Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 13,000 37,600 153,800 85,300 138,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,600 11,400 37,500 218,000 157,200 $427,700 $427,700 During January 2021, the following transactions occur. January Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures 1 in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January Receive $32,800 from customers on accounts receivable. 4 January Pay cash on accounts payable, $29,000. 10 January Pay cash for salaries, $30,700. 15 January Firework sales for the month total $210,600. Sales include $66,800 for cash and $143,800 on account. The cost 30 of the units sold is $121,500. January Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. Exercise 9-21 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Pay cash on accounts payable, $29,000. Note: Enter debits before credits. General Journal Debit Credit Date January 10 Exercise 9-21 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > Pay cash for salaries, $30,700. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Exercise 9-21 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the firework sales of $210,600. Sales include $66,800 for cash and $143,800 on account. Note: Enter debits before credits. General Journal Debit Credit Date January 30 Exercise 9-21 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Pay the first monthly installment of $2,281 related to the $118,000 long-term note payable borrowed in January 1. Round your Round your interest calculation to the nearest dollar. Note: Enter debits before credits. General Journal Debit Credit Date January 31
