beginning_bal General Journal COA T-Accounts Account Balances as of December 31 Debit Balance $248.018 108,420 Credit Balance 100000 Bank Account 110100 Accounts Receivable (Direct Posting Account) 110150 Allowance for Bad Debts 110200 Interest Receivable 200600 Inventory-Operating Supplies 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 750 32.000 281.298 200920 Inventory-Trading Goods (Direct Post) 66.474 200930 Inventory-Semi-finished Goods (Direct Post) 210000 Prepaid Insurance 211000 Prepaid Supplies 212000 Prepaid Advertising 215000 Prepaid Rent 216000 Deposits on Purchases 220000 Notes Receivable 220110 Land (Direct Post) 5.000 1.000 4.500 2.500 425,000 220210 Production Machinery, Equip & Fixtures(Dir.Post) 915.000 220310 Accumulated Depreciation-Machinery (Direct Post) 220400 Office Furniture 305.000 220500 Accumulated Depreciation-Office Fumiture 220700 Accumulated Depreciation-Office Equipment 300200 Accounts Payable (Direct Posting Account) 220600 Office Equipment and Computers 300100 Payables-Income Taxes 300300 Payables-Interest 300400 Payables-Short-Term Notes 300500 Payables-Long-Term Notes 300600 Payables-Commissions 300700 Payables-Salaries and Wages 300800 Accrued Expenses 310000 Goods Receipt/Invoice Receipt Account 320000 Accrued Tax-Output 321000 Accrued Tax-Input 322000 Unearned Revenues 329000 Common Stock 329100 Additional Paid-in-Capital 330010 Retained Eamings (Direct Posting) 600000 Sales Revenue 610000 Sales Discount 620000 Miscellaneous Revenue 630000 Revenue Deductions 640000 Gain or Loss on Sale of Assets 650000 Customer Service Revenue 650100 Customer Service Revenue Settlement 720000 Raw Material Consumption Expense 720100 Finished Product Consumption Expense 720200 Trading Good Consumption Expense 720300 Semi-Finished Consumption Expense 740000 Supplies Expense 740100 Telephone and Internet Expense 740200 Legal and Professional Expense 740300 Rent Expense 740400 Insurance Expense 740500 Payroll Expense-Office 740600 Payroll Expense-Administrative 740700 Sales Expense 740800 Tax Expense Property 740900 Tax Expense-Income 741000 Miscellaneous Expense 741100 Warranty Expense 741200 Bad Debt Expense 741300 Information Technology Expense Account 741400 Production Order Variance Expense Account 741600 Manufacturing Output settlement 741700 Manufacturing Output Settlement Variance 741800 Depreciation Expense 741900 Advertising Expense 742000 Vendor Discounts Missed 742100 Shipping Expense 760000 Purchase Price Difference 760100 Production Variance 770000 Research and Development 780000 Cost of Goods Sold 47.900 110,000 988 3,063 1,000,000 618,009 Event Can someone please help? The balance should be $1,478,835 Date Description of E 1 January 3 Employees are paid monthly on the first business day of the mor for work done in the previous month. The total payroll for the previous month is $110,000. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. GBI received $55,692 in safety product inventory and $37,128 in materials from Dallas Bike Basics. This inventory was ordered a December 28. The payment terms for the invoice total of $92,82 are net 10 days. GBI paid the CWX shipping company $550 with manual check for the shipment of the goods. The bill of lading showed that the safety product inventory arrived in 6 boxes with total weight of 120 lbs and the raw materials came on a pallet an weighed 100 lbs. Windy City Bikes in Chicago, IL ordered $22,000 of bicycle accessories from GBI. The cost of the accessories (to GBI) is $15,180. The goods were shipped to Windy City immediately via UPS using Windy City's UPS shipping number. The terms of payment for Windy City's order are 2/10 net 30 days. 4 January 7 GBI received payment of $16,850 from Northwest Bikes Seatt WA for the balance due on their account. 5 January 10 GBI's account on the utility company website is updated at the e each month when the meter is read. GBI uses this data to accru the expenses at the end of each month (in this case on Decemb 31.) This allows recognition of the expense in the correct perio Expenses are usually accrued at the end of the month as "Accr Expenses". GBI paid the December utility bill of $988 via the company's automatic electronic bill pay program. 7 January 11 18 19 GBI's advertisement in the English language edition of Italian Cy Journal was published today. This ad was prepaid at the end of for six months of advertising, August through January, (Five mon of advertising have already been used.) The office manager in San Diego ordered $350 of office (opera supplies from Staples. While on the way back from a delivery, of the warehouse staff picked up the Staples order and brought GBI's office. GBI has an account with Staples and payment t are net 10. Operating supplies expense is figured at the end o month determined by the amount of supplies used during the mc GBI ordered $99,418 in raw materials from Space Bike Compo in Houston, TX. Terms of payment to Space Bikes are net 30. GBI received payment from Windy City Bikes for their order January 3. Windy City paid the invoice amount less the discour paying within 10 days. 10 January 12 GBI paid $92,820 via bank transfer for the inventory order that received from Dallas Bike Basics January 3. 11 January 13 In order to better track inventory, GBI ordered a bar-coding and tracking system which will be installed and tested by Computer Specialists, Inc. (CSI). The system will allow employees to track inventory using mobile devices and special software which will link into their new computerized accounting system. The barcode system costs $5,995 (including sales tax) and CSI will charge GBI $1,200 for the installation and tests. GBI paid a deposit of $3,000 on the system and the remainder is due and payable when the system is installed. GBI will classify the bar-coding system as "Production Machinery. Equipment and Fixtures". 12 January 17 GBI paid an invoice from Lightbulb Accessory Kits for ordered goods that were received on December 20. The amount of the invoice from Lightbulb is $17,010 due net 30. 13 15 16 January 18 18 The city of Denver will be hosting a decathlon at the end of February The event is expected to create demand for high quality bikes. Rocky Mountain Bikes in Denver, CO placed an order with GBI for $128,130 worth of bicycles to be delivered immediately. Rocky Mountain will pay the shipping. The bikes cost GBI $79,441. GBI shipped the order immediately so that Rocky Mountain can start promoting the bikes. Because Rocky Mountain is a good customer, GBI is giving them special terms of net 45 days on this order. GBI received raw materials inventory ordered from Space Bike Composites January 11. Shipping charges of $802 were included in the $100,220 invoice from Space Bike. GBI received notice that Bunky's Bicycle Emporium had declared section 13 bankruptcy which meant GBI would not be able to collect the $1,610 that Bunky's owed them. GBI received a $89,960 funds transfer from Silicon Valley Bikes in Palo Alto for the balance due on their account. 17 January 19 GBI paid Staples for the office supplies they received January 11. SoCal Bikes in Irvine, CA placed an order for $2,300 in bicycle helmets for a special event in February. The merchandise cost GBI $1,380. SoCal sent a truck to the GBI distribution center in San Diego, CA and picked up the merchandise directly from GBI's warehouse. Terms of payment are net 30. (Don't forget to charge sales tax of 8.75% for this order.) 19 January 24 Beantown Bikes in Boston, MA placed an order with GBI for $27,450 in bicycles. The cost of the bicycles is $17,092. Beantown Bikes is a new customer. Its buyers saw GBI's booth at a trade show. Because Beantown is a new customer, they must either wait until their credit can be approved or pay for the order before GBI will ship the bikes to them. 20 January 25 GBI has been offered the opportunity to advertise in the Bicycle Times online magazine for a reduced price if they pay for three months in advance. In light of the upcoming Tour de France, the advertising is a great opportunity for GBI to get additional recognition. The advertising will start in February. GBI wrote a check for $15,000 for three months of advertising. 21 January 26 GBI received notification from their bank that $27,450 had been transferred to their account from Beantown Bikes, so GBI's warehouse personnel shipped Beantown's order. Beantown will be responsible for paying Fed X $200 for shipping the order. January 26 GBI received notification from their bank that $27,450 had been transferred to their account from Beantown Bikes, so GBI's warehouse personnel shipped Beantown's order. Beantown will be responsible for paying Fed-X $360 for shipping the order. January 27 The county approved GBI's building plans for their new warehouse. Estimated building costs are $1,050,000 which will be funded via a mortgage from Bank of America. GBI plans to break ground on the new building April 18th of this year. January 31 GBI sent a $30,890 check to Night Rider Aluminum Products for an order of bicycle parts GBI received December 30th. Big Apple Bikes in New York City is expanding to another location in New York and needs to stock the new location. GBI received a phone order from Big Apple for $232,315 in bicycles and $108,490 in bicycle accessories and safety gear at special discount prices. The cost of the bicycles in this order is $169,586 and the cost of the accessories is $65,094. Big Apple will have a contract trucking company pick up the order when it is ready. The order is sent to GBI's warehouse for picking and packing which may take a couple days. Payment terms to Big Apple for this order are net 30. GBI pays sales tax once a quarter via the state's electronic filing and payment system. GBI filed its return and paid $3,063 in sales tax for the quarter ending December 31. GBI paid February's rent of $4,500 for the office and warehouse space in San Diego. CSI installed and tested the new barcode system. The warehouse manager approved the installation and commented that she thinks it works great. GBI wrote check to CSI for $4,195 and gave it to the installer. Big Apple's truck arrived at GBI's warehouse and picked up the order from January 27th 2.087,460 2,087,460