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 $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months. January 4 Receive $31,900 from customers on accounts receivable. January 10 Pay cash on accounts payable, $20,000. January 15 Pay cash for salaries, $29,800. January 30 Firework sales for the month total $200,400. The cost of the units sold is $117,000. January 31 Pay the first monthly installment of $2,107 related to the $109, 000 borrowed on January 1. Exercise 9-24 (Algo) Part 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entr Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1