JOURNAL, GENERAL LEDGER, TRIAL BALANCE, INCOME STATEMENT, STATEMENT OF RETAINED EARNINGS AND BALANCE SHEET NEEDED

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 $\frac{1}{01}.$

b$.$ GIPI purchased a gymnasium building and gym equipment on $\frac{1}{02}$ for $$60,000,80\%$ of which related to the gymnasium and $20\%$ to the equipment

c$.$ GIPI paid $$600$ cash on $\frac{1}{03}$ to have the gym equipment refurbished before it could be used.

d$.$ GIPI provided $$6,000$ in training on $\frac{1}{04}$ and expected collection in February.

e$.$ GIPI collected $$45,000$ cash in training fees on $\frac{1}{10},$ of which $$42,000$ related to January and $$3,000$ related to February.

$f$ GIPI paid $$26,000$ of wages and $$9,000$ in utilities on $\frac{1}{30}.$

g$.$ GIPI will depreciate the gymnasium 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 $\frac{1}{31}$ equal to one$-$twelfth the yearly amount.

h$.$ GIPI received a bill on $\frac{1}{31}$ for $$220$ for advertising done on $\frac{1}{31}.$ The bill has not been paid or recorded.

i$.$ GIPI uses the aging method for estimating doubtful accounts and, on $\frac{1}{31},$ will record an estimated $3$ percent of its under$-30-$day$-$old accounts as not collectible.

j$.$ GIPI's income tax rate is $30\%.$ Assume depreciation for tax is the same amount as depreciation for financial reporting purposes.

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 ledger.

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 $31$