Check my work View previous at Grid Iron Prep Inc. (GIP) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football The following transactions occurred during the month ended January 31, b. GIPI purchased a gymnasium building and gym equipment on 102 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $4,000 in training on 1/04 and expected collection in February e. GIPI collected $36.000 cash in training fees on 1/10, of which $34,000 related to January and $2.boo related to February GIPI paid $23,000 of wages and $7,000 in utilities on 130. g. GIPI will depreciate the gymnasium building using the straight-line method over 20 years with a residual value of $2,000. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2,250 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 131 for $350 for advertising done on 131. The bill has not been paid or recorded. IGIPI uses the aging method for estimating doubtful accounts and, on 131, will record an estimated 3 percent of its under-30-day-old accounts as not collectible. J. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet General Journal tab - Prepare journal entries to record the transactions and adjustments listed in (a)-). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab. Each Journal entry is posted automatically to the general ledger Trial Balance tab - You may view the trial balance. Income Statement tab - Use the drop-down to select the acubunts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. General Journal > Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Prepare journal entries to record the transactions and adjustments listed in (a)-0). Review the accounts as show and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal Entry Required in Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet Date Date Jan 01 General Journal No 1 Credit Debit 100,000 Cash Common Stock Stock 100,00 Buildings Equipment Cash General Requirement Statement of Genkral Ledger Income Journal Trial Balance Statement Retained Earnings Balance Sheet Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Common Stock No. Debit Credit Balance No. Date Debit Credit Balance Date Jan 01 Jan 01 Jan 01 Jan 01 100,000 100,000 100,000 100,000 Check my work View previous Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet The option you choose will be the values used to populate the income statement and balance sheet tabs. GRID IRON PREP INC. Trial Balance January 31, 2019 Account Title Credit Debit 100,000 Cash $ Common Stock Total 100,000 100,000 $ 100,000 $ Chapter 9 graded hw problems - REQDO You received partial credit in the previous attempt. Statement of Retained frings> You received partial credit in the previous attempt. Requirement General income Retained Balance Sheet Statement Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the statement of Retained Earnings (Round your final answers to the nearest whole dollar amount GRIDIRON PRER INC For the Month Ended January 11 Balance, January 1 Balance January 31 A -MWAX Check my work