I need help writing the journal entries.

CASE STUDY 9 January 15 10 January 19 completion the installers submitted an invoice to GBI for the cost of the shelves $16,000 plus 8% sales tax and installation charges of $960. Terms of payment are net 10 days. GBI ordered $48,000 of raw materials and $71,318 of accessories (trading goods) from Dallas Bike Basics in Dallas, TX. Terms of payment to Dallas Bike Basics are net 30. GBI received payment from Northwest Bikes for their order from January 8. Northwest paid the invoice amount less the discount for paying within 10 days. GBI received the goods they ordered from Dallas Bike Basics on January 15th. The bill of lading indicated that the raw materials were packed on a pallet weighing 420 pounds and the accessories were in boxes totaling 280 pounds. Dallas added $750 to the original purchase amount for the cost of freight. GBI wired funds of $52,483 to Space Bike Composites for the order received January 9. 12 13 January 20 As part of GBI's local advertising campaign, GBI purchased and paid for an advertisement in the Daily Aztec which will run each week from February 1 through May 31. The cost of the series of print ads is $9,000. GBI received notice that Bunky's Bicycle Emporium had declared section 13 bankruptcy which meant GBI would not be able to collect the $2,365 that Bunky's owed them. GBI received a $108,674 funds transfer from Silicon Valley Bikes in Palo Alto for several invoices on their account. 15 January 22 16 GBI paid $18,240 for the warehouse shelves installed on January 12th using a standard check from their bank account. 17 January 23 18 T ot 1910 bols SoCal Bikes in Irvine, CA placed an order for $5,450 in bicycle helmets for a special event in February. The merchandise cost GBI $3,161. SoCal sent a truck to the GBI distribution center in San Diego, CA and picked up the merchandise directly from GBI's warehouse. Terms of payment are net 30. (Don't forget to charge sales tax of 8.0% for this order.) GBI ordered $62,112 of bike accessories (trading goods) from Dallas Bike Basics in Dallas, TX. Terms of payment are net 30. Dallas Bike is offering free freight during the last two weeks of the month to promote purchases. The city of Denver will be hosting a triathalon at the end of February. The event is expected to create demand for high quality bikes. Rocky Mountain Bikes in Denver, CO placed an order with GBI for $119,742 worth of bicycles to be delivered immediately. Rocky Mountain will pay the shipping. The bikes cost GBI $73,845. GBI shipped the order immediately so that Rocky Mountain can start 19 January 26 Pana 11 CASE STUDY Events During January Event Date 1 January 2 Description of Event Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is $123,500. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. 2 January 5 GBI paid $18,402 for an vendor invoice for raw materials received December 10th from Dallas Bikes Basics. Terms of payment are net 30. GBI ordered security cameras for the inventory storage area within the warehouse. (The warehouse itself already has a security system.) The cameras will be installed and tested by Monitoring Specialists, Inc. (MSI). The cameras will link into GBI's computer network and can be monitored from locations off site. The camera system costs $8,600 (including sales tax) and MSI will charge GBI $1,200 for the installation and tests. GBI paid a deposit of $4,300 on the system today and the remainder is due and payable when the system is installed. GBI will classify the camera system as "Production Machinery, Equipment and Fixtures" because it is in the warehouse. GBI received a $60,350 funds transfer from Silicon Valley Bikes in Palo Alto for the balance due on their account. 000 STE 4 January 6 January 8 Northwest Bikes in Seattle, WA submitted an order for $74,400 of bicycles from GBI. The cost of the bicycles (to GBI) is $44,640. The goods were shipped to Northwest immediately via common carrier and the shipping costs will be paid by Northwest Bikes. The terms of payment for Northwest Bikes' order are 2/10 net 30 days. January 9 7 GBI's account on the utility company website is updated at the end of each month when the meter is read. GBI uses this data to accrue the expenses at the end of each month (in this case on December 31st) This allows recognition of the expense in the correct period. Expenses are accrued at the end of the month as "Accrued Expenses". GBI paid the December utility bill of $1,997 via the company's automatic electronic bill pay program. GBI received $52,483 in raw materials from Space Bike Composites in Houston, TX. This inventory was ordered on December 28. The payment terms for the invoice are net 10 days. GBI paid the shipping company $580 with a manual check for the shipment of the goods. New warehouse shelving ordered in November of last year was delivered and installed this week. The installation was completed and the warehouse manager signed off on the job today. Upon 8 January 12 Pane 10 Shitt CASE STUDY YOUTE EBAS d custoties 20 January 26 21 January 27 promoting the bikes. Because Rocky Mountain is a good custo GBI is giving them special terms of net 45 days on this order GBI received the goods ordered from Dallas Bike Basics on Januar 23. 12 Lobo GBI paid an invoice from Lightbulb Accessory Kits for ordered trading goods that were received on December 30. The amount of the invoice from Lightbulb is $21,670 with payment due January 30, The county approved GBI's building plans for their new warehouse. Estimated building costs are $12,050,000 which will be funded via a mortgage from Bank of America. GBI plans to break ground on the new building April 18th of this year. GBI sent a $30,192 check to Night Rider Aluminum Products for an order of bicycle parts GBI received December 30th. 23 January 28 QUES 25 oda adie The office manager in San Diego ordered $300 of office (operating) supplies from Office Depot. While on the way back from a delivery, one of the warehouse staff picked up the Office Depot order and brought it to GBI's office. GBI has an account with Office Depot and payment terms are net 10. Operating supplies expense is figured at the end of the month determined by the amount of supplies used during the month. Big Apple Bikes in New York City is expanding to another location in New York and needs to stock the new location. GBI received a phone order from Big Apple for $199,410 in bicycles and $106.920 in bicycle accessories and safety gear at special discount prices. The cost of the bicycles in this order is $145,600 and the cost of the accessories is $64,152. Big Apple will have a contract trucking company pick up the order when it is ready. The order is sent to GBI's warehouse for picking and packing which may take a couple days. Payment terms to Big Apple for this order are net 30. Shipping terms are FOB shipping point. GBI pays sales tax once a quarter via the state's electronic filing and payment system. GBI filed its return and paid $2,018 in sales tax for the quarter ending December 31. GBI paid February's rent of $9,500 for the office and warehouse space in San Diego. 26 January 30 28 The trucking company picked up the completed order for Big Apple Bikes. SO CASE STUDY 9 January 15 10 January 19 completion the installers submitted an invoice to GBI for the cost of the shelves $16,000 plus 8% sales tax and installation charges of $960. Terms of payment are net 10 days. GBI ordered $48,000 of raw materials and $71,318 of accessories (trading goods) from Dallas Bike Basics in Dallas, TX. Terms of payment to Dallas Bike Basics are net 30. GBI received payment from Northwest Bikes for their order from January 8. Northwest paid the invoice amount less the discount for paying within 10 days. GBI received the goods they ordered from Dallas Bike Basics on January 15th. The bill of lading indicated that the raw materials were packed on a pallet weighing 420 pounds and the accessories were in boxes totaling 280 pounds. Dallas added $750 to the original purchase amount for the cost of freight. GBI wired funds of $52,483 to Space Bike Composites for the order received January 9. 12 13 January 20 As part of GBI's local advertising campaign, GBI purchased and paid for an advertisement in the Daily Aztec which will run each week from February 1 through May 31. The cost of the series of print ads is $9,000. GBI received notice that Bunky's Bicycle Emporium had declared section 13 bankruptcy which meant GBI would not be able to collect the $2,365 that Bunky's owed them. GBI received a $108,674 funds transfer from Silicon Valley Bikes in Palo Alto for several invoices on their account. 15 January 22 16 GBI paid $18,240 for the warehouse shelves installed on January 12th using a standard check from their bank account. 17 January 23 18 T ot 1910 bols SoCal Bikes in Irvine, CA placed an order for $5,450 in bicycle helmets for a special event in February. The merchandise cost GBI $3,161. SoCal sent a truck to the GBI distribution center in San Diego, CA and picked up the merchandise directly from GBI's warehouse. Terms of payment are net 30. (Don't forget to charge sales tax of 8.0% for this order.) GBI ordered $62,112 of bike accessories (trading goods) from Dallas Bike Basics in Dallas, TX. Terms of payment are net 30. Dallas Bike is offering free freight during the last two weeks of the month to promote purchases. The city of Denver will be hosting a triathalon at the end of February. The event is expected to create demand for high quality bikes. Rocky Mountain Bikes in Denver, CO placed an order with GBI for $119,742 worth of bicycles to be delivered immediately. Rocky Mountain will pay the shipping. The bikes cost GBI $73,845. GBI shipped the order immediately so that Rocky Mountain can start 19 January 26 Pana 11 CASE STUDY Events During January Event Date 1 January 2 Description of Event Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is $123,500. