Exercise 9-21A Complete the accounting cycle using long-term liability transactions (L09-2, 9-8) (GL) On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 12,900 37.400 153,700 84,300 137,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,500 11,300 36, 400 217,000 157,100 $425, 300 $425,300 During January 2021, the following transactions occur January 1 Borrow $117.000 from Captive Credit Corporation. The installment note bears interest at 40 annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. January 4 Receive $32,700 from customers on accounts receivable. January 10 Pay cash on accounts payable, $28,000. January 15 Pay cash for salaries, $30.600. January 30 Firework sales for the month total $198.000. Sales include 566,700 for cash and $131,300 on account. The cost of the units sold is $119.000. January 31 Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2021. The following information is available on January 31, 2021. a. 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 $27,200. b. The company estimates the amount of their uncollectible accounts. The company determines $4,700 out of the total accounts receivable shown on the General Ledger on January 31 is past due, and 50% of these past due amounts is estimated to be uncollectible. The remaining accounts receivable balance on January 31 is not past due, and 2% of these current accounts is estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Unpaid salaries at the end of January are $27,800. d. Accrued income taxes at the end of January are $9,700. e. $21,641 of the long-term note payable balance will be paid over the next year. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet