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Exercise 9-19 Complete the accounting cycle...

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Accounting

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Exercise 9-19 Complete the accounting cycle (LO9-2, 9-8) The tollowing intormation appiwes to the questions aispiayed below.j On January 1, 2013, the general ledger of Freedom Fireworks Includes the Tollowing account balances: Debit Credit Cash Accounts Recelvable S 12.300 36.200 53,100 7B.300 Bulidings Allowance for Uncolilectible Accounts Accumulated Depreclation Accounts Payable Common Stock Retained Earnings S 2,900 29.000 211.000 156.500 Totals S410,900 $410,900 During January 2018, tne following transactions occur January 1 Borrow $111,000 from captive credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,090 are required at the end or each month for 60 months. January 4 Recelve $32100 from customers on accounts recelvable January 10 Pay cash on accounts payable, $22,000. January 15 Pay cash for salarles, $30,000. January 30 Flrework sales for the month total $200,300. Sales Include $66,100 for cash and $134,700 on account. The cost of the units sold Is $118,000 January 31 Pay the first monthly Instaliment of $2.090 related to the $111,000 borrowed on January 1. Round your Interest caiculation to the nearest dollar

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