Help with journal entries. In this situation, we are GBI.

Account Balances as of December 31, 20YY-1 These need to be input into SAP as your first journal entry. See Enter Journal Entry Instructions. Monthly Transactions and Closing Transactions A couple of reminders and hints about transactions: In general, this company does not recognize revenue until a product is shipped In general, this company does not record ownership until an item is received Trading Goods - these are items that are purchased for resale to customers such as bicycle accessories or safety products. Sales tax is only recorded on a sale if noted below DESCRIPTION OF EVENTS OCCURRING during the month of January, 20YY Using these account balances and additional adjustment information below, record adjusting journal entries. Adjustment information as of January 31, 20YY not ak-eady given in the original transaction(s) : Production Machinery, Equipment and Fixtures were placed in service on January 1, 2010, are expected to last 20 years with no salvage value. GBI depreciates fixed assets on a straight-line basis and those assets acquired in the first half of the month are depreciated for the entire month, while fixed assets placed in service during the last half of the month are not depreciated until the second month. Depreciation is rounded to the nearest dollar and assets are depreciated on a monthly basis (i.e. number of days in the month is not of consequence). GBI used the Internet to review the monthly charges for utilities the business consumed during January. Based on the internet report, the amount to be billed by Uie utilities uumpany fui January usage is $998. GBI counted the office supplies (Inventory - Operating Supplies) on hand after the close of business on the last day of the month and determined the cost of the unused ofice supplies to be $530. Any difference is expensed to suppies expense. Liability insurance for the six month periDd October 1, 2014 - March 31, 2015 in the amount of S15,000 was paid Septembe- 1, 2014. Liability insurance is assumed to be utilized uniformly over the six month policy period. Determine any January 20YY expense. GBI needs to recognize the wages expense for the month. Since all employees are paid salaries and no changes have been made, this amount is the same as the previous month salaries (For purposes of this assignment, ignore manufacturing and assume all labor costs will be expensed. Ignore payroll taxes)