! 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. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. 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 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Answer is complete and correct. General Journal Debit Credit 101,000 101,000 No 1 Date January 01 Cash Notes Payable (Long-term) 2 January 04 Cash Accounts Receivable 3 January 10 Accounts Payable Cash 31,100 31,100 12,000 12,000 4 January 15 Salaries Expense Cash 29,000 29,000 5 January 30 Cash 65,100 Accounts Receivable 130,100 Sales Revenue 195,200 6 January 30 Cost of Goods Sold Inventory 113,000 113,000 7 January 31 Notes Payable (Long-term) 1,448 Interest Expense 505 Cash 1,953
! 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. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. 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 1 Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Answer is complete and correct. General Journal Debit Credit 101,000 101,000 No 1 Date January 01 Cash Notes Payable (Long-term) 2 January 04 Cash Accounts Receivable 3 January 10 Accounts Payable Cash 31,100 31,100 12,000 12,000 4 January 15 Salaries Expense Cash 29,000 29,000 5 January 30 Cash 65,100 Accounts Receivable 130,100 Sales Revenue 195,200 6 January 30 Cost of Goods Sold Inventory 113,000 113,000 7 January 31 Notes Payable (Long-term) 1,448 Interest Expense 505 Cash 1,953
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Alpesh
![!
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.
January 4
January 10 Pay cash on accounts payable, $12,000.
Receive $31,100 from customers on accounts receivable.
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 1
Required:
1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field. Do not round intermediate calculations.)
Answer is complete and correct.
General Journal
Debit
Credit
101,000
101,000
No
1
Date
January 01
Cash
Notes Payable (Long-term)
2
January 04
Cash
Accounts Receivable
3
January 10
Accounts Payable
Cash
31,100
31,100
12,000
12,000
4
January 15
Salaries Expense
Cash
29,000
29,000
5
January 30
Cash
65,100
Accounts Receivable
130,100
Sales Revenue
195,200
6
January 30
Cost of Goods Sold
Inventory
113,000
113,000
7
January 31
Notes Payable (Long-term)
1,448
Interest Expense
505
Cash
1,953](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fb5f8b1-73d0-4053-a8c1-2a50ac1f2112%2F338e9407-febd-4107-ae24-794f47bc4007%2Fmliqv7i_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.
January 4
January 10 Pay cash on accounts payable, $12,000.
Receive $31,100 from customers on accounts receivable.
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 1
Required:
1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field. Do not round intermediate calculations.)
Answer is complete and correct.
General Journal
Debit
Credit
101,000
101,000
No
1
Date
January 01
Cash
Notes Payable (Long-term)
2
January 04
Cash
Accounts Receivable
3
January 10
Accounts Payable
Cash
31,100
31,100
12,000
12,000
4
January 15
Salaries Expense
Cash
29,000
29,000
5
January 30
Cash
65,100
Accounts Receivable
130,100
Sales Revenue
195,200
6
January 30
Cost of Goods Sold
Inventory
113,000
113,000
7
January 31
Notes Payable (Long-term)
1,448
Interest Expense
505
Cash
1,953
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