2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 45 Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,600. Record the adjusting journal entry for depreciation for the month. Note: Enter debits before credits. Date January 31 General Journal Debit Credit > Record entry Clear entry View general journal Required information [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 During January 2024, the following transactions occur: Debit $ 12,800 37,200 Credit $ 3,400 153,600 83,300 136,000 11,200 35,300 216,000 157,000 $ 422,900 $ 422,900 January 1 Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months. Receive $32,600 from customers on accounts receivable. January 4 January 10 Pay cash on accounts payable, $27,000. January 15 Pay cash for salaries, $30,500. January 30 Firework sales for the month total $210,200. The cost of the units sold is $120,500. January 31 Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1. The following information is available on January 31, 2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,600. b. The company estimates additional future uncollectible accounts of $1,772. c. Unpaid salaries at the end of January are $27,700. d. Accrued income taxes at the end of January are $9,600. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $20,612