Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11,600 34,800 152,400 71,300 124,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2,200 10,000 22,100 204,000 155,800 $394,100 $394,100 During January 2021, the following transactions occur: January Borrow $104,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures 1 in 5 years. Payments of $2,011 are required at the end of each month for 60 months. January Receive $31,400 from customers on accounts receivable. 4 January Pay cash on accounts payable, $15,000. 10 January Pay cash for salaries, $29,300. 15 January Firework sales for the month total $195, 800. Sales include $65,400 for cash and $130,400 on account. The cost 30 of the units sold is $114,500. January Pay the first monthly installment of $2,011 related to the $104,000 borrowed on January 1. Round your interest 31 calculation to the nearest dollar. Exercise 9-21 Part 1 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)