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: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 11,700 35,000 Credit $ 2,300 152,500 72,300 125,000 10,100 23,200 205,000 155,900 $ 396,500 $ 396,500 During January 2024, the following transactions occur: January 1 January 4 Borrow $105,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,030 are required at the end of each month for 60 months. Receive $31,500 from customers on accounts receivable. January 10 Pay cash on accounts payable, $16,000. January 15 Pay cash for salaries, $29,400. January 30 Firework sales for the month total $196,000. The cost of the units sold is $115,000. January 31 Pay the first monthly installment of $2,030 related to the $105,000 borrowed on January 1. Required: 1. Record each of the transactions listed above. (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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Borrow $105,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,030 are required at the end of each month for 60 months. Record the issuance of the long-term note payable. Note: Enter debits before credits. Date January 01 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 3 4 56 Receive $31,500 from customers on accounts receivable. Note: Enter debits before credits. Date January 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 56 Pay cash on accounts payable, $16,000. Note: Enter debits before credits. Date January 10 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 6 7 > Pay cash for salaries, $29,400. Note: Enter debits before credits. Date January 15 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 LO 6 7 Firework sales for the month total $196,000. Sales include $65,500 for cash and $130,500 on account. Record the sale. Note: Enter debits before credits. Date January 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Firework sales for the month total $196,000. The cost of the units sold is $115,000. Record the cost of goods sold. Note: Enter debits before credits. Date January 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 5 7 Pay the first monthly installment of $2,030 related to the $105,000 borrowed on January 1. Note: Enter debits before credits. Date January 31 General Journal Debit Credit View general journal Record entry Clear entry