On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances Credit bebit 5101,400 34,400 152,200 69,300 122,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Tonds Payable Discount on Bonde payable Con stock Retained Earnings Totale $ 2,000 9.000 19,900 122.000 30,200 202,000 15.000 3509,500 $509,500 During January 2018, the following transactions occur January 1 BOTTOM $102,000 from Captive Credit Corporation. The installment note bears Interest at 7 annually and matures in 5 years. Payments of $2.000 are required at the end of each month for 60 months January 1 called the bonds at the contractual coll price of $102,000. The bonds pay interest semiannually each June 30 and December 31 January 4 Receive 531,200 from customers on accounts receivable. January 10 Pay cash on accounts payable, $13,000. January 15 Pay cash for salaries, $29,100. January 30 Pirework sales for the month total $195,400. Sales include $65,200 for cash and 5130,200 on account. The cost of the units sold is $113,500. January 31 Pay the first monthly installment of $2,000 related to the $102,000 borrowed on January 1. Round your interest calculation to the nearest dollar. During January 2018, the following transactions occur January 1 torrow $102,000 from Captive Credit Corporation. The installment note bears interest at 7 annually and matures in 5 years. Payments of $2.000 are required at the end of each month for 60 month. January 1 called the bonds at the contractual call price of $102,000. The 65 bonde pay interest semiannually sach June 30 and December 31 January 4 Receive 531,200 from customers on accounts receivable January 10 Pay cash on accounts payable, 613,000 January 30 Prevokes to the north total $195,400. Led 05.200 for cash and $130,706 round. The con January 31 pay the first monthly not 12.000 med to the $10,000 borrowed on my 1. Round your Interest calculation to the nearest dollar. The following information is available on January 31, 2018. 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 $24,200. b. At the end of January, $3.200 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected of the remaining accounts receivable, the company estimates that will not be collected. No accounts were written off as uncollectible in January c. Unpaid salaries at the end of January are $26,300 d. Accrued income taxes at the end of January are $5,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Record each of the transactions listed above in the General Journal' tab (these are shown as items 1.8) assuming a FIFO perpetual Inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31, in the 'General Journal' tab these are shown as items 9-12). Record the closing entries in the 'General Journal tab (these are shown as Items 13-15). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less View transaction list Journal entry worksheet 10 11 12 13 14 15
