Exercise 7-21 (Algo) Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) (GL) On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 60,300 Credit 28,200 $ 3,800 37,900 31,200 171,000 16,400 236,000 72,400 $ 328,600 $ 328,600 During January 2024, the following transactions occur: January 1 Purchase equipment for $21,100. The company estimates a residual value of $3,100 and a five-year service life. January 4 Pay cash on accounts payable, $11,100. January 8 Purchase additional inventory on account, $98,900. January 15 Receive cash on accounts receivable, $23,600. January 19 Pay cash for salaries, $31,400. January 28 Pay cash for January utilities, $18,100. January 30 Firework sales for January total $236,000. All of these sales are on account. The cost of the units sold is $123,000. The following information is available on January 31, 2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,580 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. d. Unpaid salaries owed to employees at the end of January are $34,200. e. The company accrued income taxes at the end of January $10,600.