Exercise 9-24 (Algo) Complete the accounting cycle using long-term liabilitiy transactions (LO9-2, 9-8) (GL)

On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$ 13,000
Accounts Receivable	37,600
Allowance for Uncollectible Accounts		$ 3,600
Inventory	153,800
Land	85,300
Buildings	138,000
Accumulated Depreciation		11,400
Accounts Payable		37,500
Common Stock		218,000
Retained Earnings		157,200
Totals	$ 427,700	$ 427,700

During January 2024, the following transactions occur:

January 1	Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months.
January 4	Receive $32,800 from customers on accounts receivable.
January 10	Pay cash on accounts payable, $29,000.
January 15	Pay cash for salaries, $30,700.
January 30	Firework sales for the month total $210,600. The cost of the units sold is $121,500.
January 31	Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1.

The following information is available on January 31, 2024.

1. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,800.
2. The company estimates additional future uncollectible accounts of $3,114.
3. Unpaid salaries at the end of January are $27,900.
4. Accrued income taxes at the end of January are $9,800.
5. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $20,967.

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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Pay the first monthly instaliment of $2,281 related to the $118,000 borrowed on January 1. Note: Enter debits before credits. 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Note; Lifter deblts berore credits. 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analyze the following for Freedom Fireworks: (Round your answer to one decimal place.) Analyze the following for Freedom Fireworks: Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal In the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amoun Journal entry worksheet Record the reclassification of $20,967 from long-term notes payable to current notes payable. Note: Enter debits before credits. 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Pay the first monthly instaliment of $2,281 related to the $118,000 borrowed on January 1. Note: Enter debits before credits. 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Note; Lifter deblts berore credits. 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analyze the following for Freedom Fireworks: (Round your answer to one decimal place.) Analyze the following for Freedom Fireworks: Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal In the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amoun Journal entry worksheet Record the reclassification of $20,967 from long-term notes payable to current notes payable. Note: Enter debits before credits