AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 1 A A Wran Text Insert v X G yo Delete CM Paste BU ar A, Merge Center Conditional Format Cell Formatting as Table Styles Sort Filter Format v Find Select Sensitvity Analyze Data y F5 T As you work on your project, be sure to save your file often Instructions You will be recording the March 2021 transactions for Overpriced Jeans, Inc (OPJ) After recording the March transactions you will be proparing a Pre Closing Trial Balance, Income Statement, Calculation of Retained Eamings Balance Sheet, and Post Closing Trial Balance Click File Click Save As In Save As enter LastNameFirstName OPJ Format must be Excel Macro Enabled Workbook (xlsm) Before clicking Save, be sure the file is being saved to the folder on your Mac Desktop, and not to an online location such as OneDrive Click Save You are given the following March transactions and Additional Information Trans tab Chart of Accounts with Account Numbers and Account Names Chart Accts tab General Journal pages Journal tab General Ledger GL Assets, GL Llab Equity, GL Rev Exp tabs Forms for the March 31 Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Relained Earrings (IS RE tab), Balance Sheet (BalSht tab), and Post Closing Trial Balance (Post Close TB tab) To Complete Your Workbook do the following Print the March Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets do not weapother student's shoes Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) Steps 1 and 2 in the Accounting Cycle Record the March transactions in the General Journal Click the Journal tab and record your entries directly into the General Journal Look at the March 1 Common Stock ransaction, which has already been entered for an example of how to make your entries Do not put the X in the Posted column at this time Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system Step 1 For each business transaction that occurs during the accounting period, determine the feet of the transaction on the General Ledger Bonus To make posting from the General Journal to the Goneral Ledger easier, it is recommended that you print the General Joumal click the Journal tab and then click the Printer Icon Post the entries from the printed General Joumal to the General Ledger accounts Click the GL Assets, GL Liab Equity, and GL Rev Exp tabs to find the accounts to be posted Record your postings directly into the General Ledger As you post an amount to an account be sure to enter the General Journal Page into the Journal Page column See the first posting to the Cash Big Bank account for an example After you post an amount to a General Ledger account, then hand write an 'X' in the Posted column of the printed General Joumal This will help you keep track of which entries you have posted Step 2 Make an entry in the General Journal for each transaction and post the entry to the General Ledger accounts Directions Trans Chart Accis A Journal A AGL Assets AGL Liab Equity GL Rev Exp A Trial Bal IS RE Balsh Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert 9 SA X LG A A Wraa Text HERE Paste B I ur B 1 ar A, Merge Center $ 99 Delete Format 2 Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity F5 x T Enter the X s, which you hand wrote on your General Journal pages, into the General Journal, Click the Joumal tab and enter the X s in the Posted column Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank The information for this adjusting entry is under the heading Additional Information on the page that printed when you printed the Trans tab Click the Joumal tab and record the adjusting entry in the General Joumal Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system Pg 21 Step 3 in the Accounting Cycle At the end of the accounting period, before preparing the financial stalements, determine if any of the General Ledger ponunt balanons need to be adjusted Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts Post the adjusting entry from the General Joumal to the General Ledger accounts Click the GL Liab Equity and GL Rev Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page into the Journal Page column After you post an amount to a General Ledger account, click back on the Journal tab and enter an X in the Posted column of the General Journal Print OPJ's General Ledger by clicking the GL Assets tab and then clicking the Printer Icon, clicking the GL Liab Equity tab and then clicking the Printer icon, and clicking the GL Rev Exp tab and then clicking the Printer icon Step 4 in the Accounting Cycle Using the printed General Ledger, enter the ending account balances into the March 31 Pre Closing Trial Balance Click the Trial Bal tab and enter the amounts into the Pre Closing Trial Balance Print the March 31 Pre Closing Trial Balance by clicking the Printer icon Prepare a Pre Clasing Trial Balance to determine that the accounts in the General Ledger are in balance Using the printed March 31 Pre Closing Trial Balance, prepare the March 2021 Income Statement Click the IS RE tab and enter the amounts into the Income Statement Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts Step in the Accounting Cycle Calculate the ending balance of the Relained Earnings account that is needed for the preparation of the Balance Sheet Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earnings as of March 31 for the Balance Shoot Click the IS RE tab and enter the amounts into the schedule Using the printed March 31 Pre Closing Trial Balance and the amount from the SAN A Directions Trans Chart Accis Journal GL Assels Ready Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the AGL Rev Exp A Trial B AGL Liab Equity AIS RE A Balsh Post Close TB 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert SA A A X G Wran Text A DE Paste B BIU 1 Merge Center $ SB Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity FS T Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earings as of March 31 for the Balance Sheet Click the IS RE tab and enter the amounts into the schedule Step 6 In the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet Using the printed March 31 Pro Closing Trial Balance and the amount from the Calculation of Retained Earings as of March 31, prepare the March 31, 2021 Balance Sheet Click the BalSht tab and enter the amounts into the Balance Sheet Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Eamings account Prepare the closing entries Click the Journal tab and enter the closing entries into the General Joumal Place your closing entries on Page 3 of the General Journal Post the closing entries from the General Journal to the General Ledger accounts Click the GL Llab Equity, and GL Rev Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page into the Journal Page colunin After you post an amount to a General Ledger account, click back on the Journal tab and enter an X in the Posted column of the General Journal Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing antries to the General Ledger accounts Click the Post Close TB tab and prepare the March 31 Post Closing Trial Balance Step 9 in the Accounting Cycle Prepare a Post Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle Your project is complete Your instructor will provide you with directions on how to submit your project Directions Trans Chart Acats A Journal A AGL Assels AGL Liab Equity GL Rev Exp Trial Bal AIS RE A BalSht Post Close TB Ready 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG A A 2 Wran Text AYO v Paste B 1 U ar Av Merge Center Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v C2 x T Over Priced Jeans, Inc Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $56 000 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 a into the General Joumal and posted to the General Ledger) March 1 Pay off the $60,000 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 $4,800 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 $72,500 cost of the inventory sold $23,000 The customer pays cash The cash is deposited into Little Bank L March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory OPJ will pay the mariufacturer 50 of the $77,500 in 10 days OPJ will pay the remaining 50 in 30 days March 17 Sale of inventory to a customer selling price $115 000 cost of the inventory sold $33,000 The customer will pay for the purchase in 30 days March 20 Sale of inventory to a customer Selling price $165,500 cost of the inventory sold 542,750 The customer pays $35,500 cash that is deposited into Little Bank The customer will pay the remaining amount in 30 days March 22 Purchase inventory for $42,000 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 March 30 Take $28,500 cash out of Little Bank to pay employees for wages they have earned Directions Trans Charl Acts Journal AGL Assets AGL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl A Post Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG A A ab Wran Text AYO Paste BIU 1 CA Merge Center 94 SB Delete Format Conditional Formal Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v C2 x T fx March 1 Pay off the S60,000 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 54,800 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 $72,500 cost of the inventory sold $23,000 The customer pays cash The cash is deposited into Little Bank March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory OPJ will pay the manufacturer 50 of the S77,500 in 10 days OPJ will pay the remaining 50 in 30 days March 17 Sale of inventory to a customer selling price $115,000 cost of the inventory sold $33,000 The customer will pay for the purchase in 30 days March 20 Sale of inventory to a customer