Write Journal entries on these events given the chart of accounts and beginning balances 1 3 Jan Employees are paid monthly on the first business day of the month for work done in the previous month (Ignore payroll taxes for this assignment ) Accounting wrote and distributed the paychecks 2 5 Jan Purchased $10,000 of raw materials and supplies from Dallas Bike Basics on credit for raw material 3 6 Jan Purchased $7,500 of specialized tools and equipment from Space Bike Composites on credit 4 7 Jan Paid $2,500 in cash to Dallas Bike Basics for advertising services to promote the bicycle accessories 5 10 Jan GBI updates its utility account monthly after meter readings, accruing expenses by December 31st for accurate period recognition Payments are handled through the automatic bill pay 6 10 Jan Sold $8,000 of bicycle accessories with a cost of $6500 on credit to Windy City Bikes 7 10 Jan Received $5,000 in cash sales from customers purchasing bicycle accessories with a cost of $4000 8 12 Jan Received $3,500 in cash sales from customers purchasing upgraded bicycle accessories with a cost of $2000 9 14 Jan Paid $1,200 to Bunkys Bicycle Emporium for maintenance and repair services 10 21 Jan Paid $800 for utility bills for the manufacturing facility 11 23 Jan Collected $6,000 of accounts receivable from Windy City Bikes, who had purchased on credit, and $4,000 from Bunkys Bicycle Emporium 12 24 Jan Sold $5,500 of discounted bicycle accessories with a cost of $3500 to Space Bike Composites in a bulk purchase 13 25 Jan Declared and set aside $4,000 of earnings as dividends for shareholders 14 26 Jan Recognized sales returns and allowances of $1,200 for defective bicycle accessories 15 27 Jan GBI's ad in the English edition of Italian Cycling Journal was published today, prepaid for September to February (four months already used) 16 28 Jan Paid Dallas Bike Basics $9,000 for previously purchased raw materials on credit 17 28 Jan GBI ordered $75000 in raw materials from Space Bike Composites in Houston, TX Terms of payment to Space Bikes are net 30 18 29 Jan Beantown Bikes in Boston, MA ordered $27,000 worth of bicycles from GBI, which cost $17,000 They are a new customer who discovered GBI at a trade show and must either wait for credit approval or prepay for the order before shipment 19 29 Jan Wrote off accounts receivable of $1,000 from Windy City Bikes, deemed uncollectible, and $500 from Bunkys Bicycle Emporium 20 30 Jan Purchased new machinery for manufacturing bicycle accessories from Space Bike Composites on credit for $20,000 G L Account G L Acct Long Text 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) 300700 Payables Salaries and Wages 300800 Accrued Expense 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 740000 Supplies Expense 740100 Utilities Expense 740200 Legal and Professional Expense 740300 Rent Expense 740400 Insurance Expense 740500 Payroll Expense Office 700000 Labor Expense 741200 Bad Debt Expense 741800 Depreciation Expense 741900 Advertising Expense 742000 Vendor Discounts Missed 742100 Shipping Expense 780000 Cost of Goods Sold Debit Balance Credit Balance 100000 Bank Account 275205 110100 Accounts Receivable (Direct Posting Account) 92,670 110150 Allowance for Bad Debts 2,500 200600 Inventory Operating Supplies 8,832 200900 Inventory Raw Materials (Direct Post) 52,000 200910 Inventory Finished Goods (Direct Post) 281,298 200920 Inventory Trading Goods (Direct Post) 66,474 210000 Prepaid Insurance 5,000 212000 Prepaid Advertising 2200 215000 Prepaid Rent 2500 220110 Land (Direct Post) 528,000 220210 Production Machinery, Equip Fixtures (Dir Post) 915,000 220310 Accumulated Depreciation Machinery (Direct Post) 408,000 300200 Accounts Payable (Direct Posting Account) 49100 300700 Payables Salaries and Wages 92,000 300800 Accrued Expenses 1,200 320000 Accrued Tax Output 3,000 329000 Common Stock 1,000,000 329100 Additional Paid in Capital 55,370 330010 Retained Earnings (Direct Posting) 618,009

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Write Journal entries on these events given the chart of accounts and beginning balances 1 3-Jan Employees are paid monthly on the first business day

