On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 101,400 Accounts Receivable 34,400 Inventory 152,200 Land 69,300 Buildings 122,000 Allowance for Uncollectible Accounts $ 2,000 Accumulated Depreciation 9,800 Accounts Payable 19,900 Bonds Payable 122,000 Discount on Bonds Payable 30,200 Common Stock 202,000 Retained Earnings 153,800 Totals $ 509,500 $ 509,500 During January 2018, the following transactions occur: January 1 Borrow $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 call price of $102,000. The 6% bonds pay interest semiannually each June 30 and December 31. January 4 Receive $31,200 from customers on accounts receivable. January 10 Pay cash on accounts payable, $13,000. January 15 Pay cash for salaries, $29,100. January 30 Firework sales for the month total $195,400. Sales include $65,200 for cash and $130,200 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. The following information is available on January 31, 2018. 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. 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 3% will not be collected. No accounts were written off as uncollectible in January. Unpaid salaries at the end of January are $26,300. Accrued income taxes at the end of January are $5,200.

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.)