selling price $165,500 cost of the inventory sold $42,750 The customer pays $35 500 cash that is deposited into Little Bank The customer will pay the remaining amount in 30 days March 22 Purchase inventory for $42,000 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 U March 30 Take $28,500 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 $990 As of March 31 OPJ owes Big Bank a total of $1,590 for interest (5600 for February $990 for March) Interest will be paid to Big Bank in June Directions Trans Charl Acels A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE BalShl A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X G A A Wran Text Y Paste B u v Av Delete Format Merge Center Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v D2 Xfx X T Over Priced Jeans, Inc Chart of Accounts Account Account Name 100 105 110 120 150 Assets Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment 200 210 215 220 225 Liabilities Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank 300 305 Equity Common Stock Retained Earnings Revenues Sales Revenue 400 500 510 515 520 Expenses Cost of Goods Sold Rent Expense Wages Expense Interest Expense Directions Trans Chart Accts A Journal GL Assels AGL Liab Equity GL Rev Exp A Trial Bal IS RE A BalSht Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Teu Share Comments Insert v X G A A Wran Text yo Delete Paste B 1 Av Merge Center $ Conditional Format Cell Formatting as Table Styles Sensitvity Format Find Select Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc General Journal Page 1 Account Name Posted Debit Credit 2021 Month Day 3 1 Account Number 100 300 55,000 00 Cash Big Bank Common Stock Issue additional Common Stock 55,000 00 Directions Trans Charl Acets Journal AGL Assels GL Liab Equity GL Rev Exp Trial Bal A IS RE BalShl A Post Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X G A A 2 Wran Text yo Paste B 1 Uv Av Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Journal into the accounts Account 100 Cash Big Bank Journal Page 1 Debit Credit Balance 2021 Month Day 3 1 3 1 Beginning Balance 76,000 00 55,000 00 76,000 00 Dr 131,000,00 DE 1 Account 105 Cash Little Bank Journal Page Credit 2021 Month Day 3 1 Beginning Balance Balance Debit 27,000 00 27,000 00 Dr Account 110 Accounts Receivable 2021 Month Day Journal Page 1 Debit Credit Balance Directions AEO on nel A Journal Trans 100 Oon onlr AGL Lab Equily AGL Rev Ex Charl Accls GL Assets A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 A A Insert v Wran Text X LG v Delete Paste B I U 1 di A Merge Center $ GB Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find Select T Account 110 Accounts Receivable 2021 Month Day Journal Page Credit Debit 158,000 00 Balance 158,000 00 Dr Beginning Balance Account 120 Inventory Journal Page 1 Credit Balance 2021 Month Day 3 1 Beginning Balance Debit 36,000 00 36,000 00 Dr Account 150 Equipment Journal Page Debit 2021 Month Day 3 1 Beginning Balance Credit Balance 60,000 00 Dr 60,000 00 Directions Trans Chart Accts A Journal GL Assels AGL Liab Equily A GL Rev Exp A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert v A A 2 Wran Text DE yo G Paste B 1 Uv CA Merge Center $ 99 Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C10 x Sarah Charles Over Priced Jeans, Inc General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Joumal into the accounts Account 200 Accounts Payable Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 00 0 00 Cr Account 210 Note Payable Big Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 65,000 00 Beginning Balance 65,000 00 C Account 215 Note Payable Little Bank 2021 Month Day 3 1 Journal Page Debit Credit 60,000 00 Balance 60,000 00 C Beginning Balance Account 220 Interest Payable Big Bank Journal Page 1 Debit Credit 2021 Month Day Beainnina Balance Directions Trans 600 00 AGL Assels Balance 600 00 G GL Liab Equity A GL Rev Exp Charl Accts Journal A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave AB OFF Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X LG A A 2 Wran Text Delete Paste B 1 I U Merge Center $ 94 Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find Select C10 fx T VVVI Account 225 Interest Payable Little Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 450 00 Beginning Balance 450 00 C Account 300 Common Stock Journal Page Debit 2021 Month Day 3 1 Credit Beginning Balance 75,000 00 55,000 00 Balance 75,000 00 130,000 00 C 3 1 1 Account 305 Retained Eamings Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 155,950 00 155,950 00 Cr Directions Trans Chart Accts A Journal AGL Assels GL Liab Equity AGL Rev Exp A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X G A A 2 Wran Text DE yo Paste B 1 Uv Merge Center $ Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C10 T Sarah Charles OverPriced Jeans, Inc , General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Journal into the accounts Account 400 Sales Revenue Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 00 0 00 Cr Account 500 Cost of Goods Sold Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 Dr Beginning Balance 0 001 Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 001 0 00 DY Directions Trans Charl Acts A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text AP A PD yo G Paste BIU 1 Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find Select C10 1 x fx T Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account 515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account 520 Interest Expense Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text AP A PD yo G Paste BIU 1 Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find Select C10 1 x fx T Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account 515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account 520 Interest Expense Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments SAS AP A 2 Wran Text Insert 12 LG Delete Paste BU 1 di A $ Merge Center Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter v Find Select Analyze Data y E6 xfx 4a11 Sarah Charles OPJ's March 31, 2021 Pre Closing Trial Balance CAUTION Enter amounts into the Pre Closing Trial Balance by typing in the amounts Do NOT copy cells from the General Ledger Account Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Acces Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA Wran Text 1 A A LG Paste B I U 1 Merge Center $ Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity D6 T X Sarah Chanics Overpriced Jeans, Inc Income Statement for the Month Ended March 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Sales Revenue Cost of Goods Sold Gross Profit 0 00 Expenses Rent Expense Wages Expense Interest Expense Total Expenses 0 00 $0 00 Net Income Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0 00 Directions Trans Chart Accts A Journal AGL Assets A GL Liab Equity AGL Rev Exp Trial Bal IS RE BalSht A Post Close TB Ready 1256 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA X LG A A 2 Wran Text HERE Delete Paste 1 V CA Merge Center $ Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity Format DS T Sarah Charles Overpriced Jeans, Inc Balance Sheet as of March 31, 2021 CAUTION Enter armounts into the Balance Sheet by typing in the amounts Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Assets Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Total Assets S0 00 Liabilities Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Total Liabilities 0 00 Equity Common Stock Retained Earnings Total Equity 0 00 Total Liabilities Equity S0 00 Directions Trans Chart Acces A A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE BalSht A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SAS X LG AP A Wran Text Delete Paste 1 UK 1 ar Av Merge Center $ Conditional Format Cell Formatting as Table Styles Format v Sort Filter Sensitvity v Find Select Analyze Data y E6 x X T Sarah Charles OPJ's March 31, 2021 Post Closing Trial Balance CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts Do NOT copy cells from the General Ledger Account Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Accts Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl Post Close TB Ready HH 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 1 A A Wran Text Insert v X G yo Delete CM Paste BU ar A, Merge Center Conditional Format Cell Formatting as Table Styles Sort Filter Format v Find Select Sensitvity Analyze Data y F5 T As you work on your project, be sure to save your file often Instructions You will be recording the March 2021 transactions for Overpriced Jeans, Inc (OPJ) After recording the March transactions you will be proparing a Pre Closing Trial Balance, Income Statement, Calculation of Retained Eamings Balance Sheet, and Post Closing Trial Balance Click File Click Save As In Save As enter LastNameFirstName OPJ Format must be Excel Macro Enabled Workbook (xlsm) Before clicking Save, be sure the file is being saved to the folder on your Mac Desktop, and not to an online location such as OneDrive Click Save You are given the following March transactions and Additional Information Trans tab Chart of Accounts with Account Numbers and Account Names Chart Accts tab General Journal pages Journal tab General Ledger GL Assets, GL Llab Equity, GL Rev Exp tabs Forms for the March 31 Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Relained Earrings (IS RE tab), Balance Sheet (BalSht tab), and Post Closing Trial Balance (Post Close TB tab) To Complete Your Workbook do the following Print the March Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets do not weapother student's shoes Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) Steps 