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, G?P? purchased a gymnasium building and gym equipment on 1/02 for S50.000, 80% of which related to the gymnasium and 20% to the equipment 3. GIPI paid $260 cash on 1/03 to have the gym equipment refurbished before it could be used 4. GIPI p $4,000 in training on 1/04 and expected collection in February. 5. GIPI collected $36,000 cash in training fees on 1/10, of which $34,000 was earned in January and 6. GIPI paid $23,000 of wages and $7,000 in utilities on 1/30. $2,000 would be earned in February building using the straight-line method over 20 years with a residual d residual value of $2,250 at the end of its four-year useful life. Record depreciation on 1/31 the value of $2,000. Gym equipment will be depreciated using the double-declining-balance method, with an fth the equal to o 8. GIPI received a bill on 1/31 for $350 for advertising done on 1/31. The bill has not been paid the yearly amount. 9. GIPI 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. 10.Giprs income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for t of General Income General Journal Statement Retained Earnings Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. GRID IRON PREP INC. Trial Balance Debit ys
