record daily transaction if appropriate as journal entries

1 January 3 2 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 $110,000. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $92,820 are net 10 days. GBI paid the CWX shipping company $550 with a manual check for the shipment of the goods. The bill of lading showed that the safety product inventory arrived in 6 boxes with a total weight of 120 lbs and the raw materials came on a pallet and weighed 100 lbs. Windy City Bikes in Chicago, IL ordered $22,000 of bicycle accessories from GBI. The cost of the accessories (to GBI) is $15,180. The goods were shipped to Windy City immediately via UPS using Windy City's UPS shipping number. The terms of payment for Windy City's order are 2/10 net 30 days GBI received payment of $16,850 from Northwest Bikes in Seattle, WA for the balance due on their account. 3 4 January 7 5 January 10 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 31") This allows recognition of the expense in the correct period. Expenses are usually accrued at the end of the month as "Acerued Expenses". GBI paid the December utility bill of S988 via the company's automatic electronic bill pay program GBI's advertisement in the English language edition of the Italian Cycling Journal was published today. This ad was prepaid at the end of July for six months of advertising, August through January, (Five months of advertising have already been used.) The office manager in San Diego ordered $350 of office (operating) supplies from Staples. While on the way back from a delivery, one of the warehouse staff picked up the Staples order and brought it to GBI's office. GBI has an account with Staples and payment terms are net 10 Operating supplies expense is figured at the end of the month determined by the supplies used during the month. GBI ordered $99,418 in raw materials from Space Bike Composites in Houston, TX. The terms of payment to Space Bikes are net 30. 7 January 11 8 9 GBI received payment from Windy City Bikes for their order from January 3. Windy City paid the invoice amount less than the discount for paying within 10 days. SAP AG as modified by Brenden Schaaf 2020 Page 7 720000 720100 720200 720300 740000 740200 740300 740400 740500 740600 740700 740800 740900 741000 741200 741300 741400 741500 741600 741700 741800 741900 742000 742100 760000 760100 770000 780000 Raw Material Consumption Expense Finished Product Consumption Expense Trading Good Consumption Expense Semi-Finished Consumption Expense Supplies Expense Legal and Professional Expense Rent Expense Insurance Expense Payroll Expense-Office Payroll Expense-Administrative Sales Expense Tax Expense - Property Tax Expense-Income Miscellaneous Expense Bad Debt Expense Information Technology Expense Account Production Order Variance Expense Account Utility Expense Manufacturing Output settlement Manufacturing Output Settlement Variance Depreciation Expense Advertising Expense Vendor Discounts Missed Shipping Expense Purchase Price Difference Production Variance Research and Development Cost of Goods Sold Account 100000 110100 110150 110200 200600 200900 200910 200920 200930 210000 211000 212000 215000 216000 220000 220110 220210 220310 220400 220500 220600 220700 300100 300200 300300 300400 300500 300600 300700 300800 310000 320000 321000 322000 329000 329100 330010 600000 610000 620000 630000 640000 650000 650100 700000 G/L Acct Long Text Bank Account Accounts Receivable (Direct Posting Account) Allowance for Bad Debt Interest Receivable Inventory-Operating Supplies Inventory-Raw Materials (Direct Post) Inventory-Finished Goods (Direct Post) Inventory-Trading Goods (Direct Post) Inventory-Semi-finished Goods (Direct Post) Prepaid Insurance Prepaid Supplies Prepaid Advertising Prepaid Rent Deposits Notes Receivable Land Production Machinery, Equipment, and Fixtures Accumulated Depreciation Production mach, Equip. Office Furniture Accumulated Depreciation Office Furniture Office Equip and Computers Accumulated Depreciation Office Equipment Payables-Income Taxes Accounts Payable (Direct Posting Account) Payables-Interest Payables-Short-Term Notes Payables-Long-Term Notes Payables-Commissions Payables-Salaries and Wages Accrued Expense Goods Receipt / Invoice Receipt Account Accrued Tax - Output Accrued Tax- Input Unearned Revenues Common Stock Additional Paid-in-Capital Retained Earnings (Direct Post) Sales Revenue Sales Discount Miscellaneous Revenue Revenue Deductions Gain or Loss on Sale of Assets Customer Service Revenue Customer Service Revenue Settlement Labor Expense