1 and 2 in the Accounting Cycle Record the March transactions in the General Journal Click the Journal tab and record your entries directly into the General Journal Look at the March 1 Common Stock ransaction, which has already been entered for an example of how to make your entries Do not put the X in the Posted column at this time Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system Step 1 For each business transaction that occurs during the accounting period, determine the feet of the transaction on the General Ledger Bonus To make posting from the General Journal to the Goneral Ledger easier, it is recommended that you print the General Joumal click the Journal tab and then click the Printer Icon Post the entries from the printed General Joumal to the General Ledger accounts Click the GL Assets, GL Liab Equity, and GL Rev Exp tabs to find the accounts to be posted Record your postings directly into the General Ledger As you post an amount to an account be sure to enter the General Journal Page into the Journal Page column See the first posting to the Cash Big Bank account for an example After you post an amount to a General Ledger account, then hand write an 'X' in the Posted column of the printed General Joumal This will help you keep track of which entries you have posted Step 2 Make an entry in the General Journal for each transaction and post the entry to the General Ledger accounts Directions Trans Chart Accis A Journal A AGL Assets AGL Liab Equity GL Rev Exp A Trial Bal IS RE Balsh Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert 9 SA X LG A A Wraa Text HERE Paste B I ur B 1 ar A, Merge Center $ 99 Delete Format 2 Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity F5 x T Enter the X s, which you hand wrote on your General Journal pages, into the General Journal, Click the Joumal tab and enter the X s in the Posted column Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank The information for this adjusting entry is under the heading Additional Information on the page that printed when you printed the Trans tab Click the Joumal tab and record the adjusting entry in the General Joumal Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system Pg 21 Step 3 in the Accounting Cycle At the end of the accounting period, before preparing the financial stalements, determine if any of the General Ledger ponunt balanons need to be adjusted Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts Post the adjusting entry from the General Joumal to the General Ledger accounts Click the GL Liab Equity and GL Rev Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page into the Journal Page column After you post an amount to a General Ledger account, click back on the Journal tab and enter an X in the Posted column of the General Journal Print OPJ's General Ledger by clicking the GL Assets tab and then clicking the Printer Icon, clicking the GL Liab Equity tab and then clicking the Printer icon, and clicking the GL Rev Exp tab and then clicking the Printer icon Step 4 in the Accounting Cycle Using the printed General Ledger, enter the ending account balances into the March 31 Pre Closing Trial Balance Click the Trial Bal tab and enter the amounts into the Pre Closing Trial Balance Print the March 31 Pre Closing Trial Balance by clicking the Printer icon Prepare a Pre Clasing Trial Balance to determine that the accounts in the General Ledger are in balance Using the printed March 31 Pre Closing Trial Balance, prepare the March 2021 Income Statement Click the IS RE tab and enter the amounts into the Income Statement Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts Step in the Accounting Cycle Calculate the ending balance of the Relained Earnings account that is needed for the preparation of the Balance Sheet Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earnings as of March 31 for the Balance Shoot Click the IS RE tab and enter the amounts into the schedule Using the printed March 31 Pre Closing Trial Balance and the amount from the SAN A Directions Trans Chart Accis Journal GL Assels Ready Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the AGL Rev Exp A Trial B AGL Liab Equity AIS RE A Balsh Post Close TB 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert SA A A X G Wran Text A DE Paste B BIU 1 Merge Center $ SB Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity FS T Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earings as of March 31 for the Balance Sheet Click the IS RE tab and enter the amounts into the schedule Step 6 In the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet Using the printed March 31 Pro Closing Trial Balance and the amount from the Calculation of Retained Earings as of March 31, prepare the March 31, 2021 Balance Sheet Click the BalSht tab and enter the amounts into the Balance Sheet Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Eamings account Prepare the closing entries Click the Journal tab and enter the closing entries into the General Joumal Place your closing entries on Page 3 of the General Journal Post the closing entries from the General Journal to the General Ledger accounts Click the GL Llab Equity, and GL Rev Exp tabs to find the accounts to be posted As you post an amount to an account be sure to enter the General Journal Page into the Journal Page colunin After you post an amount to a General Ledger account, click back on the Journal tab and enter an X in the Posted column of the General Journal Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing antries to the General Ledger accounts Click the Post Close TB tab and prepare the March 31 Post Closing Trial Balance Step 9 in the Accounting Cycle Prepare a Post Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle Your project is complete Your instructor will provide you with directions on how to submit your project Directions Trans Chart Acats A Journal A AGL Assels AGL Liab Equity GL Rev Exp Trial Bal AIS RE A BalSht Post Close TB Ready 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG A A 2 Wran Text AYO v Paste B 1 U ar Av Merge Center Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v C2 x T Over Priced Jeans, Inc Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $56 000 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 a into the General Joumal and posted to the General Ledger) March 1 Pay off the $60,000 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 $4,800 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 $72,500 cost of the inventory sold $23,000 The customer pays cash The cash is deposited into Little Bank L March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory OPJ will pay the mariufacturer 50 of the $77,500 in 10 days OPJ will pay the remaining 50 in 30 days March 17 Sale of inventory to a customer selling price $115 000 cost of the inventory sold $33,000 The customer will pay for the purchase in 30 days March 20 Sale of inventory to a customer Selling price $165,500 cost of the inventory sold 542,750 The customer pays $35,500 cash that is deposited into Little Bank The customer will pay the remaining amount in 30 days March 22 Purchase inventory for $42,000 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 March 30 Take $28,500 cash out of Little Bank to pay employees for wages they have earned Directions Trans Charl Acts Journal AGL Assets AGL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl A Post Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG A A ab Wran Text AYO Paste BIU 1 CA Merge Center 94 SB Delete Format Conditional Formal Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v C2 x T fx March 1 Pay off the S60,000 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 54,800 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 $72,500 cost of the inventory sold $23,000 The customer pays cash The cash is deposited into Little Bank March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory OPJ will pay the manufacturer 50 of the S77,500 in 10 days OPJ will pay the remaining 50 in 30 days March 17 Sale of inventory to a customer selling price $115,000 cost of the inventory sold $33,000 The customer will pay for the purchase in 30 days March 20 Sale of inventory to a customer selling price $165,500 cost of the inventory sold $42,750 The customer pays $35 500 cash that is deposited into Little Bank The customer will pay the remaining amount in 30 days March 22 Purchase inventory for $42,000 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 U March 30 Take $28,500 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 $990 As of March 31 OPJ owes Big Bank a total of $1,590 for interest (5600 for February $990 for March) Interest will be paid to Big Bank in June Directions Trans Charl Acels A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE BalShl A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X G A A Wran Text Y Paste B u v Av Delete Format Merge Center Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity y v D2 Xfx X T Over Priced Jeans, Inc Chart of Accounts Account Account Name 100 105 110 120 150 Assets Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment 200 210 215 220 225 Liabilities Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank 300 305 Equity Common Stock Retained Earnings Revenues Sales Revenue 400 500 510 515 520 Expenses Cost of Goods Sold Rent Expense Wages Expense Interest Expense Directions Trans Chart Accts A Journal GL Assels AGL Liab Equity GL Rev Exp A Trial Bal IS RE A BalSht Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Teu Share Comments Insert v X G A A Wran Text yo Delete Paste B 1 Av Merge Center $ Conditional Format Cell Formatting as Table Styles Sensitvity Format Find Select Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc General Journal Page 1 Account Name Posted Debit Credit 2021 Month Day 3 1 Account Number 100 300 55,000 00 Cash Big Bank Common Stock Issue additional Common Stock 55,000 00 Directions Trans Charl Acets Journal AGL Assels GL Liab Equity GL Rev Exp Trial Bal A IS RE BalShl A Post Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X G A A 2 Wran Text yo Paste B 1 Uv Av Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Journal into the accounts Account 100 Cash Big Bank Journal Page 1 Debit Credit Balance 2021 Month Day 3 1 3 1 Beginning Balance 76,000 00 55,000 00 76,000 00 Dr 131,000,00 DE 1 Account 105 Cash Little Bank Journal Page Credit 2021 Month Day 3 1 Beginning Balance Balance Debit 27,000 00 27,000 00 Dr Account 110 Accounts Receivable 2021 Month Day Journal Page 1 Debit Credit Balance Directions AEO on nel A Journal Trans 100 Oon onlr AGL Lab Equily AGL Rev Ex Charl Accls GL Assets A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 A A Insert v Wran Text X LG v Delete Paste B I U 1 di A Merge Center $ GB Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find Select T Account 110 Accounts Receivable 2021 Month Day Journal Page Credit Debit 158,000 00 Balance 158,000 00 Dr Beginning Balance Account 120 Inventory Journal Page 1 Credit Balance 2021 Month Day 3 1 Beginning Balance Debit 36,000 00 36,000 00 Dr Account 150 Equipment Journal Page Debit 2021 Month Day 3 1 Beginning Balance Credit Balance 60,000 00 Dr 60,000 00 Directions Trans Chart Accts A Journal GL Assels AGL Liab Equily A GL Rev Exp A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF P Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert v A A 2 Wran Text DE yo G Paste B 1 Uv CA Merge Center $ 99 Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C10 x Sarah Charles Over Priced Jeans, Inc General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Joumal into the accounts Account 200 Accounts Payable Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 00 0 00 Cr Account 210 Note Payable Big Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 65,000 00 Beginning Balance 65,000 00 C Account 215 Note Payable Little Bank 2021 Month Day 3 1 Journal Page Debit Credit 60,000 00 Balance 60,000 00 C Beginning Balance Account 220 Interest Payable Big Bank Journal Page 1 Debit Credit 2021 Month Day Beainnina Balance Directions Trans 600 00 AGL Assels Balance 600 00 G GL Liab Equity A GL Rev Exp Charl Accts Journal A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave AB OFF Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X LG A A 2 Wran Text Delete Paste B 1 I U Merge Center $ 94 Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find Select C10 fx T VVVI Account 225 Interest Payable Little Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 450 00 Beginning Balance 450 00 C Account 300 Common Stock Journal Page Debit 2021 Month Day 3 1 Credit Beginning Balance 75,000 00 55,000 00 Balance 75,000 00 130,000 00 C 3 1 1 Account 305 Retained Eamings Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 155,950 00 155,950 00 Cr Directions Trans Chart Accts A Journal AGL Assels GL Liab Equity AGL Rev Exp A Trial Bal AIS RE A BalSht A Posl Close TB Ready 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X G A A 2 Wran Text DE yo Paste B 1 Uv Merge Center $ Delete Format Conditional Format Cell Formatting as Table Styles Find Select Sensitvity Sort Filter Analyze Data y C10 T Sarah Charles OverPriced Jeans, Inc , General Ledger CAUTION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Journal into the accounts Account 400 Sales Revenue Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 00 0 00 Cr Account 500 Cost of Goods Sold Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 Dr Beginning Balance 0 001 Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 001 0 00 DY Directions Trans Charl Acts A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text AP A PD yo G Paste BIU 1 Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find Select C10 1 x fx T Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account 515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account 520 Interest Expense Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF A Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text AP A PD yo G Paste BIU 1 Merge Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find Select C10 1 x fx T Account 510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account 515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account 520 Interest Expense Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS RE A BalSht A Post Close TB Ready HH 125 AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments SAS AP A 2 Wran Text Insert 12 LG Delete Paste BU 1 di A $ Merge Center Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter v Find Select Analyze Data y E6 xfx 4a11 Sarah Charles OPJ's March 31, 2021 Pre Closing Trial Balance CAUTION Enter amounts into the Pre Closing Trial Balance by typing in the amounts Do NOT copy cells from the General Ledger Account Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Acces Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA Wran Text 1 A A LG Paste B I U 1 Merge Center $ Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity D6 T X Sarah Chanics Overpriced Jeans, Inc Income Statement for the Month Ended March 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Sales Revenue Cost of Goods Sold Gross Profit 0 00 Expenses Rent Expense Wages Expense Interest Expense Total Expenses 0 00 $0 00 Net Income Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0 00 Directions Trans Chart Accts A Journal AGL Assets A GL Liab Equity AGL Rev Exp Trial Bal IS RE BalSht A Post Close TB Ready 1256 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA X LG A A 2 Wran Text HERE Delete Paste 1 V CA Merge Center $ Conditional Format Cell Formatting as Table Styles Sort Filter Find Select Analyze Data Sensitvity Format DS T Sarah Charles Overpriced Jeans, Inc Balance Sheet as of March 31, 2021 CAUTION Enter armounts into the Balance Sheet by typing in the amounts Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Assets Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Total Assets S0 00 Liabilities Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Total Liabilities 0 00 Equity Common Stock Retained Earnings Total Equity 0 00 Total Liabilities Equity S0 00 Directions Trans Chart Acces A A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE BalSht A Post Close TB Ready 125 AutoSave OFF AO Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SAS X LG AP A Wran Text Delete Paste 1 UK 1 ar Av Merge Center $ Conditional Format Cell Formatting as Table Styles Format v Sort Filter Sensitvity v Find Select Analyze Data y E6 x X T Sarah Charles OPJ's March 31, 2021 Post Closing Trial Balance CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts Do NOT copy cells from the General Ledger Account Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash Big Bank Cash Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable Big Bank Note Payable Little Bank Interest Payable Big Bank Interest Payable Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Accts Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS RE A BalShl Post Close TB Ready HH 125

Question

AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 1   A A Wran Text Insert v X  G  yo Delete CM Paste BU ar A, Merge   Center Conditional Format Cell Formatting as Table Styles Sort Filter Format v Find   Select Sensitvity Analyze Data y F5 T As you work on your project, be sure to save your file often  Instructions  You will be recording the March 2021 transactions for Overpriced Jeans, Inc  (OPJ)  After recording the March transactions you will be proparing a Pre Closing Trial Balance, Income Statement, Calculation of Retained Eamings  Balance Sheet, and Post Closing Trial Balance    Click File   Click Save As   In Save As  enter LastNameFirstName OPJ   Format must be Excel Macro Enabled Workbook (xlsm)   Before clicking Save, be sure the file is being saved to the folder on your Mac Desktop, and not to an online location such as OneDrive Click Save   You are given the following  March transactions and Additional Information   Trans tab Chart of Accounts with Account Numbers and Account Names   Chart Accts tab General Journal pages   Journal tab General Ledger    GL Assets, GL Llab Equity, GL Rev Exp tabs Forms for the March 31  Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Relained Earrings (IS   RE tab), Balance Sheet (BalSht tab), and Post Closing Trial Balance (Post Close TB tab) To Complete Your Workbook do the following  Print the March Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets   do not weapother student's shoes Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) Steps 1 and 2 in the Accounting Cycle Record the March transactions in the General Journal  Click the Journal tab and record your entries directly into the General Journal  Look at the March 1 Common Stock ransaction, which has already been entered for an example of how to make your entries  Do not put the  X  in the Posted column at this time  Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system  Step 1 For each business transaction that occurs during the accounting period, determine the feet of the transaction on the General Ledger Bonus To make posting from the General Journal to the Goneral Ledger easier, it is recommended that you print the General Joumal    click the