On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit...

 

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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit S 12,800 37,200 153,600 83,300 136,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Conmon Stock Retained Earnings $ 3,400 11,200 35,300 216,000 157,000 $422,980 Totals $422,900 During January 2021, the following transactions occur: January Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6K annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months. January Receive $32,600 from customers on accounts receivable. January Pay cash on accounts payable, $27,000. 10 January Pay cash for salaries, $30,500. 15 January Firework sales for the nonth total $218,200, Sales include S66, 600 for cash and $143,600 on account. The cost 30 of the units sold is $120,500. January Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. The following information is avalable on January 31, 2021 15 January Firevork sales fon the month total $210,200. Sales include $66, 600 for cash and $143,600 on account. The cost jof the units sold is $120, see. Danuary Pay the irst monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. 3. Prepare an adjusted triol balance as of January 31. 2021 On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit S 12,800 37,200 153,600 83,300 136,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Conmon Stock Retained Earnings $ 3,400 11,200 35,300 216,000 157,000 $422,980 Totals $422,900 During January 2021, the following transactions occur: January Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6K annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months. January Receive $32,600 from customers on accounts receivable. January Pay cash on accounts payable, $27,000. 10 January Pay cash for salaries, $30,500. 15 January Firework sales for the nonth total $218,200, Sales include S66, 600 for cash and $143,600 on account. The cost 30 of the units sold is $120,500. January Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. The following information is avalable on January 31, 2021 15 January Firevork sales fon the month total $210,200. Sales include $66, 600 for cash and $143,600 on account. The cost jof the units sold is $120, see. Danuary Pay the irst monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. 3. Prepare an adjusted triol balance as of January 31. 2021

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Freedom Fireworks Journal entries No Date Account Debit Credit Calculation 1 1Jan Cash 1... View the full answer