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

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

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

During January $2024,$ the following transactions occur:

January $1$ Borrow $$101,000$ from Captive Credit Corporation. The installment note bears interest at $6\%$

annually and matures in $5$ years. Payments of $$1,953$ are required at the end of each month for $60$

months.

January $4$ Receive $$31,100$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$12,000.$

January $15$ Pay cash for salaries, $$29,000.$

January $30$ Firework sales for the month total $$195,200.$ The cost of the units sold is $$113,000.$

January $31$ Pay the first monthly installment of $$1,953$ related to the $$101,000$ borrowed on January $1.$

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

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.$)$