Exercise $9-21$ Complete the accounting cycle using long$-$term liability transactions $($LO$9-2,9-8)$ Prepare an adjusted trial balance as of January $31,2021.$

$[$The following information applies to the questions displayed below.$]$

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

During January $2021,$ the following transactions occur:$1$ in $5$ years. Payments of $$2,281$ are required at the end of each month for $60$ months.

January Receive $$32,800$ from customers on accounts receivable.

$4$

January Pay cash on accounts payable, $$29,000.$

$10$

January Pay cash for salaries, $$30,700.$

$15$

January Firework sales for the month total $$210,600.$ Sales include $$66,800$ for cash and $$143,800$ on account. The cost

$30$ of the units sold is $$121,500.$

January Pay the first monthly installment of $ $$2,281$ related to the $$118,000$ borrowed on January $1.$ Round your interest