need help making Journal entries for 1-14
Exercise 9-24 (Algo) Complete the accounting cycle using long-term liabilitiy transactions (LO9-2, 9-8) (GL) On Janusy 1, 2024, the general ledger of Ficedom Freworks includes the following account bulances: During January 2024, the following transoctions occur. The foliowing indormation is avalable on Jaruary 31,2024 a Depreciation on the building for the month of Jahuary is calculated using the straight-line method. At the tiwe the butaing was purchased, the compayy estimated service life of vo years and a residual value of $26,400 b. The company estimules addional thire uncellectible accounts of $3.285 c. Unpaid salarles at the end of January are $27000. i. The portion of Notes Payable porg termg due within the next 12 months is teclassifed as Notes Payable kirrenu. The amount of the teciassification is 519.368 . 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. 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.) Journal entry worksheet (1) (2) (3) (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 credth. (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. Record the issuance of the long-term note payable. Receive $31,900 from customers on accounts receivable. Pay cash on accounts payable, $20,000. Pay cash for salaries, $29,800. Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account. Record the sale. Note : O = journal entry has been entered Firework sales for the month total $200,400. The cost of the units sold is $117,000. Record the cost of goods sold. Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1 . 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. Record the adjusting journal entry for depreciation for the month. The company estimates additional future uncollectible accounts of $3,285. Record the adjusting entry for uncollectible accounts. accounts of $3,285. Record the adjusting entry for uncollectible accounts. 10 Unpaid salaries at the end of January are $27,000. Record the adjusting entry for salaries. 11 Accrued income taxes at the end of January are $8,900. Record the adjusting entry for income tax. 12 Record the reclassification of $19,368 from long-term notes payable to current notes payable. 13 Record the entry to close the revenue accounts. 14 Record the entry to close the expense accounts. Note : = journal entry has been entered Exercise 9-24 (Algo) Complete the accounting cycle using long-term liabilitiy transactions (LO9-2, 9-8) (GL) On Janusy 1, 2024, the general ledger of Ficedom Freworks includes the following account bulances: During January 2024, the following transoctions occur. The foliowing indormation is avalable on Jaruary 31,2024 a Depreciation on the building for the month of Jahuary is calculated using the straight-line method. At the tiwe the butaing was purchased, the compayy estimated service life of vo years and a residual value of $26,400 b. The company estimules addional thire uncellectible accounts of $3.285 c. Unpaid salarles at the end of January are $27000. i. The portion of Notes Payable porg termg due within the next 12 months is teclassifed as Notes Payable kirrenu. The amount of the teciassification is 519.368 . 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. 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.) Journal entry worksheet (1) (2) (3) (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 credth. (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. Record the issuance of the long-term note payable. Receive $31,900 from customers on accounts receivable. Pay cash on accounts payable, $20,000. Pay cash for salaries, $29,800. Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account. Record the sale. Note : O = journal entry has been entered Firework sales for the month total $200,400. The cost of the units sold is $117,000. Record the cost of goods sold. Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1 . 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. Record the adjusting journal entry for depreciation for the month. The company estimates additional future uncollectible accounts of $3,285. Record the adjusting entry for uncollectible accounts. accounts of $3,285. Record the adjusting entry for uncollectible accounts. 10 Unpaid salaries at the end of January are $27,000. Record the adjusting entry for salaries. 11 Accrued income taxes at the end of January are $8,900. Record the adjusting entry for income tax. 12 Record the reclassification of $19,368 from long-term notes payable to current notes payable. 13 Record the entry to close the revenue accounts. 14 Record the entry to close the expense accounts. Note : = journal entry has been entered
