Exercise 9-24 (Algo) Complete the accounting cycle using long-term liabilitiy transactions (LO9-2, 9-8) (GL) On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 12,100 Credit 35,800 $ 2,700 152,900 76,300 129,000 10,500 27,600 209,000 156,300 $ 406,100 $ 406,100 During January 2024, the following transactions occur: January 1 Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months. January 4 Receive $31,900 from customers on accounts receivable. January 10 Pay cash on accounts payable, $20,000. January 15 Pay cash for salaries, $29,800. January 30 Firework sales for the month total $200,400. The cost of the units sold is $117,000. January 31 Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1. The following information is available on January 31, 2024. 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 $26,400. b. The company estimates additional future uncollectible accounts of $3,285. c. Unpaid salaries at the end of January are $27,000. d. Accrued income taxes at the end of January are $8,900. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $19,368. General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet < 1 7 8 9 10 11 12 13 14 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet < 1 7 8 9 10 11 12 13 14 Record the entry to close the expense accounts. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Gross Profit Freedom Fireworks Multiple-Step Income Statement For the Month Ended January 31, 2024 Total Operating Expenses Operating Income $ 0 0 0 0 $ 0 < Trial Balance Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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. Adjusted Assets Current Assets: Freedom Fireworks Classified Balance Sheet January 31, 2024 Liabilities Current Liabilities: Total Current Liabilities Long-term Liabilities 0 Total Current Assets 0 Total Liabilities 0 Noncurrent Assets: Stockholders' Equity Total Assets Total Stockholders' Equity 0 $ 0 Total Liabilities & Stockholders' Equity $ 0 < Income Statement Balance Sheet >