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Record closing entries. On January 1, 2024, the general ledger of Freedom Fireworks includes...

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Accounting

imageimageimageRecord closing entries.

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 $119,000 from Captive Credit Corporation. The installment note bears interest at 6\% annually and matures in 5 years. Payments of $2,301 are required at the end of each month for 60 months. January 4 Receive $32,900 from customers on accounts receivable. January 10 Pay cash on accounts payable, $30,000. January 15 Pay cash for salaries, $30,800. January 30 Firework sales for the month total $210,800. The cost of the units sold is $122,000. January 31 Pay the first monthly installment of $2,301 related to the $119,000 borrowed on January 1 . Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits

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