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Grid Iron Prep Inc. (GIP) 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 $100,000 cash on 1/01 b. GIPl purchased a gymnasium building and gym equipment on 102 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used. GIPI provided $4,000 in training on 1/04 and expected collection in February e Gil collected $36,000 cash in training fees on 110, of which $34,000 related to January and $2,000 related to February GIPI paid $23,000 of wages and $7,000 in utilities on 130. 9. GIP will depreciate the gymnasium building using the straight-line method over 20 years with a residual value of $2,000. Gym equipment will be depreciated using the double declining balance method with an estimated residual value of $2,250 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly 1. GIPI received a bill on 1/31 for $350 for advertising done on 131. The bill has not been paid or recorded. I. GIPI uses the aging method for estimating doubtful accounts and, on 131, will record an estimated 3 percent of its GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. amount General General Require... Trial Income Statem. Balance Journal Ledger Balance Statem of Sheet Prepare journal entries to record the transactions and adjustments listed in (a)-U). 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) Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 GIPI issued stock in exchange for $100,000 cash of 1/01. Record the transaction. 9 10 > Note: Enter debits before credits Dato Jan 01 General Journal Debit Credit Record entry View general journal Clear entry Geld Iron Prep Inc (GIP) 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 $100,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 102 for $50,000,80% of which related to the CGIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $4,000 in training on 1/04 and expected collection in February e GIPI collected $36,000 cash in training fees on 110, of which $34.000 related to January and $2,000 related to February | GIPI paid $23,000 of wages and $7,000 in utilities on 130. 9. GIPI will depreciate the gymnasium building using the straight-line method over 20 years with a residual value of $2,000 Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2,250 at the end of its four-year useful life. Record depreciation on 131 equal to one-twelfth the yearly amount n. GIPI received a bill on 4/31 for $350 for advertising done on 1/31. The bill has not been paid or recorded. 4. GIPl uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under 30-day-old accounts as not collectible. J. GIPU's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes Require.. General General Trial Incorpe Statem... Balance Journal Ledger Balance Statest Sheet Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the Income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) Show less GRID IRON PREP INC. Income Statement For the Month Ended January 31 $ 0 0 0 0 0 0 0 $ Income before Income Tax Expense 0 Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal traini for athletes aspiring to play college football. The following transactions occurred during the month ended January 3 a GIPI issued stock in exchange for $100,000 cash on 101 6. GIPI purchased a gymnasium building and gym equipment on Vo2 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used. d GIPI provided $4,000 in training on 1/04 and expected collection in February e Gipi collected $36,000 cash in training fees on 110, of which $34.000 related to January and $2,000 related to February GIPI paid $23,000 of wages and $7,000 in utilities on 130. 9. GIPI will depreciate the gymnasium building using the straight-line method over 20 years with a residual value of $2.000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residus value of $2,250 at the end of its four year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount A GIPI received a bill on 131 for $350 for advertising done on 131. The bill has not been paid or recorded. GIPl uses the aging method for estimating doubtful accounts and, on 131, will record an estimated 3 percent of its J. GIPI's income tax rate is 30% Assume depreciation for tax is the same amount as depreciation for financial reporting purposes ce General General Trial Income Statem.. Balance Require... Journal Ledger Balance Statem... of Sheet Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to the nearest whole dollar amount.) Show less GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Balanco, January 31 st Srid Iron Prep Inc. (GIP) is a service business incorporated in January of the current year to provide personal training or athletes aspiring to play college football. The following transactions occurred during the month ended January 31. GIPI issued stock in exchange for $100,000 cash on 101 GIPI purchased a gymnasium building and gym equipment on 102 for $50,000,80% of which related to the GIPI paid $260 cash on 103 to have the gym equipment refurbished before it could be used. d. GIPI provided $4,000 in training on 1/04 and expected collection in February e. GIPI collected $36,000 cash in training fees on 110, of which $34.000 related to January and $2,000 related to I GIPI paid $23,000 of wages and $7,000 in utilities on 130 9. GIPI will depreciate the gymnasium building using the straight-line method over 20 years with a residual value of $2,000. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2,250 at the end of its four-year useful ife. Record depreciation on 131 equal to one-twelfth the yearly amount h. GIPI received a bill on 131 for $350 for advertising done on 1/32 The bill has not been paid or recorded. L. GIPl uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its 1. GiPr's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes General General Trial Income Statem... Require Balanse Journal Ledger Balance Statem of Shed Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need to enter the amount of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumulated Depreciation), Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) Show less GRID IRON PREP INC. Balance Sheet As of January 31 O 0 D 0 O 0 $ 0 0 Statement of Retained Earnings

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