! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [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 Debit $ 11,300 34,200 Credit $ 1,900 152,100 68,300 121,000 9,700 18,800 201,000 155,500 $ 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. Receive $31,100 from customers on accounts receivable. January 4 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 3 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) Cash FREEDOM FIREWORKS Adjusted Trial Balance January 31, 2024 Accounts Debit Credit Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Notes Payable (Current) Salaries Pavable 68,300 121,000
! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [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 Debit $ 11,300 34,200 Credit $ 1,900 152,100 68,300 121,000 9,700 18,800 201,000 155,500 $ 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. Receive $31,100 from customers on accounts receivable. January 4 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 3 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January (requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.) Cash FREEDOM FIREWORKS Adjusted Trial Balance January 31, 2024 Accounts Debit Credit Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Notes Payable (Current) Salaries Pavable 68,300 121,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Manji
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Required information
Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8)
[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
Debit
$ 11,300
34,200
Credit
$ 1,900
152,100
68,300
121,000
9,700
18,800
201,000
155,500
$ 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.
Receive $31,100 from customers on accounts receivable.
January 4
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 3
3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January
(requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.)
Cash
FREEDOM FIREWORKS
Adjusted Trial Balance
January 31, 2024
Accounts
Debit
Credit
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Buildings
Accumulated Depreciation
Accounts Payable
Notes Payable (Current)
Salaries Pavable
68,300
121,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3baf8867-3e5f-477e-aa50-f412ae983859%2F1d628e2a-dca0-4654-a06f-6a4da14af0fd%2F2x8ui25_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8)
[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
Debit
$ 11,300
34,200
Credit
$ 1,900
152,100
68,300
121,000
9,700
18,800
201,000
155,500
$ 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.
Receive $31,100 from customers on accounts receivable.
January 4
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 3
3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during January
(requirement 1) and adjusting entries at the end of January (requirement 2). (Do not round intermediate calculations.)
Cash
FREEDOM FIREWORKS
Adjusted Trial Balance
January 31, 2024
Accounts
Debit
Credit
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Buildings
Accumulated Depreciation
Accounts Payable
Notes Payable (Current)
Salaries Pavable
68,300
121,000
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