On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances Accounts Cash Accounts Receivable. Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 11,400 Credit 34,400 $2,000 152,200 69,300 122,000 9,000 19,900 202,000 155,600 $389,300 $389,300 During January 2024, the following transactions occur January 1 Borrow $102,000 from Captive Credit Corporation. The installment note bears interest at 2% annually and matures in 5 years. Payments of $2,020 are required at the end of each month for 60 months. 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. The cost of the units sold is $113,500. January 31 Pay the first monthly installment of $2.020 related to the $102,000 borrowed on January 1. The following information is available on January 31, 2024 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. The company estimates additional future uncollectible accounts of $3,506 Unpaid salaries at the end of January are $26,300 d. Accrued income taxes at the end of January are $8.200 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 $17759 Journal entry worksheet nces < 1 7 8 9 10 11 12 13 14 Record the reclassification of $17,759 from long-term notes payable to current notes payable. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 7 8 ***** 9 10 11 12 13 14 > Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Sales Revenue Record entry Clear entry View general journal General General Requirement Trial Balance Journal Ledger Income Statement Balance Sheet Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing Sales Revenue Cost of Goods Sold Gross Profit Salaries Expense Bad Debt Expense Freedom Fireworks Multiple-Step Income Statement For the Month Ended January 31, 2024 Depreciation Expense Total Operating Expenses Operating Income Interest Expense Income Before Taxes Income Tax Expense Net Income 195.400 0 S 195,400 0 0 0 0 195.400 0 195,400 0 $ 195,400 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances w appear for each account, based on your selection. Post-closing Assets Current Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Freedom Fireworks Classified Balance Sheet January 31, 2024 Liabilities Current Liabilities: $ 165,680 Accounts Payable 6,900 133,400 Salaries Payable 26,300 (5,506) Income Tax Payable 8,200 38.700 Notes Payable (Long-term) 100,575 Total Current Liabilities 141,975 Long-term Liabilities 4443 Total Current Assets 332.274) Total Liabilities 141,975) Noncurrent Assets Stockholders' Equity Land Buildings 122,000 69,300 Common Stock Retained Earnings 202,000 168,984) Accumulated Depreciation (10.615) Total Stockholders Equity 370,984 Total Assets $ 512,959 Total Liabilities & Stockholders' Equity $ 512.959