Grid Iron Prep Inc. $($GIPI$)$ 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 $31.$GIPI purchased a gymnasium building and gym equipment on $1/02$

for $$50,000,80\%$ of which related to the gymnasium and $20\%$ to the

equipment.GIPI collected $$36,000$ cash in training fees on $1/10,$ of which

$$34,000$ was earned in January and $$2,000$ would be earned in

February.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.GIPI uses the aging method for estimating doubtful accounts and,

on $1/31,$ will record an estimated $3$ percent of its under $30$ day$-$old

accounts as not collectible.GIPI$$s income tax rate is $30\%.$ Assume depreciation for tax is

the same amount as depreciation for financial reporting

purposes.General Journal tab $-$Prepare

journal entries to record the transactions and adjustments listed

in $(1)(10).$ 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. Use the

drop$-$down button to view the unadjusted, adjusted, or post$-$closing

balances in the General Ledger.Trial Balance tab $-$ You may view

either the unadjusted, adjusted, or post$-$closing trial balance by

choosing from the drop$-$down.Income Statement tab $-$ Use the

drop$-$down to select the accounts properly included on the income

statement.$$ The unadjusted, adjusted, or post$-$closing balances

will appear for each account based on your selection.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.$$ The

unadjusted, adjusted, or post$-$closing balances will appear for each

account, based on your selection.

Grid Iron Prep Incorporated $($GIPI$)$ 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 $31.$

a$.$ GIPI issued stock in exchange for $$240,000$ cash on $\frac{1}{01}.$

b$.$ GIPI purchased a gymnasium building and gym equipment on $\frac{1}{02}$ for $$58,000,80\%$ of which related to the gymnasium and $20\%$ to the equipment.

c$.$ GIPI paid $$600$ cash on $\frac{1}{03}$ to have the gym equipment refurbished before it could be used.

d$.$ GIPI provided $$4,000$ in training on $\frac{1}{04}$ and expected collection in February.

e$.$ GIPI collected $$48,000$ cash in training fees on $\frac{1}{10},$ of which $$42,000$ related to January and $$6,000$ related to February.

f$.$ GIPI paid $$27,000$ of wages and $$7,000$ in utilities on $\frac{1}{30}.$

g$.$ GIPI will depreciate the gymnasium building using the straight$-$line method over $10$ years with a residual value of $$4,500.$ Gym equipment will be depreciated using the double$-$declining$-$balance method, with an estimated residual value of $$2,500$ at the end of its four$-$year useful life. Record depreciation on $\frac{1}{31}$ equal to one$-$twelfth the yearly amount. $.$

h$.$ GIPI received a bill on $\frac{1}{31}$ for $$590$ for advertising done on $\frac{1}{31}.$ The bill has not been paid or recorded.

i$.$ GIPI uses the aging method for estimating doubtful accounts and, on $\frac{1}{31},$ 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.

Prepare journal entries to record the transactions and adjustments listed in $($a$)$ to $($j$).$ Review the accounts as shown in the General Ledger and Trial Balance tabs$.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar amount.$)$

Iournal entry worksheet please complete all tabs shown asap!!! will leave good re