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 Debit $13,000 Credit Accounts Receivable 37,600 Allowance for Uncollectible Accounts $ 3,600 Inventory Land Buildings 153,800 85,300 138,000 Accumulated Depreciation 11,400 Accounts Payable 37,500 Common Stock 218,000 Retained Earnings 157,200 Totals $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 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.) FREEDOM FIREWORKS Adjusted Trial Balance January 31, 2024 Accounts Debit Credit
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 Debit $13,000 Credit Accounts Receivable 37,600 Allowance for Uncollectible Accounts $ 3,600 Inventory Land Buildings 153,800 85,300 138,000 Accumulated Depreciation 11,400 Accounts Payable 37,500 Common Stock 218,000 Retained Earnings 157,200 Totals $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 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.) FREEDOM FIREWORKS Adjusted Trial Balance January 31, 2024 Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
Debit
$13,000
Credit
Accounts Receivable
37,600
Allowance for Uncollectible Accounts
$ 3,600
Inventory
Land
Buildings
153,800
85,300
138,000
Accumulated Depreciation
11,400
Accounts Payable
37,500
Common Stock
218,000
Retained Earnings
157,200
Totals
$ 427,700
$ 427,700
During January 2024, the following transactions occur:
January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6%
annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60
months.
January 4
January 10 Pay cash on accounts payable, $29,000.
Receive $32,800 from customers on accounts receivable.
January 15 Pay cash for salaries, $30,700.
January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500.
January 31 Pay the first monthly installment of $2,281 related to the $118,000 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.)
FREEDOM FIREWORKS
Adjusted Trial Balance
January 31, 2024
Accounts
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531a964b-7464-43cc-a775-f5e415c0eaa2%2F56d63203-fc44-4335-93a8-3e61c70c0e3c%2F5xa9fm_processed.png&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
Debit
$13,000
Credit
Accounts Receivable
37,600
Allowance for Uncollectible Accounts
$ 3,600
Inventory
Land
Buildings
153,800
85,300
138,000
Accumulated Depreciation
11,400
Accounts Payable
37,500
Common Stock
218,000
Retained Earnings
157,200
Totals
$ 427,700
$ 427,700
During January 2024, the following transactions occur:
January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6%
annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60
months.
January 4
January 10 Pay cash on accounts payable, $29,000.
Receive $32,800 from customers on accounts receivable.
January 15 Pay cash for salaries, $30,700.
January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500.
January 31 Pay the first monthly installment of $2,281 related to the $118,000 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.)
FREEDOM FIREWORKS
Adjusted Trial Balance
January 31, 2024
Accounts
Debit
Credit
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