Show me the steps to solve January $3$ 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.

$2$ January $3$ GBI received $$111,384$ in safety product inventory and $$74,256$ in raw

materials from Dallas Bike Basics. This inventory was ordered on December $28.$

The payment terms for the invoice total of $$185,640$ 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$.$

$3$ January $3$ 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.

$4$ January $7$ GBI received payment of $$16,850$ from Little $500$ Bicycles in Bloomington, IN

for the balance due on their account.

$5$ 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 $31$st$.)$ This allows recognition of

the expense in the correct period. Expenses are usually accrued at the end of

the month as $$Accrued Expenses$.$ GBI paid the December utility bill of $$988$ via

the company$$s automatic electronic bill pay program.

$6$ January $10$ GBI$$s advertisement in the English language edition of 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$).$

$7$ January $11$ 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 amount of

supplies used during the month.

$8$ January $11$ GBI ordered $$99,418$ in raw materials from Space Bike Composites in Houston,

TX$.$ Terms of payment to Space Bikes are net $30.$