Posted: December 30th, 2023

Record the daily transactions if appropriate

Record
the daily transactions if appropriate, (some events may not involve journal
entries), as general journal entries into Excel. Also, post these journal entries into
t-accounts and then calculate account balances using cell formulas in Excel.Account Balances as of December 31stDebit BalanceCredit Balance100000Bank
Account$252,518110100Accounts
Receivable (Direct Posting Account)108,420110150Allowance
for Bad Debtg2,500110200Interest
Receivable200600Inventory-Operating
Supplies750200900Inventory-Raw
Materials (Direct Post)32,000200910Inventory-Finished
Goods (Direct Post)281,298200920Inventory-Trading
Goods (Direct Post)66,474200930Inventory-Semi-finished
Goods (Direct Post)210000Prepaid
Insurance5,000211000Prepaid
Supplies212000Prepaid
Advertising1,000215000Prepaid
Rent216000Deposits220000Notes
Receivable220110Land
(Direct Post)425,000220210Production
Machinery, Equip & Fixtures(Dir.Post)915,000220310Accumulated Depreciation-Machinery
(Direct Post)305,000220400Office
Furniture220500Accumulated
Depreciation-Office Furniture220600Office
Equip and Computers220700Accumulated
Depreciation- Office Equipment300100Payables-Income
Taxes300200Accounts
Payable (Direct Posting Account)47,900300300Payables-Interest300400Payables-Short-Term
Notes300500Payables-Long-Term
Notes300600Payables-Commissions300700Payables-Salaries
and Wages110,000300800Accrued
Expense988310000Goods
Receipt / Invoice Receipt Account320000Accrued
Tax – Output3,063321000Accrued
Tax- Input322000Unearned
Revenues329000Common
Stock1,000,000329100Additional
Paid-in-Capital330010Retained
Earnings (Direct Posting)618,009Events During JanuaryEvent Date Description of Event1January 3Employees 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 $110,000. (Ignore payroll taxes for
this assignment.) Accounting wrote and distributed the paychecks.2GBI received $55,692 in safety
product inventory and $37,128 in raw materials from Dallas Bike Basics. This inventory was ordered on December
28. The payment terms for the invoice
total of $92,820 are net 10 days. GBI
paid the CWX shipping company $550 with a manual check for the shipment of
the goods. The bill of lading showed that the safety product inventory
arrived in 6 boxes with a total weight of 120 lbs and the raw materials came
on a pallet and weighed 100 lbs.3Windy City Bikes in Chicago, IL
ordered $22,000 of bicycle accessories from GBI. The cost of the accessories (to GBI) is
$15,180. The goods were shipped to
Windy City immediately via UPS using Windy City’s UPS shipping number. The terms of payment for Windy City’s order
are 2/10 net 30 days.4January 7GBI received payment of $16,850 from
Northwest Bikes in Seattle, WA for the balance due on their account.5January 10GBI’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 31st.) 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 the company’s automatic electronic bill pay
program.6GBI’s advertisement in the English
language edition of Italian Cycling Journal was published today. This ad was prepaid at the end of July for
six months of advertising, August through January, (Five months of
advertising have already been used.)7January 11The office manager in
San Diego ordered $350 of office (operating) supplies from Staples. While on
the way back from a delivery, one of the warehouse staff picked up the
Staples order and brought it to GBI’s office.
GBI has an account with Staples 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.8GBI ordered $99,418 in
raw materials from Space Bike Composites in Houston, TX. Terms of payment to
Space Bikes are net 30.9GBI received payment
from Windy City Bikes for their order from January 3. Windy City paid the
invoice amount less the discount for paying within 10 days.10January 12GBI paid $92,820 via
bank transfer for the inventory order that they received from Dallas Bike
Basics January 3.11January 13In order to better track
inventory, GBI ordered a bar-coding and tracking system which will be
installed and tested by Computer Specialists, 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 $3,000 on the system and the
remainder is due and payable when the system is installed. GBI will classify
