Required information Exercise 9-24 (Algo) 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, 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 $ 13,000 37,600 Credit $ 3,600 153,800 85,300 138,000 11,400 37,500 218,000 157,200 $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 January 4 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. Receive $32,800 from customers on accounts receivable. January 10 Pay cash on accounts payable, $29,000. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Exercise 9-24 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) FREEDOM FIREWORKS Adjusted Trial Balance January 31, 2024 Accounts Debit Credit