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 nevw Revenue and Expense accounts that you learned about in this chapter to record OPJ's Februany transactions. Remove and use the forms on Pgs 203 to 206 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 on Pg 205 for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent Feb 04 Sale of inventory to a customer - selling price $62,000 -cost of inventory sold $16,000-customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of ittle Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer- selling price $88,000-cost of inventory sold $22,000-customer will pay in the future. Sale of inventory to a customer-selling price $110,000-cost of inventory sold $28,000- customer pays $40,000 cash which is deposited in Little Bank-customer will pay for the remaining amount of the sale in 30 days. Feb 18 Purchase additional inventory-pay $17,000 cash out of Big Bank for the inventory Feb 22 Feb 27 Feb 28 Take $23,000 cash out of Little Bank to pay employees for wages they have earned Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February-interest will be paid in March. Feb 28 Requirement 2 Post the entries from the General Journal to the General Ledger accounts. Requirement3 Except for Retained Earnings, compute an ending balance for each General Ledger account For Retained Earnings, place the current balance in the account. Prepare a Pre-Closing Trial Balance. Prepare an Income Statement for the period February 1 to February 28, 2017. Requirement 4 Requirement 5