The county approved GBIs building plans for their new warehouse. Estimated building costs are $1,050,000 which will
Question:
The county approved GBIs building plans for their new warehouse. Estimated building costs are $1,050,000 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.
what would be the journal entry for this if i am doing the books for GBI?
these are the possible account names:
| 100000 | Bank Account |
| 110100 | Accounts Receivable (Direct Posting Account) |
| 110150 | Allowance for Bad Debt |
| 110200 | Interest Receivable |
| 200600 | Inventory-Operating Supplies |
| 200900 | Inventory-Raw Materials (Direct Post) |
| 200910 | Inventory-Finished Goods (Direct Post) |
| 200920 | Inventory-Trading Goods (Direct Post) |
| 200930 | Inventory-Semi-finished Goods (Direct Post) |
| 210000 | Prepaid Insurance |
| 211000 | Prepaid Supplies |
| 212000 | Prepaid Advertising |
| 215000 | Prepaid Rent |
| 216000 | Deposits |
| 220000 | Notes Receivable |
| 220110 | Land |
| 220210 | Production Machinery, Equipment and Fixtures |
| 220310 | Accumulated Depreciation Production mach, Equip. |
| 220400 | Office Furniture |
| 220500 | Accumulated Depreciation-Office Furniture |
| 220600 | Office Equip and Computers |
| 220700 | Accumulated Depreciation- Office Equipment |
| 300100 | Payables-Income Taxes |
| 300200 | Accounts Payable (Direct Posting Account) |
| 300300 | Payables-Interest |
| 300400 | Payables-Short-Term Notes |
| 300500 | Payables-Long-Term Notes |
| 300600 | Payables-Commissions |
| 300700 | Payables-Salaries and Wages |
| 300800 | Accrued Expense |
| 310000 | Goods Receipt / Invoice Receipt Account |
| 320000 | Accrued Tax Output |
| 321000 | Accrued Tax- Input |
| 322000 | Unearned Revenues |
| 329000 | Common Stock |
| 329100 | Additional Paid-in-Capital |
| 330010 | Retained Earnings (Direct Post) |
| 600000 | Sales Revenue |
| 610000 | Sales Discount |
| 620000 | Miscellaneous Revenue |
| 630000 | Revenue Deductions |
| 640000 | Gain or Loss on Sale of Assets |
| 650000 | Customer Service Revenue |
| 650100 | Customer Service Revenue Settlement |
| 720000 | Raw Material Consumption Expense |
| 720100 | Finished Product Consumption Expense |
| 720200 | Trading Good Consumption Expense |
| 720300 | Semi-Finished Consumption Expense |
| 740000 | Supplies Expense |
| 740100 | Utilities Expense
|
| 740300 | Rent Expense |
| 740400 | Insurance Expense |
| 740500 | Payroll Expense-Office |
| 740600 | Payroll Expense-Administrative |
| 740700 | Sales Expense |
| 740800 | Tax Expense - Property |
| 740900 | Tax Expense- Income |
| 741000 | Miscellaneous Expense |
| 741100 | Labor Expense |
| 741200 | Bad Debt Expense |
| 741300 | Information Technology Expense Account |
| 741400 | Production Order Variance Expense Account |
| 741600 | Manufacturing Output settlement |
| 741700 | Manufacturing Output Settlement Variance |
| 741800 | Depreciation Expense |
| 741900 | Advertising Expense |
| 742000 | Vendor Discounts Missed |
| 742100 | Shipping Expense |
| 760000 | Purchase Price Difference |
| 760100 | Production Variance |
| 770000 | Research and Development |
| 780000 | Cost of Goods Sold |
Expert Answer:
