On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$ 102,800
Accounts receivable	37,200
Inventory	153,600
Land	83,300
Buildings	136,000
Allowance for uncollectible accounts		$ 3,400
Accumulated depreciation		11,200
Accounts payable		35,300
Bonds payable		136,000
Discount on bonds payable	31,600
Common stock		216,000
Retained earnings		142,600
Totals	$ 544,500	$ 544,500

During January 2024, the following transactions occurred:

January 1	Borrowed $116,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,242.60 are required at the end of each month for 60 months.
January 1	Called the bonds at the contractual call price of $116,000. The 5% bonds pay interest semiannually each June 30 and December 31.
January 4	Received $32,600 from customers on accounts receivable.
January 10	Paid cash on accounts payable, $27,000.
January 15	Paid cash for salaries, $30,500.
January 30	Firework sales for the month totalled $210,200. Sales included $66,600 for cash and $143,600 on account. The cost of the units sold was $120,500.
January 31	Paid the first monthly installment of $2,243 related to the $116,000 borrowed on January 1.

The following information is available on January 31, 2024.

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 $25,600.

At the end of January, $4,600 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 2% will not be collected. No accounts were written off as uncollectible in January.

Unpaid salaries at the end of January are $27,700.

Accrued income taxes at the end of January are $6,600.

1. 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.

2. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 9-12).

3. Prepare an adjusted trial balance

4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-14).