! 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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