Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The...

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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 $ 12,700 37,000 Credit $ 3,300 153,500 82,300 135,000 11,100 34,200 215,000 156,900 $ 420,500 $ 420,500 During January 2024, the following transactions occur: January 1 Borrow $115,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,223 are required at the end of each month for 60 months. Receive $32,500 from customers on accounts receivable. January 4 January 10 Pay cash on accounts payable, $26,000. January 15 Pay cash for salaries, $30,400. January 30 Firework sales for the month total $210,000. The cost of the units sold is $120,000. January 31 Pay the first monthly installment of $2,223 related to the $115,000 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 Entry Required" in the first account field. Do not round intermediate calculations.) 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 $ 12,700 37,000 Credit $ 3,300 153,500 82,300 135,000 11,100 34,200 215,000 156,900 $ 420,500 $ 420,500 During January 2024, the following transactions occur: January 1 Borrow $115,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,223 are required at the end of each month for 60 months. Receive $32,500 from customers on accounts receivable. January 4 January 10 Pay cash on accounts payable, $26,000. January 15 Pay cash for salaries, $30,400. January 30 Firework sales for the month total $210,000. The cost of the units sold is $120,000. January 31 Pay the first monthly installment of $2,223 related to the $115,000 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 Entry Required" in the first account field. Do not round intermediate calculations.)

Answer rating: 100% (QA)

Here are the journal entries for each of the transactions listed 1 January 1 Cash 1... View the full answer