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Note: Enter debits before credits. Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. Note: Enter debits before credits.
Note: Enter debits before credits. Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] 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 $117,000 from Captive Credit Corporation. The installment note bears interest at 4% 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. The cost of the units sold is $119,000. January 31 Pay the first monthly instalment of $2,155 related to the $117,000 borrowed on January 1. Required: 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. Do not round intermediate calculations.) Journal entry worksheet Note: Enter debits before credits. Receive $32,700 from customers on accounts receivable. Note: Enter debits before credits. Firework sales for the month total $198,000. The cost of the units sold is $119,000. Record the cost of goods sold. Note: Enter debits before credits. Firework sales for the month total $198,000. Sales include $66,700 for cash and $131,300 on account. Record the sale. Note: Enter debits before credits
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