Enter Journal entries for the transactions below

Account Balances as of December 31st Credit Balance Debit Balance $277,518 92,670 52,000 281,298 66,474 528,000 100000 Bank Account 110100 Accounts Receivable (Direct Posting Account) 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 200920 Inventory-Trading Goods (Direct Post) 220110 Land (Direct Post) 300200 Accounts Payable (Direct Posting Account) 300800 Accrued Expenses 320000 Accrued Tax - Output 329000 Common Stock 329100 Additional Paid-in-Capital 330010 Retained Earnings (Direct Posting) 48,000 1,200 3,000 500,000 52,870 692,890 Events During January Event Date Event Description GBI received $60,000 in safety product inventory and $40,000 in raw materials 1 3-Jan from VENDOR1. This inventory was ordered on December 28. The payment terms for the invoice total of $100,000 are net 10 days. 2 GBI received payment of $24,000 from CUSTOMER2 for the balance due on their 7-Jan account GBI's account on the utility company website is updated at the end of each month when the meter is read. GBI uses this data to accrue the expenses at the end of 3 10- each month (in this case on December 31st) This allows recognition of the Jan expense in the correct period. Expenses are usually accrued at the end of the month as "Accrued Expenses". GBI paid the December utility bill via the company's automatic electronic bill pay program. 4 12- GBI paid for the inventory order (via bank transfer) that they received from Jan VENDOR1 back on January 3. 13- In order to better track inventory, GBI ordered a bar-coding and tracking system 5 with a cost of $6,000 (including sales tax). GBI will classify the bar-coding system Jan as "Production Machinery, Equipment and Fixtures". CUSTOMER3 placed an order with GBI for $128,000 worth of bicycles to be 6 17-delivered immediately. CUSTOMER3 will pay the shipping. The bikes cost GBI Jan $78000. GBI shipped the order immediately and is giving the customer special terms of net 45 days on this order. 18- GBI received a $90,000 funds transfer from CUSTOMER4 for the balance due on 7 Jan their account. Customer6 placed an order with GBI for $27,000 in bicycles. The cost of the 24- bicycles is $17,000. Because Customer6 is a new customer, they must either wait Jan until their credit can be approved or pay for the order before GBI will ship the bikes to them. 26- GBI received notification from their bank that Cutomer6 had transferred funds into 9 Jan their account for their prior order, so GBI's warehouse personnel shipped the order. 8 10 31- GBI pays sales tax once a quarter via the state's electronic filing and payment system. GBI filed its return and paid its sales tax for the quarter ending December Jan 31. CSI installed and tested the new barcode system as ordered on 13-JAN. The 31- warehouse manager approved the installation and commented that she thinks it Jan works great. GBI wrote a check to CSI for the balance owed and gave it to the installer 11 Adjustment information as of January 31, not already given in the original transaction(s): 1. As a control measure, physical inventories are taken on a periodic basis alternating between the raw materials inventory, finished goods inventory and trading goods inventory. Physical inventory of the finished goods inventory was taken at the end of January. It was determined that the value of the finished goods merchandise on handwas $175,000. 2. GBI used the Internet to review the monthly charges for utilities the business consumed during January. Based on the Internet report, the amount to be billed by the utilities company for January usage is the same as was billed for December