Required information [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: Borrow $104,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,011 are required at the end of each month for 60 months. Receive $31,400 from customers on accounts receivable. January 1 January 4 January 10 January Pay cash on accounts payable, $15,000. Pay cash for salaries, $29,300. 15 January 30 January 31 Firework sales for the month total $195,800. Sales include $65,400 for cash and $130,400 on account. The cost of the units sold is $114,500. Pay the first monthly installment of $2,011 related to the $104,000 borrowed on January 1. Round your interest calculation to the nearest dollar. X Answer is not complete. Freedom Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash $ 11,600 Accounts Receivable 34,800 X 152,400 X Inventory Land 71,300 124,000 Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable 2,200 10,000 22,100 204,000 Common Stock Retained Earnings 155,800 Required information [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: Borrow $104,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,011 are required at the end of each month for 60 months. Receive $31,400 from customers on accounts receivable. January 1 January 4 January 10 January Pay cash on accounts payable, $15,000. Pay cash for salaries, $29,300. 15 January 30 January 31 Firework sales for the month total $195,800. Sales include $65,400 for cash and $130,400 on account. The cost of the units sold is $114,500. Pay the first monthly installment of $2,011 related to the $104,000 borrowed on January 1. Round your interest calculation to the nearest dollar. X Answer is not complete. Freedom Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Cash $ 11,600 Accounts Receivable 34,800 X 152,400 X Inventory Land 71,300 124,000 Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable 2,200 10,000 22,100 204,000 Common Stock Retained Earnings 155,800
