1 What is the ending balance in the retained earnings account?

Debit or credit?

2 What is the ending balance in the accounts receivable account?

Debit or credit?

3 What is the BEGINNING balance in the Cash - Big Bank account?

Debit or credit?

4 What is the ending balance in the Inventory account?

Debit or credit?

5 What is the ending balance in the Wages Expense account AFTER the closing entry is made?

contihued) General Ledger Assets Liabilities Owners' Equity Cash rBin Bank C Note Payable Beg Balance Feb 01 Feb 04 Feb 22 Ending Balance 35,000 Beg. Balance 65,000 Beg. Balance 75,000 Ending Balance 65,000 Ending Balance 75,000 17,000 76,000 Note Payable Dr. Little Bank Cr Cash Dr. Little Bank Cr Beg. Balance 60,000 Beg. Balance Beg. Balance Feb 07 Feb 18 Feb 27 20,000 40,000 Ending Balance 27,000 Ending Balance 60,000 10,000 23,000 Interest Payable Or Big Bank Cr Dr. Revenue Cr Beg. Balance Feb 28 Beg. Balance Feb 04 Feb 15 Feb 18 600 62,000 88,000 110.000 260,000 Receivable Beg. Balance Feb 15 Feb 18 Ending Balance Ending Balance 88,000 70,000 158,000 After Close Ba Interest Payable Little Bank Cr Beg. Balance Feb 28 Cost of Goods Dr. Inventory r 450 Beg. Balance 85,000 Beg. Balance Feb 04 Feb 15 Feb 18 Feb 22 Ending Balance 6,000 Ending Balance 22,000 28,000 Feb 04 Feb 15 Feb 18 16,000 22,000 28,000 66,000 36,000 After Close Bal Rent Dr. Expense Cr Cr Beg. Balance60,000 Beg. Balance Feb 01 Ending Balance 60,000 After Close Bal Dr Expense Cr Beg. Balance Feb 07 Feb 27 23,000 Ending Balance 33,000 fter Close Ba Cr. Beg. Balance Feb 28 600 Feb 28 After Close Bal Chapter 5 Homework roblem 5-1 OverPriced Jeans, Inc. Closing Entries for February this problem you will be closing OPJ's Revenue and Expense accounts for the month of ebruary 2019. Remove and use the forms on Pgs 209 to 211 to complete this problem. equirement 1 Based on the General Ledger account balances given on Pg 211 prepare OPJ's February closing entries. Place the closing entries in the General Journal on Pg 209 Requirement 2 Post the closing entries to the General Ledger accounts Requirement 3 Compute an Ending Balance for the Retained Earnings account and put that balance in the account. Compute the After Close Balances for the Revenue and Expense accounts and put those balances in the accounts. Requirement 4 Prepare a Post-Closing Trial Balance. Requirement 5 If you have your solution to Problem 4-1 available, compare: D The Ending Balance in OPJ's Retained Earnings account on Pg 211, to D The Retained Earnings amount in OPJ's Balance Sheet on Pg 206 of Problem 4-1