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 $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $56,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. e. GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 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 $6,000. 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 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been paid or recorded. 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. 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 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 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 $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $56,000, 80% of which related to the gymnasium and 20% t the equipment. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. e. GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 related to January and $5,000 related to February. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. g. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $6,000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $2.500 at the end c 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 $120 for advertising done on 1/31. The bill has not been paid or recorded. 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. JGIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Requirement Statement of General Journal General Ledger Trial Balance Incarne Statenent Retained Balance Sheet Earnings Use the dropdowns to select the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the Income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INCORPORATED Income Statement For the Month Ended January 31 Revenues: $ 0 0 0 0 0 0 0 $ Income before Income Tax Expense 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 $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $56,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. e. GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 related to January and $5,000 related to February. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. g. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $6,000. 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 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been paid or recorded. 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. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Recained Earnings Balance Sheet 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.) GRID IRON PREP INCORPORATED Statement of Retained Earnings - For the Month Ended January 31 Balance, January 1 Dividends Balance, January 31 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 $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $56,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February. e. GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 related to January and $5,000 related to February. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. g. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $6,000. 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 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been paid or recorded. 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. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Balace Sheet Earnings Use the dropdowns to select the appropriate accounts to be reported on the balance sheet. However, you will need to enter the amount for Accounts Receivable (net of Allowance for Doubtful Accounts), Buildings and Equipment (net of Accumulated Depreciation), Common Stock, and Retained Earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INCORPORATED Balance Sheet As of January 31 0 0 $ 0 $ 0 0 0 0 Show less A 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 $180,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $56,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $500 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February e. GIPI collected $44,000 cash in training fees on 1/10, of which $39,000 related to January and $5,000 related to February. 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 $6,000. 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 1/31 equal to one-twelfth the yearly amount. h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been paid or recorded. 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. 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 Prepare journal entries to record the transactions and adjustments listed in (a) to (1). 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.) View transaction list View journal entry worksheet No Date General Journal 1 January 01 Cash. Common Stock / 2 January 02 Buildings Equipment Cash 3 January 03 Equipment Cash Debit Credit 180,000 180,000 44,800 11,200 56,000 500 500 4 January 04 Accounts Receivable 5,000 Service Revenue 5,000 5 January 10 Cash 44,000 Service Revenue 39,000 Deferred Revenue 5,000 6 January 30 Salaries and Wages Expense 25,000 Utilities Expense 33,500