to close the revenue accounts. Note: Enter debits before credits. General Journal Date December 31 Record entry Clear entry Show Transcribed Text < Requirement ů 7 in the second photo, please finish "record entry ro close the expense accounts" Journal entry worksheet < RWPB-1 (Static) Great Adventures Continuing Case (GL) At the end of 2025, the following information is available for Great Adventures. Record entry to close the expense accounts. Date December 31 Balance Sheet Debit Credit Note: Enter debits before credits. General Journal Record entry View general journal Ĵ Additional interest for five months needs to be accrued on the $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. General General Trial Income Balance Journal Ledger Balance Statem.... Sheet Show Transcribed Text General Ledger > Require 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 > Debit Credit View general journal
in the third photo, please fill out the income statement. RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. Adjusted Trial General General Income Journal Ledger Balance Statem. Require Prepare an income statement for the period ended December 31, 2025. 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 A Revenues GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Net Sales Gross Profit Operating Expenses Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Show Transcribed Text <Trial Balance g Adjusted 0 0 0 BREE Current Assets: 0 Total Assets 0 0 0 0 in the fourth photo, please fill out the balance sheet. Total Current Assets Long-term Assets: Assets $ RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,000 of the $30,000 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 $25,000 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 $12,000 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 $4,000. Balance Sheet > Balance Sheet Require Prepare a classified balance sheet as of December 31, 2025. 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 A General General Trial Income Balance Journal Ledger Balance Statem... Sheet 0 3 GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 0 0 0 0 0 0 0 0 0 0 Current Liabilities: <Income Statement 0 0 0 Total Current Liabilities 0 0 Total Liabilities Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders Equity Balance Shee $ $ 0 0 0 0 0 0 0 0 0 0 0 0
Transcribed Image Text:in the third photo, please fill out the income statement. RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 Assume that $10,000 of the $30,000 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 $25,000 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 $12,000. 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 $4,000. Adjusted Trial General General Income Journal Ledger Balance Statem. Require Prepare an income statement for the period ended December 31, 2025. 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 A Revenues GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Net Sales Gross Profit Operating Expenses Total Operating Expenses Operating Income (Loss) Income Before Income Taxes Show Transcribed Text <Trial Balance g Adjusted 0 0 0 BREE Current Assets: 0 Total Assets 0 0 0 0 in the fourth photo, please fill out the balance sheet. Total Current Assets Long-term Assets: Assets $ RWPB-1 (Static) 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 $30,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. Assume that $10,000 of the $30,000 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 $25,000 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 $12,000 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 $4,000. Balance Sheet > Balance Sheet Require Prepare a classified balance sheet as of December 31, 2025. 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 A General General Trial Income Balance Journal Ledger Balance Statem... Sheet 0 3 GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 0 0 0 0 0 0 0 0 0 0 Current Liabilities: <Income Statement 0 0 0 Total Current Liabilities 0 0 Total Liabilities Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders Equity Balance Shee $ $ 0 0 0 0 0 0 0 0 0 0 0 0
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