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
a GIPI Issued stock In exchange for $ cash on
b GIPI purchased a gymnasium bullding and gym equipment on for $ of which related to the gymnasium and to the equipment.
c GIPI pald $ cash on to have the gym equipment refurbished before it could be used.
d GIPI provided $ in training on and expected collection In February.
e GIPI collected $ cash In training fees on of which $ related to January and $ related to February.
GIPI pald $ of wages and $ in utilitles on
g GIPI will depreclate the gymnasium bullding using the straightIIne method over years with a residual value of $ Gym equipment will be depreclated using the doubledecliningbalance method, with an estimated residual value of $ at the end of Its fouryear useful life. Record depreclation on equal to onetwelfth the yearly amount.
h GIPI recelved a bill on for $ for advertising done on The bill has not been pald or recorded.
I. GIPI uses the aging method for estimating doubtful accounts and, on will record an estimated percent of its underdayold accounts as not collectible.
J GIPI's Income tax rate is Assume depreclation for tax is the same amount as depreclation for financlal reporting purposes.
Answer is not complete.
tableRequirementtableGeneralJournaltableGeneralLedgerTrial Balance,tableIncomeStatementtableStatement ofRetainedEarningsBalance 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 tabsIf no entry is required for a transactionevent select No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar amount.
tableNoDate,General Journal,Debit,CreditJanuary Cash,Common Stock,,January Buildings,Equipment,Cash,,
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