Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 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 $111,000 from Captive Credit Corporation. The instaltment note bears interest at 64 annually and matures in 5 years. Payments of $2,146 are required at the end of each month for 60 months. January 4 Receive $32,100 from customers on accounts receivable. January 10 Pay cash on accounts payable, $22,800. January is Pay cash for salaries, $30,000. January 30 Firework sates for the month total $200,800. The cost of the units sold is $118,000. January 31 Pay the first monthly instatlment of $2,146 related to the $111,060 borrowed on January 1. Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to close the expense accounts. Note: Enter debits before credits