Write Journal entries on these events given the chart of accounts and beginning balances

1	3-Jan	Employees are paid monthly on the first business day of the month for work done in the previous month. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks.
2	5-Jan	Purchased $10,000 of raw materials and supplies from Dallas Bike Basics on credit for raw material.
3	6-Jan	Purchased $7,500 of specialized tools and equipment from Space Bike Composites on credit.
4	7-Jan	Paid $2,500 in cash to Dallas Bike Basics for advertising services to promote the bicycle accessories.
5	10-Jan	GBI updates its utility account monthly after meter readings, accruing expenses by December 31st for accurate period recognition. Payments are handled through the automatic bill pay.
6	10-Jan	Sold $8,000 of bicycle accessories with a cost of $6500 on credit to Windy City Bikes.
7	10-Jan	Received $5,000 in cash sales from customers purchasing bicycle accessories with a cost of $4000.
8	12-Jan	Received $3,500 in cash sales from customers purchasing upgraded bicycle accessories with a cost of $2000
9	14-Jan	Paid $1,200 to Bunkys Bicycle Emporium for maintenance and repair services.
10	21-Jan	Paid $800 for utility bills for the manufacturing facility.
11	23-Jan	Collected $6,000 of accounts receivable from Windy City Bikes, who had purchased on credit, and $4,000 from Bunkys Bicycle Emporium.
12	24-Jan	Sold $5,500 of discounted bicycle accessories with a cost of $3500 to Space Bike Composites in a bulk purchase.
13	25-Jan	Declared and set aside $4,000 of earnings as dividends for shareholders.
14	26-Jan	Recognized sales returns and allowances of $1,200 for defective bicycle accessories.
15	27-Jan	GBI's ad in the English edition of Italian Cycling Journal was published today, prepaid for September to February (four months already used).
16	28-Jan	Paid Dallas Bike Basics $9,000 for previously purchased raw materials on credit.
17	28-Jan	GBI ordered $75000 in raw materials from Space Bike Composites in Houston, TX. Terms of payment to Space Bikes are net 30.
18	29-Jan	Beantown Bikes in Boston, MA ordered $27,000 worth of bicycles from GBI, which cost $17,000. They are a new customer who discovered GBI at a trade show and must either wait for credit approval or prepay for the order before shipment.
19	29-Jan	Wrote off accounts receivable of $1,000 from Windy City Bikes, deemed uncollectible, and $500 from Bunkys Bicycle Emporium.
20	30-Jan	Purchased new machinery for manufacturing bicycle accessories from Space Bike Composites on credit for $20,000.

G/L Account	G/L Acct Long Text
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)
300700	Payables-Salaries and Wages
300800	Accrued Expense
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
740000	Supplies Expense
740100	Utilities Expense
740200	Legal and Professional Expense
740300	Rent Expense
740400	Insurance Expense
740500	Payroll Expense-Office
700000	Labor Expense
741200	Bad Debt Expense
741800	Depreciation Expense
741900	Advertising Expense
742000	Vendor Discounts Missed
742100	Shipping Expense
780000	Cost of Goods Sold

		Debit Balance	Credit Balance
100000	Bank Account	275205
110100	Accounts Receivable (Direct Posting Account)	92,670
110150	Allowance for Bad Debts		2,500
200600	Inventory-Operating Supplies	8,832
200900	Inventory-Raw Materials (Direct Post)	52,000
200910	Inventory-Finished Goods (Direct Post)	281,298
200920	Inventory-Trading Goods (Direct Post)	66,474
210000	Prepaid Insurance	5,000
212000	Prepaid Advertising	2200
215000	Prepaid Rent	2500
220110	Land (Direct Post)	528,000
220210	Production Machinery, Equip & Fixtures (Dir.Post)	915,000
220310	Accumulated Depreciation-Machinery (Direct Post)		408,000
300200	Accounts Payable (Direct Posting Account)		49100
300700	Payables-Salaries and Wages		92,000
300800	Accrued Expenses		1,200
320000	Accrued Tax Output		3,000
329000	Common Stock		1,000,000
329100	Additional Paid-in-Capital		55,370
330010	Retained Earnings (Direct Posting)		618,009