Exercise 9-24 (Static) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8)

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

Accounts	Debit	Credit
Cash	$ 11,200
Accounts Receivable	34,000
Allowance for Uncollectible Accounts		$ 1,800
Inventory	152,000
Land	67,300
Buildings	120,000
Accumulated Depreciation		9,600
Accounts Payable		17,700
Common Stock		200,000
Retained Earnings		155,400
Totals	$ 384,500	$ 384,500

During January 2024, the following transactions occur: January 1 Borrow $100,000 from Captive Credit Corporation. The installment note bears interest at 7% annually and matures in 5 years. Payments of $1,980 are required at the end of each month for 60 months. January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900. January 30 Firework sales for the month total $195,000. The cost of the units sold