can someone help me journalize these and post to t account Date Description of E

Question

can someone help me journalize these and post to t account

Date Description of Event Employees are paid monthly on the first business day of the month Lb for work done in the previous month. The total payroll for the previous month is $125,000. (Ignore payroll taxes for this assignment) Accounting wrote and distributed the paychecks 1 January 3 GBr'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 orn December 31t) 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. 2 January5 3 January 6 GBI received payment of $17,750 from Northwest Bikes in Seattle, WA for the balance due on their account Windy City Bikes in Chicago, IL ordered $24,000 of bicycle accessories from GBI. The cost of the accessories (to GBI) is $16,150. 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. GBI received $59,465 in safety product inventory and $38,250 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $97,715 are net 10 days. GBI paid the CWX shipping company $770 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. GBl'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. This is the only advertising GBI purchased last year 6 January 7

Explanation / Answer

T Accounts

Accrued Payroll

prepaid advt exps amount is not provided in question.

Jan 3 Accued Payroll 125000 Cash 125000 (Accrued payroll paid off) Jan 5 Accrued Expenses 988 Cash 988 (Accrued utility bill paid off) Jan 6 Cash 17750 Northwest Bikes 17750 (Amount received from northwest) Jan6 Windy city bikes 24000 Sales 24000 (Sales made on account) Jan 6 Cost of goods sold 16150 Accessories 16150 (inventory transferred to COGS) Jan6 Safty Product 59465 Raw Material 38250 Shipping Cost 770 Cash 770 Dallas Bikes 97715 (Purchase done on account and shipping exps paid) Jan 7 Advertising Exps. Amount Prepaid Advertising Amount (Advt. exps. paid off from prepaid advt expenses balance)

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