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Prepare the journal entries for transactions. (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. Round your answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 7 8 14 Firework sales for the month total $195,200. Sales include $65,100 for cash and $130,100 on account. Record the sale. Note: Enter debits before credits. On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: 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 . 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. 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. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 8 to 12 ). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13 and 14). repare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" n the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 7 8 14 Firework sales for the month total $195,200. The cost of the units sold is $113,000. Record the cost of goods sold. Note: Enter debits before credits

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