Question: PLEASE HELP! WILL UPVOTE IF CORRECT! Grid Iron Prep Incorporated ( GIPI ) is a service business incorporated in January of the current year to

PLEASE HELP! WILL UPVOTE IF CORRECT!
Grid Iron Prep Incorporated (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31.
a. GIPI Issued stock In exchange for $200,000 cash on 101.
b. GIPI purchased a gymnasium bullding and gym equipment on 102 for $62,000,80% of which related to the gymnasium and 20% to the equipment.
c. GIPI pald $200 cash on 103 to have the gym equipment refurbished before it could be used.
d. GIPI provided $7,000 in training on 104 and expected collection In February.
e. GIPI collected $45,000 cash In training fees on 110, of which $43,000 related to January and $2,000 related to February.
f. GIPI pald $27,000 of wages and $9,500 in utilitles on 130.
g. GIPI will depreclate the gymnasium bullding using the straight-IIne method over 10 years with a residual value of $2,500. Gym equipment will be depreclated using the double-declining-balance method, with an estimated residual value of $3,500 at the end of Its four-year useful life. Record depreclation on 131 equal to one-twelfth the yearly amount.
h. GIPI recelved a bill on 131 for $480 for advertising done on 131. The bill has not been pald or recorded.
I. GIPI uses the aging method for estimating doubtful accounts and, on 131, will record an estimated 3 percent of its under-30-day-old accounts as not collectible.
J. GIPI's Income tax rate is 30%. Assume depreclation for tax is the same amount as depreclation for financlal reporting purposes.
Answer is not complete.
\table[[Requirement,\table[[General],[Journal]],\table[[General],[Ledger]],Trial Balance,\table[[Income],[Statement]],\table[[Statement of],[Retained],[Earnings]],Balance Sheet]]
Prepare journal entries to record the transactions and adjustments listed in (a) to (j). Review the accounts as shown in the General Ledger and Trial Balance tabs.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar amount.)
\table[[No,Date,General Journal,Debit,Credit],[1,January 01,Cash,200,000,],[,Common Stock,,200,000],[2,January 02,Buildings,49,600,],[,Equipment,12,400,],[,Cash,,62,000vv
 PLEASE HELP! WILL UPVOTE IF CORRECT! Grid Iron Prep Incorporated (GIPI)

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