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 Bornow $106,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,049 are required at the end of each month for 60 months. January 4 Receive $31,600 from customers on accounts receivable. January 10 Pay cash on accounts payable, $17,060. January 15 Pay cash for salaries, $29,500. January 30 Firework sales for the month total $196,200. The cost of the units sold is $115,500. January 31 Pay the first monthly installment of $2,049 related to the $106,00 borrowed on January 1. I added a clearer image let me know if If waks. Thares! 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 $106,080 from Captive Credit Corporation. The installent note beurs interest at 6% annually and matures in 5 years. Payments of $2,049 are required at the end of each manth for 60 months. January 4 Receive $31,680 from customers on accounts receivable. January 10 Pay cash on accounts payable, $17,800. January 15 pay cash for salaries, $29,580. January 30 Firowark sales for the month total $196,200. The cost of the units sold is $115,580. January 31 Pay the first nonthly insta1lment of $2,049 relatad to the $106,000 borrowed on January 1. 6. Record closing entries. (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.) Journal entry worksheet 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. 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 Bornow $106,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,049 are required at the end of each month for 60 months. January 4 Receive $31,600 from customers on accounts receivable. January 10 Pay cash on accounts payable, $17,060. January 15 Pay cash for salaries, $29,500. January 30 Firework sales for the month total $196,200. The cost of the units sold is $115,500. January 31 Pay the first monthly installment of $2,049 related to the $106,00 borrowed on January 1. I added a clearer image let me know if If waks. Thares! 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 $106,080 from Captive Credit Corporation. The installent note beurs interest at 6% annually and matures in 5 years. Payments of $2,049 are required at the end of each manth for 60 months. January 4 Receive $31,680 from customers on accounts receivable. January 10 Pay cash on accounts payable, $17,800. January 15 pay cash for salaries, $29,580. January 30 Firowark sales for the month total $196,200. The cost of the units sold is $115,580. January 31 Pay the first nonthly insta1lment of $2,049 relatad to the $106,000 borrowed on January 1. 6. Record closing entries. (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.) Journal entry worksheet 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits