Requlred 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:

During January $2024,$ the following transactions occur:

January $1$ Borrow $$116,600$ 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 $$32,60$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$27,60.$

January $15$ Pay cash for salaries, $$30,56e.$

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 $$2,243$ related to the $$116,600$ borrowed on January $1.$

Record closing entries. $($If no entry is requlred for a partlcular transactlon$/$event$,$ select $"$No Journal Entry Requlred" In the first

account fleld. Do not round Intermedlate calculations.$)$

Journal entry worksheet

Record the entry to close the revenue accounts.

Note: Enter debits before credits.