3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.)

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: During January 2024 , the following transactions occur: January 1 Borrow $106,000 from Captive Credit Corporation. The installment note bears interest at 68 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, $17,000. 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 $106,000 borrowed on January 1 . Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) 3. Prepare an adjusted trial balance as of January 31,2024 , after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) \begin{tabular}{|lr|r|r|} \hline \multicolumn{1}{|c|}{ Accounts } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Sales Revenue & & & $196,200 \\ \hline Cost of Goods Sold & & 115,500 & \\ \hline Interest Expense & 5 & & \\ \hline Bad Debt Expense & & & \\ \hline Salaries Expense & & & \\ \hline Depreciation Expense & & & \\ \hline Income Tax Expense & & & \\ \hline Cash & & 730,100 & \\ \hline Accounts Receivable & & & \\ \hline Inventory & & & \\ \hline Land & & & \\ \hline Buildings & & & \\ \hline Allowance for Uncollectible Accounts & & & \\ \hline Accumulated Depreciation & & & \\ \hline Accounts Payable & & & \\ \hline Common Stock & & & \\ \hline Retained Earnings & & & \\ \hline Notes Payable (Current) & & & \\ \hline Salaries Payable & & & \\ \hline Income Tax Payable & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 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: During January 2024 , the following transactions occur: January 1 Borrow $106,000 from Captive Credit Corporation. The installment note bears interest at 68 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, $17,000. 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 $106,000 borrowed on January 1 . Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) 3. Prepare an adjusted trial balance as of January 31,2024 , after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) \begin{tabular}{|lr|r|r|} \hline \multicolumn{1}{|c|}{ Accounts } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Sales Revenue & & & $196,200 \\ \hline Cost of Goods Sold & & 115,500 & \\ \hline Interest Expense & 5 & & \\ \hline Bad Debt Expense & & & \\ \hline Salaries Expense & & & \\ \hline Depreciation Expense & & & \\ \hline Income Tax Expense & & & \\ \hline Cash & & 730,100 & \\ \hline Accounts Receivable & & & \\ \hline Inventory & & & \\ \hline Land & & & \\ \hline Buildings & & & \\ \hline Allowance for Uncollectible Accounts & & & \\ \hline Accumulated Depreciation & & & \\ \hline Accounts Payable & & & \\ \hline Common Stock & & & \\ \hline Retained Earnings & & & \\ \hline Notes Payable (Current) & & & \\ \hline Salaries Payable & & & \\ \hline Income Tax Payable & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}