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 $190,000 cash on v01. b. GIPI purchased a gymnasium bullding and gym equipment on 1/02 for $60,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $6,000 in training on 1/04 and expected collection in February. e. GIPI collected $45,000 cash in training fees on 1/10, of which $42,000 related to January and $3,000 related to February. 1. GIPI paid $26,000 of wages and $9,000 in utilities on 1/30. g. GIPI will depreciate the gymnaslum building using the straight-line method over 10 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 $3,000 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelth the yearly amount. h. GIPI received a bill on 1/31 for $220 for advertising done on 1/31. 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-oid accounts as not collectible. f. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Statement of Retained Balance Sheet Earnings General Journal tab - 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. General Ledger tab - Each journal entry is posted automatically to the general Jedger. Trial Balance tab - You may view the adjusted trial balance. Income Statement tab - Prepare the income statement for the month ended January 31. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31. Balance Sheet tab - Prepare the balance sheet as of January 31. Journal entry worksheet 2 3 4 5 6 7 8 9 GIPI issued stock in exchange for $190,000 cash on 1/01. Record the transaction. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{l|l|l|l}