Journal tab and then click the Printer Icon  Post the entries from the printed General Joumal to the General Ledger accounts  Click the GL Assets, GL Liab Equity, and GL Rev Exp tabs to find the accounts to be posted  Record your postings directly into the General Ledger  As you post an amount to an account be sure to enter the General Journal Page  into the Journal Page   column  See the first posting to the Cash Big Bank account for an example  After you post an amount to a General Ledger account, then hand write an 'X' in the Posted column of the printed General Joumal  This will help you keep track of which entries you have posted  Step 2 Make an entry in the General Journal for each transaction and post the entry to the General Ledger accounts Directions Trans Chart Accis A Journal A AGL Assets AGL Liab Equity GL Rev Exp A Trial Bal IS   RE Balsh    Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert 9 SA X LG   A A Wraa Text HERE Paste B I ur B 1 ar A, Merge   Center $ 99 Delete Format 2 Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity F5   x T Enter the  X s, which you hand wrote on your General Journal pages, into the General Journal, Click the Joumal tab and enter the  X s in the Posted column Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank  The information for this adjusting entry is under the heading  Additional Information  on the page that printed when you printed the Trans tab  Click the Joumal tab and record the adjusting entry in the General Joumal  Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system  Pg  21 Step 3 in the Accounting Cycle At the end of the accounting period, before preparing the financial stalements, determine if any of the General Ledger ponunt balanons need to be adjusted Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts Post the adjusting entry from the General Joumal to the General Ledger accounts  Click the GL Liab Equity and GL Rev Exp tabs to find the accounts to be posted  As you post an amount to an account be sure to enter the General Journal Page   into the Journal Page   column  After you post an amount to a General Ledger account, click back on the Journal tab and enter an  X  in the Posted column of the General Journal  Print OPJ's General Ledger by  clicking the GL Assets tab and then clicking the Printer Icon, clicking the GL Liab Equity tab and then clicking the Printer icon, and clicking the GL Rev Exp tab and then clicking the Printer icon Step 4 in the Accounting Cycle Using the printed General Ledger, enter the ending account balances into the March 31 Pre Closing Trial Balance  Click the Trial Bal tab and enter the amounts into the Pre Closing Trial Balance  Print the March 31 Pre Closing Trial Balance by clicking the Printer icon  Prepare a Pre Clasing Trial Balance to determine that the accounts in the General Ledger are in balance Using the printed March 31 Pre Closing Trial Balance, prepare the March 2021 Income Statement  Click the IS   RE tab and enter the amounts into the Income Statement Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts Step in the Accounting Cycle Calculate the ending balance of the Relained Earnings account that is needed for the preparation of the Balance Sheet Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earnings as of March 31 for the Balance Shoot  Click the IS   RE tab and enter the amounts into the schedule  Using the printed March 31 Pre Closing Trial Balance and the amount from the SAN    A  Directions Trans Chart Accis Journal GL Assels Ready Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the AGL Rev Exp A Trial B AGL Liab Equity AIS   RE A Balsh    Post Close TB     125  AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert SA   A A X  G Wran Text A DE Paste B BIU 1 Merge   Center $   SB Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity FS T Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earings as of March 31 for the Balance Sheet  Click the IS   RE tab and enter the amounts into the schedule  Step 6 In the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet Using the printed March 31 Pro Closing Trial Balance and the amount from the Calculation of Retained Earings as of March 31, prepare the March 31, 2021 Balance Sheet  Click the BalSht tab and enter the amounts into the Balance Sheet  Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Eamings account Prepare the closing entries  Click the Journal tab and enter the closing entries into the General Joumal  Place your closing entries on Page  3 of the General Journal  Post the closing entries from the General Journal to the General Ledger accounts Click the GL Llab Equity, and GL Rev Exp tabs to find the accounts to be posted  As you post an amount to an account be sure to enter the General Journal Page   into the Journal Page  colunin  After you post an amount to a General Ledger account, click back on the Journal tab and enter an  X  in the Posted column of the General Journal  Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing antries to the General Ledger accounts     Click the Post Close TB tab and prepare the March 31 Post Closing Trial Balance Step 9 in the Accounting Cycle Prepare a Post Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle  Your project is complete  Your instructor will provide you with directions on how to submit your project  Directions Trans Chart Acats A Journal A AGL Assels AGL Liab Equity GL Rev Exp Trial Bal AIS   RE A BalSht   Post Close TB   Ready   125  AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG   A A 2 Wran Text AYO v Paste B 1 U ar Av Merge   Center   Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v C2   x T Over Priced Jeans, Inc    Transactions   Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $56 000 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 a into the General Joumal and posted to the General Ledger) March 1 Pay off the $60,000 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 $4,800 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 $72,500    cost of the inventory sold $23,000  The customer pays cash  The cash is deposited into Little Bank  L March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory  OPJ will pay the mariufacturer 50  of the $77,500 in 10 days  OPJ will pay the remaining 50  in 30 days  March 17 Sale of inventory to a customer    selling price $115 000   cost of the inventory sold $33,000  The customer will pay for the purchase in 30 days  March 20 Sale of inventory to a customer    Selling price $165,500    cost of the inventory sold 542,750  The customer pays $35,500 cash that is deposited into Little Bank  The customer will pay the remaining amount in 30 days  March 22 Purchase inventory for $42,000 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  March 30 Take $28,500 cash out of Little Bank to pay employees for wages they have earned  Directions Trans Charl Acts Journal AGL Assets AGL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl   A Post Close TB   Ready   125    AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG   A A ab Wran Text AYO Paste BIU 1 CA Merge   Center 94 SB Delete Format Conditional Formal Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v C2   x T fx March 1 Pay off the S60,000 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 54,800 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 $72,500    cost of the inventory sold $23,000  The customer pays cash  The cash is deposited into Little Bank  March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned  March 16 Purchase $77,500 of additional inventory  OPJ will pay the manufacturer 50  of the S77,500 in 10 days  OPJ will pay the remaining 50  in 30 days  March 17 Sale of inventory to a customer   selling price $115,000   cost of the inventory sold $33,000  The customer will pay for the purchase in 30 days  March 20 Sale of inventory to a customer    selling price $165,500    cost of the inventory sold $42,750  The customer pays $35 500 cash that is deposited into Little Bank  The customer will pay the remaining amount in 30 days  March 22 Purchase inventory for $42,000 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  U March 30 Take $28,500 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 $990  As of March 31 OPJ owes Big Bank a total of $1,590 for interest (5600 for February   $990 for March)  Interest will be paid to Big Bank in June  Directions Trans Charl Acels A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE BalShl A Post Close TB Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X  G   A A Wran Text Y Paste B u v Av Delete Format Merge   Center Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v D2 Xfx X T Over Priced Jeans, Inc    Chart of Accounts Account   Account Name 100 105 110 120 150 Assets  Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment 200 210 215 220 225 Liabilities  Accounts Payable Note Payable   Big Bank Note Payable   Little Bank Interest Payable   Big Bank Interest Payable   Little Bank 300 305 Equity  Common Stock Retained Earnings Revenues  Sales Revenue 400 500 510 515 520 Expenses  Cost of Goods Sold Rent Expense Wages Expense Interest Expense Directions Trans Chart Accts A Journal GL Assels AGL Liab Equity GL Rev Exp A Trial Bal IS   RE A BalSht   Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Teu Share Comments Insert v X  G   A A Wran Text  yo Delete Paste B 1 Av Merge   Center $   Conditional Format Cell Formatting as Table Styles Sensitvity Format Find   Select Sort Filter Analyze Data y C11   x T fx Sarah Charles Over Priced Jeans, Inc  General Journal Page 1 Account Name Posted Debit Credit 