GBI CASE STUDY

I need the journal entries. GBI uses perpetual accounting system.

Chart of accounts

CASE STUDY

100000 Bank Account 110100 Accounts Receivable (Direct Posting Account) 110150 Allowance for Bad Debt 110200 Interest Receivable 200600 Inventory-Operating Supplies 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 200920 Inventory-Trading Goods (Direct Post) 200930 Inventory-Semi-finished Goods (Direct Post) 210000 Prepaid Insurance 211000 Prepaid Supplies 212000 Prepaid Advertising 215000 Prepaid Rent 216000 Deposits 220000 Notes Receivable 220110 Land 220210 Production Machinery, Equipment and Fixtures 220310 Accumulated Depreciation Production mach, Equip. 220400 Office Furniture 220500 Accumulated Depreciation-Office Furniture 220600 Office Equip and Computers 220700 Accumulated Depreciation- Office Equipment 300100 Payables-Income Taxes 300200 Accounts Payable (Direct Posting Account) 300300 Payables-Interest 300400 Payables-Short-Term Notes 300500 Payables-Long-Term Notes 300600 Payables-Commissions 300700 Payables-Salaries and Wages 300800 Accrued Expense 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 Earnings (Direct Post) 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 700000 Labor Expense 720000 Raw Material Consumption Expense 720100 Finished Product Consumption Expense 720200 Trading Good Consumption Expense 720300 Semi-Finished Consumption Expense

740000 Supplies 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 741200 Bad Debt Expense 741300 Information Technology Expense Account 741400 Production Order Variance Expense Account 741500 Utilities Expense 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