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Exercise $9-24($Algo$)$ Complete the accounting cycle using long$-$term liability transactions $($LO$9-2,9-8)$

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

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 $1.$

Exercise $9-24($Algo$)$ Part $3$

$3.$ Prepare an adjusted trial balance as of January $31,2024,$ after updating beginning balances $($above$)$ for transactions during January $($requirement $1)$ and adjusting entries at the end of January $($requirement $2).($Do not round intermediate calculations.$)$ Required information

Exercise $9-24($Algo$)$ Complete the accounting cycle using long$-$term liability transactions $($LO$9-2,9-8)$

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

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 $1.$

Exercise $9-24($Algo$)$ Part $4$

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.($Do not round intermediate calculations.$)$

Required information

Exercise $9-24($Algo$)$ Complete the accounting cycle using long$-$term liability transactions $($LO$9-2,9-8)$

Skip to question

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

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 $1.$

Exercise $9-24($Algo$)$ Part $5$

$5.$ Prepare a classified balance sheet as of January $31,2024.($Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations.$)$