The following information is available on January $31,2024.$

a$.$ Depreciation on the building for the month of January is calculated using the straight$-$line method. At the time the

building was purchased, the company estimated a service life of $10$ years and a residual value of $$24,400.$

b$.$ The company estimates additional future uncollectible accounts of $$2,252.$

c$.$ Unpaid salaries at the end of January are $$26,200.$

d$.$ Accrued income taxes at the end of January are $$8,100.$

e$.$ The portion of Notes Payable $($long$-$term$)$ due within the next $12$ months is reclassified as Notes Payable $($current$).$ The

amount of the reclassification is $$17,946.$

Record the adjusting entries on January $31$ for the above transactions. $($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$ Required information

Exercise $9-24($Algo$)$ Complete the accounting cycle using long$-$term liability transactions $($LO$9-2,9-8)$

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

Accounts Debit Credit

Cash $ $11,300$

Accounts Receivable $34,200$

Allowance for Uncollectible Accounts $ $1,900$

Inventory $152,100$

Land $68,300$

Buildings $121,000$

Accumulated Depreciation $9,700$

Accounts Payable $18,800$

Common Stock $201,000$

Retained Earnings $155,500$

Totals $ $386,900$ $ $386,900$

During January $2024,$ the following transactions occur:

January $1$ Borrow $$101,000$ from Captive Credit Corporation. The installment note bears interest at $6\%$ annually and matures in $5$ years. Payments of $$1,953$ are required at the end of each month for $60$ months.

January $4$ Receive $$31,100$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$12,000.$

January $15$ Pay cash for salaries, $$29,000.$

January $30$ Firework sales for the month total $$195,200.$ The cost of the units sold is $$113,000.$

January $31$ Pay the first monthly installment of $$1,953$ related to the $$101,000$ borrowed on January $1.$

Exercise $9-24($Algo$)$ Part $2$

The following information is available on January $31,2024.$

Depreciation on the building for the month of January is calculated using the straight$-$line method. At the time the building was purchased, the company estimated a service life of $10$ years and a residual value of $$24,400.$

The company estimates additional future uncollectible accounts of $$2,252.$

Unpaid salaries at the end of January are $$26,200.$

Accrued income taxes at the end of January are $$8,100.$

The portion of Notes Payable $($long$-$term$)$ due within the next $12$ months is reclassified as Notes Payable $($current$).$ The amount of the reclassification is $$17,946.$

$2.$ Record the adjusting entries on January $31$ for the above transactions. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$