Grid Iron Prep Incorporated (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. a. GIPI issued stock in exchange for $300,000 cash on 101. 6. GIPI purchased a gymnasium building and gym equipment on 102 for $52,000. 80% of which related to the gymnasium and 20% to the equipment. C. GIPI paid $200 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $10.000 in training on 1/04 and expected collection in February e. GIPI collected $40.000 cash in training fees on 1/10. of which $35.000 related to January and $5.000 related to February. f GIPI paid $25.000 of wages and $8.500 In utilities on 1/30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $4.000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $3,000 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 1/31 for $740 for advertising done on 131. The bill has not been paid or recorded. 1. 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. J. GIPT's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes Answer is not complete. General General Income Statement of Requirement Trial Balance Journal Ledger Statement Retained Balance Sheet Earnings Prepare journal entries to record the transactions and adjustments listed in (a) to (i). 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.) No Date General Journal Debit Credit January 01 Cash 300,000 Common Stock 30,000 X 1 O 2 January 02 Buildings Equipment Cash 41,600 10,400 olo Oo 52,000 3 January 03 200 Is Equipment Cash olol 200 4 January 04 10,000 Accounts Receivable Service Revenue 10,000 OOOO 5 January 10 40,000 Cash Service Revenue Deferred Revenue 35,000 5,000 8 January 30 Salaries and Wages Expense Utilities Expense Cash 25,000 8,500 33,500 7 January 31 755 Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Buildings O 313 442 x 8 January 31 740 Advertising Expense Accounts Payable 00 740 Is 1 9 January 31 300 o Bad Debt Expense Allowance for Doubtful Accounts 300 lol 10 January 31 Income Tax Expense Income Tax Payable