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Journal entry worksheet GIPI received a bill on 1/31 for $260 for advertising done on 1/31. The bill has not been paid or recorded. Record the transaction. Note: Enter debits before credits. 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.) Journal entry worksheet (1) 3 (4) 5 6 7 8 9 GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Record the transaction. Note: Enter debits before credits: Journal entry worksheet (1) 2 3 4 5 6 8 9 . GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $3,000. 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 Note: Enter debits before credits. Grid Iron Prep incorporated (GIP2) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to ploy college football. The following transactions occurred duting the month ended January 31. a. GIPI issued stock in exchange for $120,000 cash on 101 . b. GIPI purchased a gymnasium buliding and gym equipment on 1/02 for $52,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $400 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 $38,000 cash in training fees on 1/10, of which $35,000 related to January and $3,000 related to February. T GIPI paid $24,500 of wages and $6,000 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 $3,000,6ym 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-tweith the yearly amount. h. GIPI received a bill on 1/31 for $260 for advertising done on 1/31. The bill has not been paid or recorded. L. GIPI uses the oging method for estimating doubtul accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectble. 1. GiPF's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare joumal 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 firs account field. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 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. Record the transaction. Note: Enter debits before credits. accounts as not collectible. J. GIPl's income tax rate is 30%, Assume depreciation for tax is the same amount as depreciation for financial reporting purposes The option you choose will be the values used to populate the income statement and balance sheet tabs. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline \& 1 & January 01 & 120,000 & & 120,000 \\ \hline=2 & January 02 & & 52,000 & 68,000 \\ \hline=3 & January 03 & & 400 & 67,600 \\ \hline \$ 5 & January 10 & 38,000 & & 105,600 \\ \hline 26 & January 30 & & 30,500 & 75,100 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline C 4 & January 04 & 6,000 & & 6,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Buildings } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline 2 & January 02 & 41,600 & & 41,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Crodit & Balance \\ \hline & January 01 & & & 0 \\ \hline \$ 2 & January 02 & 10,400 & & 10,400 \\ \hline \&3 & January 03 & 400 & & 10,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{7}{|c|}{ Deferred Revenue } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline C 5 & January 10 & & 3,000 & 3,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & \\ \hline Q 1 & January 01 & & 120,000 & 120,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline E 4 & January 04 & & 6,000 & 6,000 \\ \hline E 5 & January 10 & & 35,000 & 41,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries and Wages Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline Q 6 & January 30 & 24,500 & & 24,500 \\ \hline \end{tabular} Utilities Expense \begin{tabular}{|c|c|} \hline No, & Date \\ \hline \end{tabular} Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to the nearest amount.) Journal entry worksheet GIPI received a bill on 1/31 for $260 for advertising done on 1/31. The bill has not been paid or recorded. Record the transaction. Note: Enter debits before credits. 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.) Journal entry worksheet (1) 3 (4) 5 6 7 8 9 GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Record the transaction. Note: Enter debits before credits: Journal entry worksheet (1) 2 3 4 5 6 8 9 . GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $3,000. 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 Note: Enter debits before credits. Grid Iron Prep incorporated (GIP2) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to ploy college football. The following transactions occurred duting the month ended January 31. a. GIPI issued stock in exchange for $120,000 cash on 101 . b. GIPI purchased a gymnasium buliding and gym equipment on 1/02 for $52,000,80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $400 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 $38,000 cash in training fees on 1/10, of which $35,000 related to January and $3,000 related to February. T GIPI paid $24,500 of wages and $6,000 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 $3,000,6ym 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-tweith the yearly amount. h. GIPI received a bill on 1/31 for $260 for advertising done on 1/31. The bill has not been paid or recorded. L. GIPI uses the oging method for estimating doubtul accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectble. 1. GiPF's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Prepare joumal 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 firs account field. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet 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. Record the transaction. Note: Enter debits before credits. accounts as not collectible. J. GIPl's income tax rate is 30%, Assume depreciation for tax is the same amount as depreciation for financial reporting purposes The option you choose will be the values used to populate the income statement and balance sheet tabs. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline \& 1 & January 01 & 120,000 & & 120,000 \\ \hline=2 & January 02 & & 52,000 & 68,000 \\ \hline=3 & January 03 & & 400 & 67,600 \\ \hline \$ 5 & January 10 & 38,000 & & 105,600 \\ \hline 26 & January 30 & & 30,500 & 75,100 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline C 4 & January 04 & 6,000 & & 6,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Buildings } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline 2 & January 02 & 41,600 & & 41,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Crodit & Balance \\ \hline & January 01 & & & 0 \\ \hline \$ 2 & January 02 & 10,400 & & 10,400 \\ \hline \&3 & January 03 & 400 & & 10,800 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{7}{|c|}{ Deferred Revenue } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline C 5 & January 10 & & 3,000 & 3,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & \\ \hline Q 1 & January 01 & & 120,000 & 120,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline E 4 & January 04 & & 6,000 & 6,000 \\ \hline E 5 & January 10 & & 35,000 & 41,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries and Wages Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline Q 6 & January 30 & 24,500 & & 24,500 \\ \hline \end{tabular} Utilities Expense \begin{tabular}{|c|c|} \hline No, & Date \\ \hline \end{tabular} Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to the nearest amount.)