On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts receivable Inventory Land Buildings Allowance for uncollectible accounts Accumulated depreciation Accounts payable Bonds payable Discount on bonds payable Common stock Retained earnings Totals Debit Requirement 4 During January 2024, the following transactions occurred: General Journal 103,200 38,000 154,000 87,300 140,000 General Ledger 32,000 January 1 Borrowed $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,264.55 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $120,000. The 6% bonds pay interest semiannually each June 30 and December 31. 220,000 139,400 $ 554,500 $ 554,500 January 4 Received $33,000 from customers on accounts receivable. January 10 Paid cash on accounts payable, $31,000. January 15 Paid cash for salaries, $30,900. January 30 Firework sales for the month totalled $206,000. Sales included $67,000 for cash and $139,000 on account. The cost of the units sold was $122,500. January 31 Paid the first monthly installment of $2,265 related to the $120,000 borrowed on January 1. The following information is available on January 31, 2024. 1. 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 $26,000. 2. At the end of January, $5,000 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. 3. Unpaid salaries at the end of January are $28,100. 4. Accrued income taxes at the end of January are $7,000. Trial Balance Credit $ 3,800 11,600 39,700 140,000 Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. Round your interest calculation to the nearest dollar.

On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024, the following transactions occurred: Zanuary 1 Sorroued $120,000 from Captive Credit Corporation. The Instaliment note bears Interest at 5% annuslly and matures in 5 years. Poyments of $2,264.55 are required at the end of each month for 60 months. Jonuary 1 Called the bonds at the controctual call price of $120,000. The 6K bonds poy interest seniannually each June 30 and Decenber 31 . January 4 Recelved 393 , 000 fron custoeers on accounts receivable. January 10 Paid cash on accounts payable, $31,000. January is Pald cash for salarles, 520,900. January 30 Firework sales for the month totalled $206,000, sales Included $67,000 for cash and $139,000 on account. The cost of the January 31 Pald the first monthly installment of 57,205 related to the $120, eoo borrowed on 3 anuary 1. The following information is avalable on January 31,2024. 1. Depreciation on the building for the month of January is calculated using the straight-fine method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,000. 2. At the end of January, $5,000 of accounts recelvable 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. 3. Unpaid salarles at the end of January are $28,100 4. Accrued income taxes at the end of January are $7,000 Prepare the journal entries for trangactions. Note: If no entry is required for a particular transactionyevent, select "No journal entry required" in the first sccount fleld. Round your interest calculation to the nearest dollar. On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024, the following transactions occurred: zanuary 1 Sorroied $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annuslly and matures in 5 years. Paynents of $2,264.55 are required at the end of each month for 60 months. Jomuary 1 Called the bonds at the controctual call price of $120,000. The 68 bonds pay interest seniannually each June 39 and Decenber 31. January 4 Recelved 533,000 fron custosers on accounts receivable. Sanuary 10 Paid cash on accounts payable, $31,000. Jonvary is Pald cash for salarles, 830,900. January 30 Firework sales for the month totalled $206,000, sales included $67,000 for cash and $139,000 on account. The cost of the 2anuary 31 Pald the first monthly instaliment of $2,205 related to the $120, eoo borrowed on 3 anuary 1. The following information is avalable on January 31,2024. 1. Depreciation on the building for the month of January is calculated using the straight-fine method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,000 2. At the end of January, $5,000 of accounts recelvable 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. 3. Unpaid salarles at the end of January are $28,100 4. Accrued income taxes at the end of January are $7,000 Prepare the journal entries for transactions. Note: If no entry is required for a particular transactionyevent, select "No journal entry requirod" in the first account field. Round your interest calculation to the nearest dollar- On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: During January 2024, the following transactions occurred: zanuary 1 Sorroied $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annuslly and matures in 5 years. Paynents of $2,264.55 are required at the end of each month for 60 months. Jomuary 1 Called the bonds at the controctual call price of $120,000. The 68 bonds pay interest seniannually each June 39 and Decenber 31. January 4 Recelved 533,000 fron custosers on accounts receivable. Sanuary 10 Paid cash on accounts payable, $31,000. Jonvary is Pald cash for salarles, 830,900. January 30 Firework sales for the month totalled $206,000, sales included $67,000 for cash and $139,000 on account. The cost of the 2anuary 31 Pald the first monthly instaliment of $2,205 related to the $120, eoo borrowed on 3 anuary 1. The following information is avalable on January 31,2024. 1. Depreciation on the building for the month of January is calculated using the straight-fine method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,000 2. At the end of January, $5,000 of accounts recelvable 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. 3. Unpaid salarles at the end of January are $28,100 4. Accrued income taxes at the end of January are $7,000 Prepare the journal entries for transactions. Note: If no entry is required for a particular transactionyevent, select "No journal entry requirod" in the first account field. Round your interest calculation to the nearest dollar