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At the end of 2025, the following information is available for Great Adventures. ...

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Accounting

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.
Requirement
General
General
Journal
Ledger
Trial Balance
Income Statement
Balance Sheet
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