the bar-coding system as “Production Machinery, Equipment and Fixtures”.12January 17GBI
paid an invoice from Lightbulb Accessory Kits for ordered goods that were
received on December 20. The amount of
the invoice from Lightbulb is $17,010 due net 30.13The city of Denver will
be hosting a decathlon at the end of February. The event is expected to
create demand for high quality bikes. Rocky Mountain Bikes in Denver, CO
placed an order with GBI for $128,130 worth of bicycles to be delivered
immediately. Rocky Mountain will pay the shipping. The bikes cost GBI
$79,441. GBI shipped the order
immediately so that Rocky Mountain can start promoting the bikes. Because
Rocky Mountain is a good customer, GBI is giving them special terms of net 45
days on this order.14GBI received
raw materials inventory ordered from Space Bike Composites January 11.
Shipping charges of $802 were included in the $100,220 invoice from Space
Bike.15GBI received notice that
Bunky’s Bicycle Emporium had declared section 13 bankruptcy which meant GBI
would not be able to collect the $1,610 that Bunky’s owed them.16January 18GBI received a $89,960
funds transfer from Silicon Valley Bikes in Palo Alto for the balance due on
their account.17January 19GBI
paid Staples for the office supplies they received January 11.18SoCal
Bikes in Irvine, CA placed an order for $2,300 in bicycle helmets for a
special event in February. The merchandise cost GBI $1,380. SoCal sent a
truck to the GBI distribution center in San Diego, CA and picked up the
merchandise directly from GBI’s warehouse. Terms of payment are net 30.
(Don’t forget to charge sales tax of 8.75% for this order.)19January 24Beantown
Bikes in Boston, MA placed an order with GBI for $27,450 in bicycles. The cost of the bicycles is $17,092.
Beantown Bikes is a new customer. Its
buyers saw GBI’s booth at a trade show. Because Beantown is a new customer,
they must either wait until their credit can be approved or pay for the order
before GBI will ship the bikes to them.20January 25GBI has been offered the
opportunity to advertise in the Bicycle Times online magazine for a reduced
price if they pay for three months in advance. In light of the upcoming Tour
de France, the advertising is a great opportunity for GBI to get additional
recognition. The advertising will start in February. GBI wrote a check for
$15,000 for three months of advertising.21January 26GBI received
notification from their bank that $27,450 had been transferred to their
account from Beantown Bikes, so GBI’s warehouse personnel shipped Beantown’s
order. Beantown will be responsible for paying Fed-X $360 for shipping the
order.22January 27The county approved GBI’s building
plans for their new warehouse. Estimated building costs are $1,050,000 which
will be funded via a mortgage from Bank of America. GBI plans to break ground
on the new building April 18th of this year.23GBI sent a $30,890 check
to Night Rider Aluminum Products for an order of bicycle parts GBI received
December 30th.24Big Apple Bikes in New
York City is expanding to another location in New York and needs to stock the
new location. GBI received a phone order from Big Apple for $232,315 in
bicycles and $108,490 in bicycle accessories and safety gear at special
discount prices. The cost of the bicycles in this order is $169,586 and the
cost of the accessories is $65,094.
Big Apple will have a contract trucking company pick up the order when
it is ready. The order is sent to GBI’s warehouse for picking and packing
which may take a couple days. Payment terms to Big Apple for this order are
net 30.25January 31GBI pays sales tax once
a quarter via the state’s electronic filing and payment system. GBI filed its
return and paid $3,063 in sales tax for the quarter ending December 31.26GBI paid February’s rent
of $4,500 for the office and warehouse space in San Diego.27CSI installed and tested
the new barcode system. The warehouse manager approved the installation and
commented that she thinks it works great. GBI wrote a check to CSI for $4,195
and gave it to the installer.28Big Apple’s truck
arrived at GBI’s warehouse and picked up the order from January 27th.

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