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Answered: - The county approved GBI's building plans for their new


The 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.?

what would be the journal entry for this if i am doing the books for GBI??

these are the possible account names:?

100000

Bank Account

110100

Accounts Receivable (Direct Posting Account)

110150

Allowance for Bad Debt

110200

Interest Receivable

200600

Inventory-Operating Supplies

200900

Inventory-Raw Materials (Direct Post)

200910

Inventory-Finished Goods (Direct Post)

200920

Inventory-Trading Goods (Direct Post)

200930

Inventory-Semi-finished Goods (Direct Post)

210000

Prepaid Insurance

211000

Prepaid Supplies

212000

Prepaid Advertising

215000

Prepaid Rent

216000

Deposits

220000

Notes Receivable

220110

Land

220210

Production Machinery, Equipment and Fixtures

220310

Accumulated Depreciation ?Production mach, Equip.

220400

Office Furniture

220500

Accumulated Depreciation-Office Furniture

220600

Office Equip and Computers

220700

Accumulated Depreciation- Office Equipment

300100

Payables-Income Taxes

300200

Accounts Payable (Direct Posting Account)

300300

Payables-Interest

300400

Payables-Short-Term Notes

300500

Payables-Long-Term Notes

300600

Payables-Commissions

300700

Payables-Salaries and Wages

300800

Accrued Expense

310000

Goods Receipt / Invoice Receipt Account

320000

Accrued Tax ? Output

321000

Accrued Tax- Input

322000

Unearned Revenues

329000

Common Stock

329100

Additional Paid-in-Capital

330010

Retained Earnings (Direct Post)

600000

Sales Revenue

610000

Sales Discount

620000

Miscellaneous Revenue

630000

Revenue Deductions

640000

Gain or Loss on Sale of Assets

650000

Customer Service Revenue

650100

Customer Service Revenue Settlement

720000

Raw Material Consumption Expense

720100

Finished Product Consumption Expense

720200

Trading Good Consumption Expense

720300

Semi-Finished Consumption Expense

740000

Supplies Expense

740100

Utilities Expense

740300

Rent Expense

740400

Insurance Expense

740500

Payroll Expense-Office

740600

Payroll Expense-Administrative

740700

Sales Expense

740800

Tax Expense - Property

740900

Tax Expense- Income

741000

Miscellaneous Expense

741100

Labor Expense

741200

Bad Debt Expense

741300

Information Technology Expense Account

741400

Production Order Variance Expense Account

741600

Manufacturing Output settlement

741700

Manufacturing Output Settlement Variance

741800

Depreciation Expense

741900

Advertising Expense

742000

Vendor Discounts Missed

742100

Shipping Expense

760000

Purchase Price Difference

760100

Production Variance

770000

Research and Development

780000

Cost of Goods Sold

 


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DATE ANSWERED

Oct 07, 2020

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