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Hello there, just need some help with this multi-part accounting problem. Please correct what I've already filled in if you find any errors, and also

Hello there, just need some help with this multi-part accounting problem. Please correct what I've already filled in if you find any errors, and also please complete the rest by following the layout given. Thank you so much!

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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. 1. GIPl issued stock in exchange for $100,000 cash on 1/01. 2. 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. 3. GIPI paid $260 cash on 1/03 to have the gym equipment refurbished before it could be used. 4. GIPI provided $4,000 in training on 1/04 and expected collection in February 5. 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 paid $23,000 of wages and $7,000 in utilities on 1/30. 7. 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. 8. GIPI received a bill on 1/31 for $350 for advertising done on 1/31. The bill has not been paid or recorded. 9. 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. 10.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 (1)-(10). Review the accounts as shown in the General Ledger and Trial Balance tabs. Round your answers to nearest whole dollar. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date Jan 01 Debit 100,000 Cash Common Stock 100,000 2 Jan 02 Building Equipment Cash 40,000 10,000 50,000 Jan 03 260 Equipment Cash 260 Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Debit Building Debit No. Credit Balance No. Credit Balance Date Dec 31 Jan 01 Date Dec 31 Jan 02 100,000 2 40,000 40,000 2 Jan 02 50,000 260 100,000 50,000 49,740 - 3 Jan 03 Equipment Debit Common Stock Debit Credit No. Credit Balance No. Balance Date Dec 31 Jan 02 Jan 03 Date Dec 31 Jan 01 1 100,000 100,000 21 3 10,000 260 10,000 10,260 Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet General Ledger values will be used to populate the income statement and balance sheet tabs. GRID IRON PREP INC. Trial Balance January 31, 2019 Account Title Credit Cash Building Equipment Common Stock Debit 49,740 40,000 10,260 100,000 100,000 Total $ 100,000 $ Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Choose 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. GRID IRON PREP INC. Income Statement For the Month Ended January 31 Income before Income Tax Expense Trial Balance Statement of Retained Earnings > General Requirement Statement of General Trial Balance Income Balance Sheet Journal Retained Statement Ledger Earnings 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. GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Balance, January 31 Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need to enter the amount of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumulated Depreciation), Common stock and Retained earnings. GRID IRON PREP INC. Balance Sheet As of January 31 $ 0

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