Summary journal entries for global bike assignment. Here are the January 3 to January 11 events, t

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.