1) During January 2018, the following transactions occur: Make a Journal Entry on the transactions below

January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,170 are required at the end of each month for 60 months. January 4 Receive $32,900 from customers on accounts receivable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. Sales include $66,900 for cash and $143,900 on account. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,170 related to the $119,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

2) a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of 10 years and a residual value of $27,400. b. At the end of January, $4,900 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. c. Unpaid salaries at the end of January are $28,000. d. Accrued income taxes at the end of January are $9,900.

Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Prepare an adjusted trial balance as of January 31, 2018.

4. Prepare a multiple-step income statement for the period ended January 31, 2018.

IThe following information applies to the questions displayed below On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Debit Credit $13100 Cash Accounts Receivable 37,800 153,900 86,300 139,000 Buildings Accumulated Depreclation Accounts Payable Common Stock Reteined Earnings $ 3,700 11,500 38,600 219,000 157,300 Totals $430100 $430,100 During January 2018, the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2170 are required at the end of each month for 60 months. January 4 Receive $32,900 from customers on accounts recelvable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. Sales include $66,900 for cash and $143,900 on account. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,170 related to the $119,000 borrowed on January 1. Round your interest calculation to the nearest dollar