6. Record closing entries. (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 [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 6% 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 . 6. Record closing entries. (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.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 6. Record closing entries. (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.) Journal entry worksheet Note: Enter debits before credits. 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 6% 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 . 6. Record closing entries. (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.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. 6. Record closing entries. (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.) Journal entry worksheet Note: Enter debits before credits