2021 Month Day 3 1 Account Number 100 300 55,000 00 Cash   Big Bank Common Stock Issue additional Common Stock 55,000 00 Directions Trans Charl Acets Journal AGL Assels GL Liab Equity GL Rev Exp Trial Bal A IS   RE BalShl A Post Close TB   Ready   125  AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X  G   A A 2 Wran Text  yo Paste B 1 Uv Av Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc  General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Journal into the accounts  Account   100 Cash   Big Bank Journal Page 1 Debit Credit Balance 2021 Month Day 3 1 3 1 Beginning Balance 76,000 00 55,000 00 76,000 00 Dr 131,000,00 DE 1 Account   105 Cash   Little Bank Journal Page   Credit 2021 Month Day 3 1 Beginning Balance Balance Debit 27,000 00 27,000 00 Dr Account   110 Accounts Receivable 2021 Month Day Journal Page 1 Debit Credit Balance Directions AEO on nel A Journal Trans 100 Oon onlr AGL Lab Equily AGL Rev Ex Charl Accls GL Assets A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9   A A Insert v Wran Text X LG v Delete Paste B I U 1 di A    Merge   Center $   GB Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find   Select T Account   110 Accounts Receivable 2021 Month Day Journal Page   Credit Debit 158,000 00 Balance 158,000 00 Dr Beginning Balance Account   120 Inventory Journal Page 1 Credit Balance 2021 Month Day 3 1 Beginning Balance Debit 36,000 00 36,000 00 Dr Account   150 Equipment Journal Page Debit 2021 Month Day 3 1 Beginning Balance Credit Balance 60,000 00 Dr 60,000 00 Directions Trans Chart Accts A Journal GL Assels AGL Liab Equily A GL Rev Exp A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready   125    AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert v   A A 2 Wran Text DE  yo  G Paste B 1 Uv CA Merge   Center $ 99 Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C10 x Sarah Charles Over Priced Jeans, Inc  General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Joumal into the accounts  Account   200 Accounts Payable Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 00 0 00 Cr Account   210 Note Payable   Big Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 65,000 00 Beginning Balance 65,000 00 C Account   215 Note Payable   Little Bank 2021 Month Day 3 1 Journal Page Debit Credit 60,000 00 Balance 60,000 00 C Beginning Balance Account   220 Interest Payable   Big Bank Journal Page   1 Debit Credit 2021 Month Day Beainnina Balance Directions Trans 600 00 AGL Assels Balance 600 00 G GL Liab Equity A GL Rev Exp Charl Accts Journal A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave AB OFF Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X LG   A A 2 Wran Text Delete Paste B 1 I U Merge   Center $ 94 Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find   Select C10 fx T      VVVI   Account   225 Interest Payable   Little Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 450 00 Beginning Balance 450 00 C Account   300 Common Stock Journal Page Debit 2021 Month Day 3 1 Credit Beginning Balance 75,000 00 55,000 00 Balance 75,000 00 130,000 00 C 3 1 1 Account   305 Retained Eamings Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 155,950 00 155,950 00 Cr Directions Trans Chart Accts A Journal AGL Assels GL Liab Equity   AGL Rev Exp A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X  G   A A 2 Wran Text DE  yo Paste B 1 Uv Merge   Center $   Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C10 T Sarah Charles OverPriced Jeans, Inc  , General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Journal into the accounts  Account   400 Sales Revenue Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 00 0 00 Cr Account   500 Cost of Goods Sold Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 Dr Beginning Balance 0 001 Account   510 Rent Expense Journal Page   Debit Credit 2021 Month Day   3 1 Balance Beginning Balance 0 001 0 00 DY Directions Trans Charl Acts A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal AIS   RE A BalSht A Post Close TB Ready HH   125    AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text   AP A PD  yo  G Paste BIU 1    Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find   Select C10   1 x fx T Account   510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account   515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account   520 Interest Expense Journal Page   Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS   RE A BalSht A Post Close TB   Ready HH   125  AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text   AP A PD  yo  G Paste BIU 1    Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find   Select C10   1 x fx T Account   510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account   515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account   520 Interest Expense Journal Page   Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS   RE A BalSht A Post Close TB   Ready HH   125  AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments SAS   AP A 2 Wran Text Insert 12 LG Delete Paste BU 1 di A $   Merge   Center Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter v Find   Select Analyze Data y E6 xfx 4a11 Sarah Charles OPJ's   March 31, 2021 Pre Closing Trial Balance CAUTION Enter amounts into the Pre Closing Trial Balance by typing in the amounts  Do NOT copy cells from the General Ledger  Account   Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable   Big Bank Note Payable   Little Bank   Interest Payable   Big Bank Interest Payable   Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Acces Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl A Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA Wran Text 1   A A LG Paste B I U 1 Merge   Center $     Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity D6 T X Sarah Chanics Overpriced Jeans, Inc  Income Statement for the Month Ended March 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts  Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Sales Revenue Cost of Goods Sold Gross Profit 0 00 Expenses Rent Expense Wages Expense Interest Expense Total Expenses 0 00 $0 00 Net Income Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0 00 Directions Trans Chart Accts A Journal AGL Assets A GL Liab Equity AGL Rev Exp Trial Bal IS   RE BalSht A Post Close TB   Ready   1256 AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA X LG   A A 2 Wran Text HERE Delete Paste 1 V   CA Merge   Center $   Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity Format DS T Sarah Charles Overpriced Jeans, Inc  Balance Sheet as of March 31, 2021 CAUTION Enter armounts into the Balance Sheet by typing in the amounts  Do NOT copy cells from the General Ledger or Pre Closing Trial Balance  Assets Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Total Assets S0 00 Liabilities Accounts Payable Note Payable   Big Bank Note Payable   Little Bank Interest Payable   Big Bank Interest Payable   Little Bank Total Liabilities 0 00 Equity Common Stock Retained Earnings Total Equity 0 00 Total Liabilities   Equity S0 00 Directions Trans Chart Acces A A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE BalSht A Post Close TB Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SAS X LG   AP A Wran Text Delete Paste 1 UK 1 ar Av Merge   Center   $ Conditional Format Cell Formatting as Table Styles Format v Sort Filter Sensitvity v Find   Select Analyze Data y E6   x X T Sarah Charles OPJ's   March 31, 2021 Post Closing Trial Balance CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts  Do NOT copy cells from the General Ledger  Account   Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable   Big Bank Note Payable   Little Bank   Interest Payable   Big Bank Interest Payable   Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Accts Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl Post Close TB Ready HH     125  AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 1   A A Wran Text Insert v X  G  yo Delete CM Paste BU ar A, Merge   Center Conditional Format Cell Formatting as Table Styles Sort Filter Format v Find   Select Sensitvity Analyze Data y F5 T As you work on your project, be sure to save your file often  Instructions  You will be recording the March 2021 transactions for Overpriced Jeans, Inc  (OPJ)  After recording the March transactions you will be proparing a Pre Closing Trial Balance, Income Statement, Calculation of Retained Eamings  Balance Sheet, and Post Closing Trial Balance    Click File   Click Save As   In Save As  enter LastNameFirstName OPJ   Format must be Excel Macro Enabled Workbook (xlsm)   Before clicking Save, be sure the file is being saved to the folder on your Mac Desktop, and not to an online location such as OneDrive Click Save   You are given the following  March transactions and Additional Information   Trans tab Chart of Accounts with Account Numbers and Account Names   Chart Accts tab General Journal pages   Journal tab General Ledger    GL Assets, GL Llab Equity, GL Rev Exp tabs Forms for the March 31  Pre Closing Trial Balance (Trial Bal tab), Income Statement and Calculation of Relained Earrings (IS   RE tab), Balance Sheet (BalSht tab), and Post Closing Trial Balance (Post Close TB tab) To Complete Your Workbook do the following  Print the March Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets   do not weapother student's shoes Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) Steps 1 and 2 in the Accounting Cycle Record the March transactions in the General Journal  Click the Journal tab and record your entries directly into the General Journal  Look at the March 1 Common Stock ransaction, which