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. 2 January 5 GBI paid $18,402 for an vendor invoice for raw materials received December 10th from Dallas Bikes Basics. Terms of payment are net 30. GBI ordered security cameras for the inventory storage area within the warehouse. (The warehouse itself already has a security system.) The cameras will be installed and tested by Monitoring Specialists, Inc. (MSI). The cameras will link into GBI's computer network and can be monitored from locations off site. The camera system costs $8,600 (including sales tax) and MSI will charge GBI $1,200 for the installation and tests. GBI paid a deposit of $4,300 on the system today and the remainder is due and payable when the system is installed. GBI will classify the camera system as "Production Machinery, Equipment and Fixtures" because it is in the warehouse. GBI received a $60,350 funds transfer from Silicon Valley Bikes in Palo Alto for the balance due on their account. 000 STE 4 January 6 January 8 Northwest Bikes in Seattle, WA submitted an order for $74,400 of bicycles from GBI. The cost of the bicycles (to GBI) is $44,640. The goods were shipped to Northwest immediately via common carrier and the shipping costs will be paid by Northwest Bikes. The terms of payment for Northwest Bikes' order are 2/10 net 30 days. January 9 7 GBI's account on the utility company website is updated at the end of each month when the meter is read. GBI uses this data to accrue the expenses at the end of each month (in this case on December 31st) This allows recognition of the expense in the correct period. Expenses are accrued at the end of the month as "Accrued Expenses". GBI paid the December utility bill of $1,997 via the company's automatic electronic bill pay program. GBI received $52,483 in raw materials from Space Bike Composites in Houston, TX. This inventory was ordered on December 28. The payment terms for the invoice are net 10 days. GBI paid the shipping company $580 with a manual check for the shipment of the goods. New warehouse shelving ordered in November of last year was delivered and installed this week. The installation was completed and the warehouse manager signed off on the job today. Upon 8 January 12 Pane 10 Shitt CASE STUDY YOUTE EBAS d custoties 20 January 26 21 January 27 promoting the bikes. Because Rocky Mountain is a good custo GBI is giving them special terms of net 45 days on this order GBI received the goods ordered from Dallas Bike Basics on Januar 23. 12 Lobo GBI paid an invoice from Lightbulb Accessory Kits for ordered trading goods that were received on December 30. The amount of the invoice from Lightbulb is $21,670 with payment due January 30, The county approved GBI's building plans for their new warehouse. Estimated building costs are $12,050,000 which will be funded via a mortgage from Bank of America. GBI plans to break ground on the new building April 18th of this year. GBI sent a $30,192 check to Night Rider Aluminum Products for an order of bicycle parts GBI received December 30th. 23 January 28 QUES 25 oda adie The office manager in San Diego ordered $300 of office (operating) supplies from Office Depot. While on the way back from a delivery, one of the warehouse staff picked up the Office Depot order and brought it to GBI's office. GBI has an account with Office Depot and payment terms are net 10. Operating supplies expense is figured at the end of the month determined by the amount of supplies used during the month. Big Apple Bikes in New York City is expanding to another location in New York and needs to stock the new location. GBI received a phone order from Big Apple for $199,410 in bicycles and $106.920 in bicycle accessories and safety gear at special discount prices. The cost of the bicycles in this order is $145,600 and the cost of the accessories is $64,152. Big Apple will have a contract trucking company pick up the order when it is ready. The order is sent to GBI's warehouse for picking and packing which may take a couple days. Payment terms to Big Apple for this order are net 30. Shipping terms are FOB shipping point. GBI pays sales tax once a quarter via the state's electronic filing and payment system. GBI filed its return and paid $2,018 in sales tax for the quarter ending December 31. GBI paid February's rent of $9,500 for the office and warehouse space in San Diego. 26 January 30 28 The trucking company picked up the completed order for Big Apple Bikes. SO