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

Accounts Debit Credit

Cash $ $11,700$

Accounts Receivable $35,000$

Allowance for Uncollectible Accounts $ $2,300$

Inventory $152,500$

Land $72,300$

Buildings $125,000$

Accumulated Depreciation $10,100$

Accounts Payable $23,200$

Common Stock $205,000$

Retained Earnings $155,900$

Totals $ $396,500$ $ $396,500$

During January $2024,$ the following transactions occur:

January $1$ Borrow $$105,000$ from Captive Credit Corporation. The installment note bears interest at $6\%$ annually and matures in $5$ years. Payments of $$2,030$ are required at the end of each month for $60$ months.

January $4$ Receive $$31,500$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$16,000.$

January $15$ Pay cash for salaries, $$29,400.$

January $30$ Firework sales for the month total $$196,000.$ The cost of the units sold is $$115,000.$

January $31$ Pay the first monthly installment of $$2,030$ related to the $$105,000$ borrowed on January $1.$