! Required information [The following information applies to the questions displayed below.] At the end of...

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! Required information [The following information applies to the questions displayed below.] 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. Required: 1. Record each of the transactions above on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Interest Expense Interest Payable General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 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. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Notes Payable (Long-term) Notes Payable (Current) 7 Journal entry worksheet < 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date General Journal Debit Credit 20,000 20,000 December 31 Deferred Revenue Sales Revenue Journal entry worksheet 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Loss General Journal Contingent Liability Debit Credit ! Required information [The following information applies to the questions displayed below.] 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. Required: 1. Record each of the transactions above on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Interest Expense Interest Payable General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 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. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Notes Payable (Long-term) Notes Payable (Current) 7 Journal entry worksheet < 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date General Journal Debit Credit 20,000 20,000 December 31 Deferred Revenue Sales Revenue Journal entry worksheet 1 2 3 4 5 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. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Loss General Journal Contingent Liability Debit Credit