bad debt is not correct not sure why, please show working on how you do the closing entry for expense. also for the analysis

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11,400 34,400 152,200 69, see 122,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2,000 9,800 19,900 202, cee 155,600 $389, 30e $389,300 During January 2021, the following transactions occur January 1 Borrow $102,eee from Captive Credit Corporation. The installment note bears interest at 75 annu. matures in 5 years. Payments of $2,020 are required at the end of each month for 6 months January 4 Receive $31, 200 from customers on accounts receivable.