Grid Iron Prep Inc. (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 oc...
Grid Iron Prep Inc. (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. 1. GIPI issued stock in exchange for $100,000 cash on 1/01. 2. GIPI purchased a gymnasium building and gym equipment on 1/02 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. 3. GIPI paid $260 cash on 1/03...
Grid Iron Prep Inc. (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. GIPI issued stock in exchange for $140,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $600 cash on 1/03 to have the...
Grid Iron Prep Inc. (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 $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Grid Iron Prep Inc. (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 $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Grid Iron Prep Inc. (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. GIPI issued stock in exchange for $290,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $600 cash on 1/03 to have the...
Trial Balance January 31, 2019 Account Title Credit Debit 55,740 4,000 120 40,000 158 10,260 428 350 Cash Accounts Receivable Allowance for Doubtful Accounts Buildings Accumulated Depreciation—Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Income Tax Payable Deferred Revenue Common Stock Service Revenue Advertising Expense Bad Debt Expense Depreciation Expense Salaries and Wages Expense Utilities Expense Income Tax Expense Total 2,083 2,000 100,000 38,000 350 120 586 23,000 7,000 2,083 143,139 $ 143,139 (Chapters 3, 4, 8, and 9) [LO 3-3, 4-2,...
Hello there, just need some help with this multi-part accounting problem. Please correct what I've already filled in if you find any errors, and also please complete the rest by following the layout given. Thank you so much! Grid Iron Prep Inc. (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. 1. GIPl issued stock in...
GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $5,000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $4,500 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. Record the transaction. -The General journal below is wrong when i clicked on check answer, if someone could correct it that would be great, thank you! Grid...
I have done the journal entries, but I am not sure that they are correct. Grid Iron Prep Inc. (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 $140,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related...
MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable S 600 Notes Payable (long-term) S 200 Accounts Receivable 300 Notes Payable (short-term) 500 Accumulated...