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accounting question please help :) On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024 , the
accounting question please help :)
On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 1 forrow $107, eee from Captive Credit Corporation. The installent note bears interest at 6k annually and natures in 5 January 4 years. Paynents of 82,069 ace reoulired at the end of each month for 60 months. January 10 Receive $31,700 from customers on accounts receivable. Jamary 19 Pay cash on accounts payable, $18,000. Lanwary 30 Fay cash for salaries, $29,600. January 31 Pay the first monthly instalinent of $2,069. related to the $107, 000 boeroted on January 1. The following information is available on Januaty 31,2024. a. Depreclation on the building for the month of January is calculated using the straight dine method. At the time the bullding was purchased, the company estimated a service life of 10 years and a residual value of $25,000. b. The company estimates additional future uncollectible accounts of $4,722 c. Unpald salaties at the end of Januaty are $26.800 d. Accrued income taxes at the end of Jonuary are $8,700 e. The portion of Notes Payable (fong-term) due wittin the next 12 months is reclassitied as Notes Payable (current). The amount of the reclassification is 519.012 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7 ) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. In the 'General Journal' tab (these are shown as items 8 to 12). 3. Review the adjusted 'Trial Balance' as of January 31,2024 , in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended lanuary 31,2024 , in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13 and 14). 7. Using the information from the requirements above, complete the 'Analysis' tab Step by Step Solution
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