. Additional interest for five months needs to be accrued on the $30,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. . Assume that $10,000 of the $30,000 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 $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. points 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.) References View transaction ist 1 Record the accrued interest on note. 2 Record the reclassified portion of long-term debt as current. 3 Record the redeemed of gift cards. 4 Record the loss of contingent liability. Credit 5 Record the estimated future warranty costs. 6 Record entry to close the revenue accounts. 7 Record entry to close the expense accounts. . Additional interest for five months needs to be accrued on the $30,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. . Assume that $10,000 of the $30,000 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 $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. points 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.) References View transaction ist 1 Record the accrued interest on note. 2 Record the reclassified portion of long-term debt as current. 3 Record the redeemed of gift cards. 4 Record the loss of contingent liability. Credit 5 Record the estimated future warranty costs. 6 Record entry to close the revenue accounts. 7 Record entry to close the expense accounts