has already been entered for an example of how to make your entries  Do not put the  X  in the Posted column at this time  Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system  Step 1 For each business transaction that occurs during the accounting period, determine the feet of the transaction on the General Ledger Bonus To make posting from the General Journal to the Goneral Ledger easier, it is recommended that you print the General Joumal    click the Journal tab and then click the Printer Icon  Post the entries from the printed General Joumal to the General Ledger accounts  Click the GL Assets, GL Liab Equity, and GL Rev Exp tabs to find the accounts to be posted  Record your postings directly into the General Ledger  As you post an amount to an account be sure to enter the General Journal Page  into the Journal Page   column  See the first posting to the Cash Big Bank account for an example  After you post an amount to a General Ledger account, then hand write an 'X' in the Posted column of the printed General Joumal  This will help you keep track of which entries you have posted  Step 2 Make an entry in the General Journal for each transaction and post the entry to the General Ledger accounts Directions Trans Chart Accis A Journal A AGL Assets AGL Liab Equity GL Rev Exp A Trial Bal IS   RE Balsh    Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert 9 SA X LG   A A Wraa Text HERE Paste B I ur B 1 ar A, Merge   Center $ 99 Delete Format 2 Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity F5   x T Enter the  X s, which you hand wrote on your General Journal pages, into the General Journal, Click the Joumal tab and enter the  X s in the Posted column Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank  The information for this adjusting entry is under the heading  Additional Information  on the page that printed when you printed the Trans tab  Click the Joumal tab and record the adjusting entry in the General Joumal  Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system  Pg  21 Step 3 in the Accounting Cycle At the end of the accounting period, before preparing the financial stalements, determine if any of the General Ledger ponunt balanons need to be adjusted Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts Post the adjusting entry from the General Joumal to the General Ledger accounts  Click the GL Liab Equity and GL Rev Exp tabs to find the accounts to be posted  As you post an amount to an account be sure to enter the General Journal Page   into the Journal Page   column  After you post an amount to a General Ledger account, click back on the Journal tab and enter an  X  in the Posted column of the General Journal  Print OPJ's General Ledger by  clicking the GL Assets tab and then clicking the Printer Icon, clicking the GL Liab Equity tab and then clicking the Printer icon, and clicking the GL Rev Exp tab and then clicking the Printer icon Step 4 in the Accounting Cycle Using the printed General Ledger, enter the ending account balances into the March 31 Pre Closing Trial Balance  Click the Trial Bal tab and enter the amounts into the Pre Closing Trial Balance  Print the March 31 Pre Closing Trial Balance by clicking the Printer icon  Prepare a Pre Clasing Trial Balance to determine that the accounts in the General Ledger are in balance Using the printed March 31 Pre Closing Trial Balance, prepare the March 2021 Income Statement  Click the IS   RE tab and enter the amounts into the Income Statement Step 5 in the Accounting Cycle Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts Step in the Accounting Cycle Calculate the ending balance of the Relained Earnings account that is needed for the preparation of the Balance Sheet Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earnings as of March 31 for the Balance Shoot  Click the IS   RE tab and enter the amounts into the schedule  Using the printed March 31 Pre Closing Trial Balance and the amount from the SAN    A  Directions Trans Chart Accis Journal GL Assels Ready Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the AGL Rev Exp A Trial B AGL Liab Equity AIS   RE A Balsh    Post Close TB     125  AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert SA   A A X  G Wran Text A DE Paste B BIU 1 Merge   Center $   SB Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity FS T Using the printed Pre Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earings as of March 31 for the Balance Sheet  Click the IS   RE tab and enter the amounts into the schedule  Step 6 In the Accounting Cycle Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet Using the printed March 31 Pro Closing Trial Balance and the amount from the Calculation of Retained Earings as of March 31, prepare the March 31, 2021 Balance Sheet  Click the BalSht tab and enter the amounts into the Balance Sheet  Step 7 in the Accounting Cycle Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Eamings account Prepare the closing entries  Click the Journal tab and enter the closing entries into the General Joumal  Place your closing entries on Page  3 of the General Journal  Post the closing entries from the General Journal to the General Ledger accounts Click the GL Llab Equity, and GL Rev Exp tabs to find the accounts to be posted  As you post an amount to an account be sure to enter the General Journal Page   into the Journal Page  colunin  After you post an amount to a General Ledger account, click back on the Journal tab and enter an  X  in the Posted column of the General Journal  Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing antries to the General Ledger accounts     Click the Post Close TB tab and prepare the March 31 Post Closing Trial Balance Step 9 in the Accounting Cycle Prepare a Post Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle  Your project is complete  Your instructor will provide you with directions on how to submit your project  Directions Trans Chart Acats A Journal A AGL Assels AGL Liab Equity GL Rev Exp Trial Bal AIS   RE A BalSht   Post Close TB   Ready   125  AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG   A A 2 Wran Text AYO v Paste B 1 U ar Av Merge   Center   Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v C2   x T Over Priced Jeans, Inc    Transactions   Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $56 000 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 a into the General Joumal and posted to the General Ledger) March 1 Pay off the $60,000 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 $4,800 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 $72,500    cost of the inventory sold $23,000  The customer pays cash  The cash is deposited into Little Bank  L March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $77,500 of additional inventory  OPJ will pay the mariufacturer 50  of the $77,500 in 10 days  OPJ will pay the remaining 50  in 30 days  March 17 Sale of inventory to a customer    selling price $115 000   cost of the inventory sold $33,000  The customer will pay for the purchase in 30 days  March 20 Sale of inventory to a customer    Selling price $165,500    cost of the inventory sold 542,750  The customer pays $35,500 cash that is deposited into Little Bank  The customer will pay the remaining amount in 30 days  March 22 Purchase inventory for $42,000 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  March 30 Take $28,500 cash out of Little Bank to pay employees for wages they have earned  Directions Trans Charl Acts Journal AGL Assets AGL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl   A Post Close TB   Ready   125    AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X LG   A A ab Wran Text AYO Paste BIU 1 CA Merge   Center 94 SB Delete Format Conditional Formal Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v C2   x T fx March 1 Pay off the S60,000 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 54,800 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 $72,500    cost of the inventory sold $23,000  The customer pays cash  The cash is deposited into Little Bank  March 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned  March 16 Purchase $77,500 of additional inventory  OPJ will pay the manufacturer 50  of the S77,500 in 10 days  OPJ will pay the remaining 50  in 30 days  March 17 Sale of inventory to a customer   selling price $115,000   cost of the inventory sold $33,000  The customer will pay for the purchase in 30 days  March 20 Sale of inventory to a customer    selling price $165,500    cost of the inventory sold $42,750  The customer pays $35 500 cash that is deposited into Little Bank  The customer will pay the remaining amount in 30 days  March 22 Purchase inventory for $42,000 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  U March 30 Take $28,500 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 $990  As of March 31 OPJ owes Big Bank a total of $1,590 for interest (5600 for February   $990 for March)  Interest will be paid to Big Bank in June  Directions Trans Charl Acels A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE BalShl A Post Close TB Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert X  G   A A Wran Text Y Paste B u v Av Delete Format Merge   Center Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity y v D2 Xfx X T Over Priced Jeans, Inc    Chart of Accounts Account   Account Name 100 105 110 120 150 Assets  Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment 200 210 215 220 225 Liabilities  Accounts Payable Note Payable   Big Bank Note Payable   Little Bank Interest Payable   Big Bank Interest Payable   Little Bank 300 305 Equity  Common