Pass the journal entries of the given transactions Event 1 3-Jan 2 Date 3 Description of Event

Pass the journal entries of the given transactions

Transcribed Image Text:

Event 1 3-Jan 2 Date 3 Description of Event 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. GBI received $70,000 in safety product inventory and $30,000 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $100,000 are net 10 days. GBI paid the CWX shipping company $1000 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 50 lbs. and the raw materials came on a pallet and weighed 60 lbs. Windy City Bikes in Chicago, IL ordered $22,500 of bicycle accessories from GBI. The cost of the accessories (to GBI) is $15,000. The goods were shipped to Windy City immediately via UPS using Event 1 3-Jan 2 Date 3 Description of Event 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. GBI received $70,000 in safety product inventory and $30,000 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $100,000 are net 10 days. GBI paid the CWX shipping company $1000 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 50 lbs. and the raw materials came on a pallet and weighed 60 lbs. Windy City Bikes in Chicago, IL ordered $22,500 of bicycle accessories from GBI. The cost of the accessories (to GBI) is $15,000. The goods were shipped to Windy City immediately via UPS using

Answer rating: 100% (QA)

To pass the journal entries for the given transactions we need to analyze each event and determine the accounts affected Here are the journal entries ... View the full answer