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 $ 60,600 Credit 28,800 $ 4,100 38,200 34,800 174,000 16,700 239,000 76,600 $ 336,400 $ 336,400 During January 2024, the following transactions occur: January 1 Purchase equipment for $21,400. The company estimates a residual value of $3,400 and a five-year service life. January 4 Pay cash on accounts payable, $11,400. January 8 Purchase additional inventory on account, $101,900. January 15 Receive cash on accounts receivable, $23,900. January 19 Pay cash for salaries, $31,700. January 28 Pay cash for January utilities, $18,400. January 30 Firework sales for January total $239,eee. All of these sales are on account. The cost of the units sold is $124,500. 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 $5,520 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 $34,500. e. The company accrued income taxes at the end of January $10,900.