Alignment 1 Inna Thorsen or Priced Je sets Cas Dr. Big B. 35,000 Requirement 1 (If you previously completed Problem 3-1, these are the same February transactions utilized in that problem.) February's transactions and adjusting entry information are shown below. For each item make the required entry in the General Journal. (See the General Ledger tab in the file Problem 4-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000 - customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer-selling price $88,000 - cost of inventory sold $22,000 - customer will pay in the future. Feb 18 Sale of inventory to a customer-selling price $110,000 - cost of inventory sold $28,000 - customer pays $40,000 cash which is deposited in Little Bank - customer will pay for the remaining amount of the sale in 30 days. Feb 22 Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Feb 28 Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February - interest will be paid in June. Feb 28 Adjust the Interest Payable Little Bank account to record the $450 of interest owed to Little Bank for February - interest will be paid in March. Requirement 2 Post the entries from the General Journal to the General Ledger accounts. Requirement 3 Except for Retained Earnings, compute an ending balance for each General Ledger account For Retained Earnings, place the current balance in the account. Requirement 4 Prepare a Pre-Closing Trial Balance Cas DP LE 20,000 Accour Recnica 0 Invento 85.000 imal Requirement 1 Based on the Revenue and Expense account balances given on the General Ledger tab in the Problem 5-1 Forms workbook, prepare OPJ's February closing entries. Place the closing entries in the General Journal. 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 Note that the Ending Balance shown in the Retained Earnings account on the General Ledger tab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet in Problem 4-1. Alignment 1 Inna Thorsen or Priced Je sets Cas Dr. Big B. 35,000 Requirement 1 (If you previously completed Problem 3-1, these are the same February transactions utilized in that problem.) February's transactions and adjusting entry information are shown below. For each item make the required entry in the General Journal. (See the General Ledger tab in the file Problem 4-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000 - customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer-selling price $88,000 - cost of inventory sold $22,000 - customer will pay in the future. Feb 18 Sale of inventory to a customer-selling price $110,000 - cost of inventory sold $28,000 - customer pays $40,000 cash which is deposited in Little Bank - customer will pay for the remaining amount of the sale in 30 days. Feb 22 Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Feb 28 Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February - interest will be paid in June. Feb 28 Adjust the Interest Payable Little Bank account to record the $450 of interest owed to Little Bank for February - interest will be paid in March. Requirement 2 Post the entries from the General Journal to the General Ledger accounts. Requirement 3 Except for Retained Earnings, compute an ending balance for each General Ledger account For Retained Earnings, place the current balance in the account. Requirement 4 Prepare a Pre-Closing Trial Balance Cas DP LE 20,000 Accour Recnica 0 Invento 85.000 imal Requirement 1 Based on the Revenue and Expense account balances given on the General Ledger tab in the Problem 5-1 Forms workbook, prepare OPJ's February closing entries. Place the closing entries in the General Journal. 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 Note that the Ending Balance shown in the Retained Earnings account on the General Ledger tab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet in Problem 4-1