Stock Retained Earnings Revenues  Sales Revenue 400 500 510 515 520 Expenses  Cost of Goods Sold Rent Expense Wages Expense Interest Expense Directions Trans Chart Accts A Journal GL Assels AGL Liab Equity GL Rev Exp A Trial Bal IS   RE A BalSht   Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Teu Share Comments Insert v X  G   A A Wran Text  yo Delete Paste B 1 Av Merge   Center $   Conditional Format Cell Formatting as Table Styles Sensitvity Format Find   Select Sort Filter Analyze Data y C11   x T fx Sarah Charles Over Priced Jeans, Inc  General Journal Page 1 Account Name Posted Debit Credit 2021 Month Day 3 1 Account Number 100 300 55,000 00 Cash   Big Bank Common Stock Issue additional Common Stock 55,000 00 Directions Trans Charl Acets Journal AGL Assels GL Liab Equity GL Rev Exp Trial Bal A IS   RE BalShl A Post Close TB   Ready   125  AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X  G   A A 2 Wran Text  yo Paste B 1 Uv Av Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C11 x T fx Sarah Charles Over Priced Jeans, Inc  General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Journal into the accounts  Account   100 Cash   Big Bank Journal Page 1 Debit Credit Balance 2021 Month Day 3 1 3 1 Beginning Balance 76,000 00 55,000 00 76,000 00 Dr 131,000,00 DE 1 Account   105 Cash   Little Bank Journal Page   Credit 2021 Month Day 3 1 Beginning Balance Balance Debit 27,000 00 27,000 00 Dr Account   110 Accounts Receivable 2021 Month Day Journal Page 1 Debit Credit Balance Directions AEO on nel A Journal Trans 100 Oon onlr AGL Lab Equily AGL Rev Ex Charl Accls GL Assets A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9   A A Insert v Wran Text X LG v Delete Paste B I U 1 di A    Merge   Center $   GB Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find   Select T Account   110 Accounts Receivable 2021 Month Day Journal Page   Credit Debit 158,000 00 Balance 158,000 00 Dr Beginning Balance Account   120 Inventory Journal Page 1 Credit Balance 2021 Month Day 3 1 Beginning Balance Debit 36,000 00 36,000 00 Dr Account   150 Equipment Journal Page Debit 2021 Month Day 3 1 Beginning Balance Credit Balance 60,000 00 Dr 60,000 00 Directions Trans Chart Accts A Journal GL Assels AGL Liab Equily A GL Rev Exp A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready   125    AutoSave OFF  P  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 9 Insert v   A A 2 Wran Text DE  yo  G Paste B 1 Uv CA Merge   Center $ 99 Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C10 x Sarah Charles Over Priced Jeans, Inc  General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Joumal into the accounts  Account   200 Accounts Payable Journal Page Debit Credit 2021 Month Day 3 1 Balance Beginning Balance 0 00 0 00 Cr Account   210 Note Payable   Big Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 65,000 00 Beginning Balance 65,000 00 C Account   215 Note Payable   Little Bank 2021 Month Day 3 1 Journal Page Debit Credit 60,000 00 Balance 60,000 00 C Beginning Balance Account   220 Interest Payable   Big Bank Journal Page   1 Debit Credit 2021 Month Day Beainnina Balance Directions Trans 600 00 AGL Assels Balance 600 00 G GL Liab Equity A GL Rev Exp Charl Accts Journal A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave AB OFF Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X LG   A A 2 Wran Text Delete Paste B 1 I U Merge   Center $ 94 Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter Analyze Data y Find   Select C10 fx T      VVVI   Account   225 Interest Payable   Little Bank Journal Page Debit 2021 Month Day 3 1 Balance Credit 450 00 Beginning Balance 450 00 C Account   300 Common Stock Journal Page Debit 2021 Month Day 3 1 Credit Beginning Balance 75,000 00 55,000 00 Balance 75,000 00 130,000 00 C 3 1 1 Account   305 Retained Eamings Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 155,950 00 155,950 00 Cr Directions Trans Chart Accts A Journal AGL Assels GL Liab Equity   AGL Rev Exp A Trial Bal AIS   RE A BalSht A Posl Close TB   Ready     125    AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v X  G   A A 2 Wran Text DE  yo Paste B 1 Uv Merge   Center $   Delete Format Conditional Format Cell Formatting as Table Styles Find   Select Sensitvity Sort Filter Analyze Data y C10 T Sarah Charles OverPriced Jeans, Inc  , General Ledger CAUTION Enter amounts into the accounts by typing in the amounts  Do NOT copy cells from the General Journal into the accounts  Account   400 Sales Revenue Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 00 0 00 Cr Account   500 Cost of Goods Sold Journal Page Debit 2021 Month Day 3 1 Credit Balance 0 00 Dr Beginning Balance 0 001 Account   510 Rent Expense Journal Page   Debit Credit 2021 Month Day   3 1 Balance Beginning Balance 0 001 0 00 DY Directions Trans Charl Acts A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal AIS   RE A BalSht A Post Close TB Ready HH   125    AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text   AP A PD  yo  G Paste BIU 1    Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find   Select C10   1 x fx T Account   510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account   515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account   520 Interest Expense Journal Page   Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS   RE A BalSht A Post Close TB   Ready HH   125  AutoSave OFF A     Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Wran Text   AP A PD  yo  G Paste BIU 1    Merge   Center 94 Delete Format Conditional Format Cell Formatting as Table Styles Sensitvity Sort Filter Analyze Data y Find   Select C10   1 x fx T Account   510 Rent Expense Journal Page Debit Credit 2021 Month Day 3 1 Beginning Balance Balance 0 001 0 00 Dr Account   515 Wages Expense 2021 Month Day 3 1 Journal Page 1 Debit Credit Balance 0 00 DY Beginning Balance 0 00 Account   520 Interest Expense Journal Page   Debit 2021 Month Day 3 1 Credit Balance 0 00 DY Beginning Balance 0 00 Directions Trans Charl Acets A Journal AGL Assels GL Liab Equity GL Rev Exp A Trial Bal A AIS   RE A BalSht A Post Close TB   Ready HH   125  AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments SAS   AP A 2 Wran Text Insert 12 LG Delete Paste BU 1 di A $   Merge   Center Conditional Format Cell Formatting as Table Styles Sensitvity Format Sort Filter v Find   Select Analyze Data y E6 xfx 4a11 Sarah Charles OPJ's   March 31, 2021 Pre Closing Trial Balance CAUTION Enter amounts into the Pre Closing Trial Balance by typing in the amounts  Do NOT copy cells from the General Ledger  Account   Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable   Big Bank Note Payable   Little Bank   Interest Payable   Big Bank Interest Payable   Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Acces Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl A Post Close TB   Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA Wran Text 1   A A LG Paste B I U 1 Merge   Center $     Delete Format Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity D6 T X Sarah Chanics Overpriced Jeans, Inc  Income Statement for the Month Ended March 31, 2021 CAUTION Enter amounts into the Financial Statements by typing in the amounts  Do NOT copy cells from the General Ledger or Pre Closing Trial Balance Sales Revenue Cost of Goods Sold Gross Profit 0 00 Expenses Rent Expense Wages Expense Interest Expense Total Expenses 0 00 $0 00 Net Income Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0 00 Directions Trans Chart Accts A Journal AGL Assets A GL Liab Equity AGL Rev Exp Trial Bal IS   RE BalSht A Post Close TB   Ready   1256 AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SA X LG   A A 2 Wran Text HERE Delete Paste 1 V   CA Merge   Center $   Conditional Format Cell Formatting as Table Styles Sort Filter Find   Select Analyze Data Sensitvity Format DS T Sarah Charles Overpriced Jeans, Inc  Balance Sheet as of March 31, 2021 CAUTION Enter armounts into the Balance Sheet by typing in the amounts  Do NOT copy cells from the General Ledger or Pre Closing Trial Balance  Assets Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Total Assets S0 00 Liabilities Accounts Payable Note Payable   Big Bank Note Payable   Little Bank Interest Payable   Big Bank Interest Payable   Little Bank Total Liabilities 0 00 Equity Common Stock Retained Earnings Total Equity 0 00 Total Liabilities   Equity S0 00 Directions Trans Chart Acces A A Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE BalSht A Post Close TB Ready   125  AutoSave OFF AO  Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert SAS X LG   AP A Wran Text Delete Paste 1 UK 1 ar Av Merge   Center   $ Conditional Format Cell Formatting as Table Styles Format v Sort Filter Sensitvity v Find   Select Analyze Data y E6   x X T Sarah Charles OPJ's   March 31, 2021 Post Closing Trial Balance CAUTION Enter amounts into the Post Closing Trial Balance by typing in the amounts  Do NOT copy cells from the General Ledger  Account   Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Account Name Cash   Big Bank Cash   Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable   Big Bank Note Payable   Little Bank   Interest Payable   Big Bank Interest Payable   Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0 00 0 00 Directions Trans Chart Accts Journal AGL Assets GL Liab Equity AGL Rev Exp Trial Bal A IS   RE A BalShl Post Close TB Ready HH     125

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AutoSave OFF AOE Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 1 ~ A A Wran Text Insert v X

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