On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances Accounts Debit Credit Cash $ 102,700 Accounts Receivable 37,000 Inventory 153,500 Land 82,300 Buildings 135,000 Allowance for Uncollectible Accounts $ 3,300 Accumulated Depreciation 11,100 Accounts Payable 34,200 Bonds Payable 135,000 Discount on Bonds Payable 31,500 Common Stock 215,000 Retained Earnings 143,400 Totals $ 542,000 $ 542,000 During January 2021, the following transactions occurred January 1 Borrowed $115,000 from Captive Credit Corporation The installment note bears interest at 6 annually and matures in 5 years Payments of $2,223 27 are required at the end of each month for 60 months January 1 Called the bonds at the contractual call price of $115,000 The 7 bonds pay interest semiannually each June 30 and December 31 January 4 Received $32,500 from customers on accounts receivable January 10 Paid cash on accounts payable, $26,000 January 15 Paid cash for salaries, $30,400 January 30 Firework sales for the month totaled $210,000 Sales included $66,500 for cash and $143,500 on account The cost of the units sold was $120,000 January 31 Paid the first monthly installment of $2,223 related to the $115,000 borrowed on January 1 Round your interest calculation to the nearest dollar The following information is available on January 31, 2021 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 $27,000 At the end of January, $4,500 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 $27,600 Accrued income taxes at the end of January are $6,500 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 )

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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 102,700 Accounts Receivable 37,000 Inventory

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	102,700
Accounts Receivable		37,000
Inventory		153,500
Land		82,300
Buildings		135,000
Allowance for Uncollectible Accounts			$	3,300
Accumulated Depreciation				11,100
Accounts Payable				34,200
Bonds Payable				135,000
Discount on Bonds Payable		31,500
Common Stock				215,000
Retained Earnings				143,400
Totals	$	542,000	$	542,000

During January 2021, the following transactions occurred:

January	1	Borrowed $115,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,223.27 are required at the end of each month for 60 months.
January	1	Called the bonds at the contractual call price of $115,000. The 7% bonds pay interest semiannually each June 30 and December 31.
January	4	Received $32,500 from customers on accounts receivable.
January	10	Paid cash on accounts payable, $26,000.
January	15	Paid cash for salaries, $30,400.
January	30	Firework sales for the month totaled $210,000. Sales included $66,500 for cash and $143,500 on account. The cost of the units sold was $120,000.
January	31	Paid the first monthly installment of $2,223 related to the $115,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2021.

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 $27,000.
At the end of January, $4,500 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 $27,600.
Accrued income taxes at the end of January are $6,500.

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.)