$6$

Exercise $9-24($Algo$)$ Complete the accounting cycle using long$-$term liabilitiy transactions $($LO$9-2,9-8)($GL$)$

On January $1,2024,$ the general ledger of Freedom Fireworks includes the following account balances:

$\backslash$table$[[$Accounts$,$Debit,Credit$],[$Cash$,$$$11,800,],[$Accounts Receivable,$35,200,],[$Allowance for Uncollectible Accounts,,$],[$Inventory$,152,600,],[$Land$,73,300,],[$Buildings$,126,000,],[$Accumulated Depreciation,,$10,200],[$Accounts Payable,,$24,300],[$Common Stock,,$156,000],[$Retained Earnings,,$$398,900$No