Required information

On Januory $1,2024,$ the general ledger of TNT Fireworks includes the following account balances:

During Jenusry $2024,$ the following trensoctions occur:

January $1$ Purchase equipment for $$19,$ Gee. The company estimates a residual value of $$1,6$ea and a six$-$year service

life.

January $4$ Pay cash on accounts payable, $$9,68$e$.$

January & Purchase additional inventory on account, $$83,98$e$.$

January $15$ Receive cash on accounts receivable, $$22,100.$

January $19$ Pay cash for salarics, $$29,9$ee$.$

January $28$ Pay cash for January utilitics, $$16,6$e$9.$

$$115,520.$

Information for scjusting entries:

a$.$ Deprecistion on the equipment for the month of Januery is calculated using the straight$-$line method.

b$.$ The company records an adjusting entry for $$3,670$ for estimsted future uncollectible accounts.

c$.$ The company has accrued interest on notes receivable for January.

d$.$ Unpaid salaries owed to employees at the end of January are $$32,700.$

e$.$ The company accrued income taxes at the end of Janusry $$9,100.$

Record closing entries.

Note: If no entry Is required for a particular transactlon$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

Note: Enter debits betare credits. also Record the entry to close the expense accounts.