06-OP) Mini-Project 12e - Excel Insert Home Formulas Data View Page Layout Review Help Tell me what you want to do Arial 12 2. Wrap Text $. % O A *8.68 BIU Conditional Forma Formatting" Tabl Styles Alignment Number Font Td X OverPriced Jeans, Inc. - Transactions - Additional Information March 2019 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger) March 1 Pay off the 560,000 Note Payable owed to Little Bank. The cash to pay off the note is taken out of Big Bank. Also pay to Little Bank $450 for interest owed on the Note Payable for February The $450 cash is also taken out of Big Bank. March 1 Take 54,500 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000 cash to pay off the amount due. The cash is deposited into Big Bank. March 10 Sale of inventory to a customer -- selling price $91,800 -- cost of the inventory sold $23,500 The customer pays cash. The cash is deposited into Little Bank. DIO March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have eamed March 16 Purchase 584.750 of additional inventory. OPJ will pay the manufacturer 50% of the 584,750 Directions Trans Chart Aces Journal GL Assets GL Liab-Equity GL Rev.Exp Trial Bal ODL cu 30 IS & RE 06-OP) Mini-Project 12e - Excel Help Tell me what you want to do Home File Insert Page Layout Formulas Data Review View 26 Wrap Text Arial ~12 VAA BIU - SA Paste *3.99 $ - % Merge Center Alignment Conditional Format Formatting" Table Styles Number Clipboard Font C2 X . March 17 Sale of inventory to a customer selling price $110,000 - cost of the inventory sold $36,000 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer-selling price $183,500 - cost of the inventory sold $44,000 The customer pays $25,000 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $12,000 cash. The cash is taken out of Big Bank. March 26 Pay the manufacturer the 50% due on the March 16th purchase of inventory. The cash is taken out of Big Bank UD March 30 Take $38,000 cash out of Little Bank to pay employees for wages they have earned. Additional Information Note Payable Big Bank Interest due to Big Bank on the Note Payable for the month of March is $690. As of March 31 OPJ owes Big Bank a total of $1.290 for interest (5600 for February + $690 for March) Interest will be paid to Big Bank in June. Directions Trans Chart Acts Journal GL Assets GL Lab Equity GL Rev Exp Trial Bal IS & RE 06-OP) Mini-Project 12e - Excel Insert Home Formulas Data View Page Layout Review Help Tell me what you want to do Arial 12 2. Wrap Text $. % O A *8.68 BIU Conditional Forma Formatting" Tabl Styles Alignment Number Font Td X OverPriced Jeans, Inc. - Transactions - Additional Information March 2019 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger) March 1 Pay off the 560,000 Note Payable owed to Little Bank. The cash to pay off the note is taken out of Big Bank. Also pay to Little Bank $450 for interest owed on the Note Payable for February The $450 cash is also taken out of Big Bank. March 1 Take 54,500 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000 cash to pay off the amount due. The cash is deposited into Big Bank. March 10 Sale of inventory to a customer -- selling price $91,800 -- cost of the inventory sold $23,500 The customer pays cash. The cash is deposited into Little Bank. DIO March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have eamed March 16 Purchase 584.750 of additional inventory. OPJ will pay the manufacturer 50% of the 584,750 Directions Trans Chart Aces Journal GL Assets GL Liab-Equity GL Rev.Exp Trial Bal ODL cu 30 IS & RE 06-OP) Mini-Project 12e - Excel Help Tell me what you want to do Home File Insert Page Layout Formulas Data Review View 26 Wrap Text Arial ~12 VAA BIU - SA Paste *3.99 $ - % Merge Center Alignment Conditional Format Formatting" Table Styles Number Clipboard Font C2 X . March 17 Sale of inventory to a customer selling price $110,000 - cost of the inventory sold $36,000 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer-selling price $183,500 - cost of the inventory sold $44,000 The customer pays $25,000 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $12,000 cash. The cash is taken out of Big Bank. March 26 Pay the manufacturer the 50% due on the March 16th purchase of inventory. The cash is taken out of Big Bank UD March 30 Take $38,000 cash out of Little Bank to pay employees for wages they have earned. Additional Information Note Payable Big Bank Interest due to Big Bank on the Note Payable for the month of March is $690. As of March 31 OPJ owes Big Bank a total of $1.290 for interest (5600 for February + $690 for March) Interest will be paid to Big Bank in June. Directions Trans Chart Acts Journal GL Assets GL Lab Equity GL Rev Exp Trial Bal IS & RE