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Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account
Required information [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 During January 2024, the following transactions occur: Debit $ 12,800 Credit 37,200 $ 3,400 153,600 83,300 136,000 11,200 35,300 216,000 157,000 $ 422,900 $ 422,900 January 1 Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months. January 4 Receive $32,600 from customers on accounts receivable. January 10 Pay cash on accounts payable, $27,000. January 15 Pay cash for salaries, $30,500. January 30 Firework sales for the month total $210,200. The cost of the units sold is $120,500. January 31 Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1
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