Below are the accounts in the general ledger:

1. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

2. Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

3. Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

4. Using the previous requirements from above, complete the "Analysis."

Thank you so much in advance!! I have been making a lot of small errors and am hoping to learn how to catch those small errors in order to complete assignments like these.

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 102,600 36,800 153,400 81,300 134,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,200 11,000 33, 100 134,000 31,400 214,000 144,200 $539,500 $539,500 During January 2021, the following transactions occurred: January 1 Borrowed $114,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,151.32 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $114,000. The 7% bonds pay interest semiannually each June 30 and December 31. January 4 Received $32,400 from customers on accounts receivable. January 10 Paid cash on accounts payable, $25,000. January 15 Paid cash for salaries, $30,300. January 30 Firework sales for the month totaled $201,400. Sales included $66,400 for cash and $135,000 on account. The cost of the units sold was $119,500. January 31 Paid the first monthly installment of $2,151 related to the $114,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2021. 1. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,400. 2. At the end of January, $4,400 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. 3. Unpaid salaries at the end of January are $27,500. 4. Accrued income taxes at the end of January are $6,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Date Jan 01 Balance 102,600 Date Jan 01 Balance 36,800 Inventory No. Allowance for uncollectible accounts Date / Debit Credit Jan 01 No. Debit Credit Balance 3,200 Date Jan 01 Balance 153,400 Land Debit Buildings Debit No. Credit No. Credit Date Jan 01 Balance 81,300 Date Jan 01 Balance 134,000 Accumulated depreciation Debit Credit Accounts payable Debit Credit No. No. Date Jan 01 Balance 11,000 Date Jan 01 Balance 33,100 Bonds payable Debit Credit Discount on bonds payable / Debit Credit No. No. Date Jan 01 Balance 134,000 Date Jan 01 Balance 31,400 Common stock Retained earnings No. Debit Credit No. Debit Credit Date Jan 01 Balance 214,000 Date Jan 01 Balance 144,200 Borrowed $114,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,151 are required at the end of each month for 60 months. 2 Called the bonds at the contractual call price of $114,000. The 7% bonds pay interest semiannually each June 30 and December 31. Received $32,400 from customers on accounts receivable. 4 Paid cash on accounts payable, $25,000. 5 Paid cash for salaries, $30,300. 6 Firework sales for the month totalled $201,400. Sales included $66,400 for cash and $135,000 on account. 7 Cost of the units sold was $119,500. 8 Paid the first monthly installment of $2,151 related to the $114,000 borrowed on January 1. 9 Record the adjusting entry for depreciation on the building for the month of January using the straight-line method. At the time the building was purchased, the company estimated a service life of ten years and a residual value of $25,400. 10 Record the adjusting entry for uncollectible accounts at the end of January. The company estimates that 50% of $4,400 accounts receivable will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. 11 Record the adjusting entry for unpaid salaries at the end of January are $27,500. 12 Record the adjusting entry for accrued income taxes at the end of January are $6,400. 13 Record the closing entry for revenue. 14 Record the closing entry for expenses. Unadjusted Dates: Jan 01 to: Jan 31 Freedom Fireworks Multiple-Step Income Statement For the Month Ended January 31, 2021 Gross profit Total operating expenses Operating income Unadjusted Dates: Jan 01 to: Jan 31 Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities Long-term liabilities Total liabilities Total current assets Non-current assets: Stockholders' equity Total stockholders' equity Total liabilities & stockholders' equity Total assets Dates: Jan 01 to: Jan 31 Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1.0, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 20 times, is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is: Is the company more or less able to meet interest payments than other companies? Based on the debt to equity ratio and the times interest earned ratio, ratio, Freedom Fireworks would more likely receive a higher or lower interest rate than the average borrowing rate in the industry? On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 102,600 36,800 153,400 81,300 134,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,200 11,000 33, 100 134,000 31,400 214,000 144,200 $539,500 $539,500 During January 2021, the following transactions occurred: January 1 Borrowed $114,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,151.32 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $114,000. The 7% bonds pay interest semiannually each June 30 and December 31. January 4 Received $32,400 from customers on accounts receivable. January 10 Paid cash on accounts payable, $25,000. January 15 Paid cash for salaries, $30,300. January 30 Firework sales for the month totaled $201,400. Sales included $66,400 for cash and $135,000 on account. The cost of the units sold was $119,500. January 31 Paid the first monthly installment of $2,151 related to the $114,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2021. 1. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,400. 2. At the end of January, $4,400 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. 3. Unpaid salaries at the end of January are $27,500. 4. Accrued income taxes at the end of January are $6,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted - General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. Date Jan 01 Balance 102,600 Date Jan 01 Balance 36,800 Inventory No. Allowance for uncollectible accounts Date / Debit Credit Jan 01 No. Debit Credit Balance 3,200 Date Jan 01 Balance 153,400 Land Debit Buildings Debit No. Credit No. Credit Date Jan 01 Balance 81,300 Date Jan 01 Balance 134,000 Accumulated depreciation Debit Credit Accounts payable Debit Credit No. No. Date Jan 01 Balance 11,000 Date Jan 01 Balance 33,100 Bonds payable Debit Credit Discount on bonds payable / Debit Credit No. No. Date Jan 01 Balance 134,000 Date Jan 01 Balance 31,400 Common stock Retained earnings No. Debit Credit No. Debit Credit Date Jan 01 Balance 214,000 Date Jan 01 Balance 144,200 Borrowed $114,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,151 are required at the end of each month for 60 months. 2 Called the bonds at the contractual call price of $114,000. The 7% bonds pay interest semiannually each June 30 and December 31. Received $32,400 from customers on accounts receivable. 4 Paid cash on accounts payable, $25,000. 5 Paid cash for salaries, $30,300. 6 Firework sales for the month totalled $201,400. Sales included $66,400 for cash and $135,000 on account. 7 Cost of the units sold was $119,500. 8 Paid the first monthly installment of $2,151 related to the $114,000 borrowed on January 1. 9 Record the adjusting entry for depreciation on the building for the month of January using the straight-line method. At the time the building was purchased, the company estimated a service life of ten years and a residual value of $25,400. 10 Record the adjusting entry for uncollectible accounts at the end of January. The company estimates that 50% of $4,400 accounts receivable will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. 11 Record the adjusting entry for unpaid salaries at the end of January are $27,500. 12 Record the adjusting entry for accrued income taxes at the end of January are $6,400. 13 Record the closing entry for revenue. 14 Record the closing entry for expenses. Unadjusted Dates: Jan 01 to: Jan 31 Freedom Fireworks Multiple-Step Income Statement For the Month Ended January 31, 2021 Gross profit Total operating expenses Operating income Unadjusted Dates: Jan 01 to: Jan 31 Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities Long-term liabilities Total liabilities Total current assets Non-current assets: Stockholders' equity Total stockholders' equity Total liabilities & stockholders' equity Total assets Dates: Jan 01 to: Jan 31 Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1.0, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 20 times, is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is: Is the company more or less able to meet interest payments than other companies? Based on the debt to equity ratio and the times interest earned ratio, ratio, Freedom Fireworks would more likely receive a higher or lower interest rate than the average borrowing rate in the industry