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: During January 2024, the following transactions occur: January 1 Borrow $109,000 from Captive Credit Corporation. The instaltment note bears interest at 68 annualiy 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, eee. January 15 Pay cash for salaries, $29,860. January 30 Firework sales for the month total $200,400. The cost of the units sold 15$117,000. January 31 Pay the first monthly instaliment 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 bullding 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. a. Depreciation on the bullding 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 Prepare the journal entries for transactions. (If no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet (1) 2 (6) 7 (8) 14 Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account, Record the sale. Note: Enter debits before credits