Need a journal entry answers for the description of events

Assignment Help Accounting Basics
Reference no: EM132005380

Questions: Need a journal entry answers for the description of events below. Thanks.

January 5:

1. Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is 210,000. Accounting wrote and distributed the paychecks.

2. GBI received $50,692 in safety product inventory and $37,128 in raw materials from Target Stores. This inventory was ordered on December 30. The payment terms for the invoice total of 92,820 are net 10 days. GBI paid the XXX shipping firm $500 for the services.

3. A Kites Company in Sacramento, California ordered $20,000 of accessories from GBI. The cost of the accessories is $16,180. The goods were shipped to the Company via UPS. The terms of payment for Company's order are 2/10 net 30 days.

January 9:

4. GBI received payment of $16,800 from Southwest, Inc. in Columbus, Ohio for the balance due on their account.

January 12:

5. GBI's account on the utility company website is updated at the end of each month when the meter is read. GBI uses this data to accrue the expenses at the end of each month. (in this case on December 31.)This allows recognition of the expense in the correct period. Expenses are usually accrued at the end of the month as "Accrued Expenses". GBI paid the December utility bill of $988 via electronic epay.

6. GBI's advertisement in the European language edition of Italian Journal was published today. This ad was prepaid at the end of July for six months of advertising, August through January.(Five months of advertisement have already been used).

January 15:

7. The Manager in San Rafael ordered $350 of office (operating) supplies from Best Buy. While on the way back from a delivery, one of the warehouse staff picked up the Best Buy order and brought it to GBI's office. GBI has an account with Best Buy and payment terms are net 10. Operating supplies expense is figured at the end of the month determined by the amount of supplies used during the month.

8. GBI ordered $100,418 in raw materials from Space Craft in Lauderdale, FL. Terms of payment to Space Craft are net 30.

9. GBI received payment from Kites Company for their order from January 3. Kites paid the invoices amount less the discount for paying within 10 days.

January 18:

10. GBI paid $92,820 via bank transfer for the inventory order that they received from Target Stores January 3.

January 21:

11. In order to better track inventory, GBI ordered a bar-coding and tracking system which will be installed and tested by Computer Specialist, Inc. (CSI). The system will allow employees to track inventory using mobile devices and special software which will link into their new computerized accounting system. The barcode system costs $5,995 (including sales tax) and CSI will charge GBI $1,200 for the installation and tests. GBI paid a deposit of $3000 on the system and the remainder is due and payable when the system is installed.

January 22:

12. GBI paid an invoice from lightbulb Accessory kits for ordered goods that were received on December 20. The amount of the invoice from Lightbulb is $16,010 due net 30.

13. The city of Sacramento will be hosting a decathlon at the end of March. The event is expected to create demand for high quality bikes. Rocky Bikes in Sacramento, CA placed an order with GBI for $128,130 worth of bicycles to be delivered immediately. Rocky Bikes will pay the shipping. The bikes cost GBI $79,441. Rocky Bikes is a good customer so GBI is giving them special terms of net 45 days on this order.

14. GBI received raw materials inventory ordered from Space Craft January 11. Shipping charges of $800 were included in the$100,222 invoice from Space Craft.

15. GBI received notice that Junky's Bikes Emporium had declared section 13 bankruptcy which meant GBI would not be able to collect the $1,610 that Junky's owed them.

January 25:

16. GBI received a $89,950 funds transfer from Silicon Valley Kites in Palo, Alto for the balance due on their account.

January 27:

17. GBI paid Best Buy for the office supplies they received January 15.

Reference no: EM132005380

Questions Cloud

Modernized agriculture and agribusiness in southeast asia : What are the consequences of the development of export-oriented modernized agriculture and agribusiness in Southeast Asia?
Types of phenomena result : What processes are at work and what types of phenomena result? Also, what happens when air parcel subside within the tropopsphere.
Engage in pollution exporting : Japan, Taiwan, South Korea, Europe and the U.S. all engage in pollution exporting. Why do countries allow siting of polluting industries within their borders?
Consequences of the declining populations : Please explain some of the consequences of the declining populations in countries like South Korea and Japan.
Need a journal entry answers for the description of events : Need journal entry answers for description of events. GBI received payment of $16,800 from Southwest, Inc. in Columbus, Ohio for balance due on their account
What is the most common soil on earth : What is the most common soil on earth? What is the dominant soil in lower Michigan?
Why do tropical cyclones quickly deteriorate : Why do tropical cyclones quickly deteriorate when they move inland or over colder waters?
Dividing the land cause after a few generations : What problems would this way of dividing the land cause after a few generations? How might these problems be solved?
What is andrew standard deduction : In 2014, Andrew, age 17, had $1,000 of interest from a certificate of deposit and $4,000 from working as a waiter. What is Andrew's standard deduction

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd