Chapter 4 Homework Problem 4-1 OverPriced Jeans, Inc. Revenue and Expense Accounts This problem is for the month of February for Overpriced Jeans (OPJ). You will be using the new Revenue and Expense accounts that you learned about in this chapter to record OPJ's February transactions. Use the Excel Workbook Chapter 04 b. Problem 4-1 Forms to complete this problem. Note: If you have a printer available, printing this page and the next page may make it easier to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1. Requirement 1 (If you previously completed Problem 3-1, these are the same February transactions utilized in that problem.) February's transactions and adjusting entry information are shown below. For each item make the required entry in the General Journal (See the General Ledger tab in the file Chapter 04 - Problem 4-1 Forms for the accounts in OPJ's accounting system.) Feb 01 54.000 cash out of Big Bank to pay for February heart Feb Sate of invertory on-line 2000-content 16.000 - Come Chich was depark Feb 190.000 cash out of times peyote wage they Feb 15 Sate of inventory to conting 88.000-estory 5:22.000 - Comer will pay in the there Feb 1 sale of inventory to conting price.com 528.000- cery $40.000 Genes- will pay foreign Feb 22Purchase additional toy-517.000 cash out of her for the Feb 27 522,000 cash out of Litia Bank topay clayes was they have Feb 28 "At the best Payable Big Brothe5600 Bo Bunker- Feb 20 reste Linear correo elec o Listle Barkley February rest will be paid in March Requirement 2 Post the entries from the General Joumal to the General Ledger accounts (Problem 4-1 continues on the next page) Requirement 3 Except for Retained Earnings, compute an ending balance for cach General Ledger account. For Retained Earnings. place the current balance in the account Requirement 4 Prepare a Pre-Closing Trial Balance Requirements Prepare an income Statement for the period February 1 to February 28, 2021 Requirement 6 Calculate the retained Earnings balance needed for the February 28 Balance Sheet Requirement 7 Prepare OPJ's Balance Sheet as of February 28, 2021 Paste 3 HOA 3Merye Curter 5 96 9 Conditionarea Formente 1. CE For Problem 4-1 Overpriced Jeans, Inc. Revenue and Expense Accounts Calculation of Retained Earnings as of Feb. 25 for the Balance Sheet Overpriced Jeans, Inc. Balance Sheet as of February 28, 2021 Assets Cash - Big Bank Cash-Line Bank Accounts Receivable Inventory Equipment Tot Assets Liabilities None Payati - Big Bank No Payal Bank Interest Payat Big Bank Interest Payabile Bank Total Labs Equity Common Sock Futaned Earnings Total Equity Total and Equity General Journal + General Ledger Trial Bal and income Stat A RE Cale and balance sheet MacBook Air Foundatie Famil E11 fx Problem 41-Overpriced Jeans, Inc. Revenue and Expense Accounts Pre-Closing Trial Balance Crede Debil 41,000 13.000 158.000 49,000 Account Name Cash Big Bank Cash-Line Bank Accounts Receivable Inventory Equipment Note Payabile - Big Bank Note Payable Line Bank Interest Payable - Big Bank Interest Payable Little Bank Common Stock Retained Earrings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Total 500 450 200.000 66.000 4.000 27.000 1.050 310,050 310.050 Income Statement Fix Net Income RECalc and Balance sheet General Journal General Ledger Trial Band income stat Ready MacBook Air Name: Section: Problem 4-1 - Over Priced Jeans, Inc. Revenue and Expense Accounts General Ledger Assets Liabilities Owners' Equity Dr. Cash Bin Rank 35,000 C De Note Payable Bio Bank CH 65,000 Dr. Carron CE 75.000 Stod Beg Balance Beg Balance 4.000 Beg. Balance 01-Feb 04-Feb 22-Feb Ending Balance 52.000 Ending Balance 65,000 Ending Balance 75.000 75 000 17,000 76,000 D Note Payable Little Bank CE 60.000 Dr. Retained Eaming CE Beg Balance Beg. Balance 0 Ending Balance 60,000 Current Balance Beg Balance 07 Feb 18-Feb 27-Feb Ending Balance Cash Dr. Little Bank Cr 20,000 10,000 40.000 23,000 27.000 Dr DY Beg Balance 28-Feb Ending Balance Interest Payable Big Bank C. 0 600 600 Beg. Balance 04-Feb 15-Feb 18 Feb Ending Balance Sales Raven Cr 0 62.000 33,000 110,000 260.000 Cr Beg. Balance 15-Feb 18 Feb Ending Balance Accounts Dr Receivable 0 88,000 70,000 158,000 Dr Beg Balance 28-Feb Ending Balance Interest Payable Little Bank Cr 0 450 450 Cost of Goods Sold 0 16.000 22.000 28.000 68,000 Beg. Balance 04-Feb 15 Feb 18-Feb Ending Balance De Beg Balance 04-Feb 15-Feb 18-Feb 22-Feb Ending Balance Inventory CH 85,000 16,000 22,000 28.000 17,000 36,000 CH Rant Expand 0 4.000 Bed Balance 01-Feb 4,000 Ending Balance Cr Or Fouipment 60,000 Beg Balance 28-Feb Ending Balance 600 600 Cr 15 Feb 18-Feb Ending Balance 88,000 110,000 280,000 Beg Balance 15-Feb 18-Feb Ending Balance Accounts Dr. Receivable 0 88.000 70,000 158,000 Interest Payable Dr. Little Bank Cr 0 450 450 Beg. Balance 28-Feb Ending Balance Cr Cost of Goods Dr. Sold 0 16,000 22.000 28,000 66.000 Beg. Balance 04-Feb 15-Feb 18-Feb Ending Balance Dr Beg Balance 04-Feb 15-Feb 18-Feb 22-Feb Ending Balance Inventory 85,000 16,000 22,000 28.000 17,000 36,000 Dr. Cri Beg. Balance 01-Feb Rent Expense 0 4,000 Cr Ending Balance 4,000 De Equipment 60.000 Beg Balance Ending Balance Dr Cr. Beg. 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