journal entries for global bike assignmentjournal entries for global bike assignment. Here are the January 3 to January 11 events, typed out all together: January 3 Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previ...
journal entries for global bike assignment. Here are the January 3 to January 11
events, typed out all together: January 3 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 $110,000. (Ignore payroll taxes for this
assignment.) Accounting wrote and distributed the paychecks. January 3 GBI
received $111,384 in safety product inventory and $74,256 in raw materials
from Dallas Bike Basics. This inventory was ordered on December 28. The
payment terms for the invoice total of $185,640 are net 10 days. GBI paid the
CWX shipping company $550 with a manual check for the shipment of 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. January 3 Windy 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 payment terms for Windy City's order are
2/10 net 30 days.
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