COMP Autosave OFF A -- CHAPTER 05 a - Closing Process, Post-Closing Trial Bal Saved Home Insert Draw Design Layout References Share Comments y X [G 3 Arial v 12 ~ A A A Aa A BI U 3 x x IUX ADAY Mailings Review View Tell me EEEE 21 = = AaktGalDGE Aaktabdare AaBbccdd dabbccbd AaBb, Paste Nel Nu Sparing Penting Hacing ? Title Styles Dictate Sensitivity Editor Pane Chapter 5 Homework Problem 5-1 OverPriced Jeans, Inc. Closing Entries for February SOLID FOOTING 51 In this problem you will be closing OPJ's Revenue and Expense accounts for the month of February 2021. Use the Excel workbook Chapter 05 b - Problem 5-1 Forms to complete this problem. Requirement 1 Based on the Revenue and Expense account balances given on the General Ledger tab in the Chapter 05 b - Problem 5-1 Forms workbook, prepare OPJ's February closing entries. ." Focus E EE Page 4 of 6 9 of 1739 words CE English (United States 224% GOSP AutoSave CF A -- CHAPTER 05 a - Closing Process, Post-Closing Trial Bal Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Arial v 12 X [G 3 Paste IU = = Normal Nu Sparing Penting Hacing ? Till Dictate Styles Parte Sensitivity Editor ~ A , Aav A EEE 24 Aakt Gedder AnboCabare AaBbceDd AaBbcadete AaBb, B ! | v do x x AO Requirement 1 Based on the Revenue and Expense account balances given on the General Ledger tab in the Chapter 05 b - Problem 5-1 Forms workbook, prepare OPJ's February closing entries. Place the closing entries in the General Journal. Requirement 2 Post the closing entries to the General Ledger accounts. Requirement 3 Compute an Ending Balance for the Retained Earnings account and put that balance in the account. Compute the After Close Balances for the Revenue and Expense accounts and put those balances in the accounts. Requirement 4 Prepare a Post-Closing Trial Balance. Requirement 5 Note that the Ending Balance shown in the Retained Earnings account on the General Ledger tab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet in Problem 4-1. 9 of 1729 words Focus E E Page 5 of 6 English (United States 224% GOSP AutoSave CF A -- CHAPTER 05 a - Closing Process, Post-Closing Trial Bal Home Insert Draw Design Layout References Mailings Review Share Comments Arial v 12 X [G 3 View Tell me A A Aa A vers 21 AaktGoldee AarbCalpakAaBbceDd AaBbceDdEt Aalbi, BIU IUX * X X? ADA Post the closing entries to the General Ledger accounts. Paste Normal No Sparing Penting Hacing ? Title Dictate Styles Pane Sensitivity Editor Requirement 3 Compute an Ending Balance for the Retained Earnings account and put that balance in the account Compute the After Close Balances for the Revenue and Expense accounts and put those balances in the accounts. Requirement 4 Prepare a Post-Closing Trial Balance. Requirement 5 Note that the Ending Balance shown in the Retained Earnings account on the General Ledger tab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet in Problem 4-1. Problem 5-2 True / False Questions If this problem is assigned as a homework turn-in, use the Excel Workbook Chapter 05 C- Problem 5-2 Answer Sheet to record your answers. Page 5 of 6 9 of 1729 words English (United States ) Focus E ES 224% AutoSave FF APO Chapter 05 b - Problem 5-1 Forms.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments w 5 X [G - AP A 2 Wran Text Insert v Delete Ayo Paste BIU 1 a. Av Merge & Center GB Conditional Format Cell Formatting as Table Styles Sort v Filter Find & Select Analyze Data Format v Sensitvity y C2 T fx Name: Section N: Problem 5-1 - Overpriced Joans, Inc. Closing Entries for February General Journal DATA Account Debit Credit General Journal A General Ledger Posl-Closing Trial Balance + Ready + 100% AutoSave OFF AOC A Chapter 05 b - Problem 5-1 Forms.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Y X [G ~ Al A ab Wran Text Delete Paste BIU 1 Merge & Center $ % w GB Conditional Format Cell Formatting as Table Styles Sort Filter Sensitvity Format v Ov Find & Select Analyze Data C2 x T General Ledger Assets Liabilities Owners' Equity Com Stock Nule Payable Big Rank CH 65,000 Reg Ranca RAG Banos Rag Balance 75,000 Cash B Bank a 35.000 4,000 62,000 17,000 76,000 Ending Balance 65,000 Ending Balance Feb 01 Fob 34 Feb 22 Ending Balance 75,000 Cr Note Payable Little Bark Cr . 60.000 Dr. Retained Erine C . 0 Beg Balance Boy Babne Ending Ranch 60,000 Qah Dy la RANK CX 20.000 10.000 40,000 23,000 27,000 Reg Balance Feb 07 Feb 18 Feb 27 Ending Relance Frding RALANCA Dr D. Interest Payable Big Bank CH 0 o 800 Ray Ban Feb 28 Fan Page: Feb 04 FAb 15 Feb 18 Erdng Balance Sales Revenue a 0 62.000 88,000 110.000 200.000 Ending Balance Accounts Ravala C 0 18,000 70,000 158.000 600 Reg. BAANCH Feb 15 Feb 18 Ending Bulurch After Clase Bal H Interest Payable Dr. Little Rank Cr. 0 Rag BAR Feb 24 460 Ending Balance 450 Bcg. Balance Feb 04 Feb 15 Feb 18 Feb 22 Ending Balance Dr. Inventory Cr. 25,000 18.000 22,000 20,000 17.000 26,000 Bag, Balanc Feb 04 Feb 15 Fab 18 Ending Balance Cast of Goods Dr. Sold D 18.000 22,000 28,000 88.000 After Clase Dal Rent Dr. Expense a Dr. Equipment 60,000 Beg. Balance Beg. Balance Fah 01 Endng Balaton 4,000 4.000 Ending Balance 80.000 A General Journal General Ledger A Posl-Closing Trial Balance + Ready + 100% AutoSave OFF AOC A Chapter 05 b - Problem 5-1 Forms.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert v Y X LG ~ A A 2 Wran Text 2 Delete Paste 1 Merge & Center $ SB Conditional Format Cell Formatting as Table Styles Sort Filter Format v Ov Find & Select Analyze Data Sensitvity C2 X T Ending Balance 158,000 Aller Cluse Bul Interest Payable Dr. Little Bark Cr. Beg Balance FAD 2 483 H Ending Balance 400 Beg Balance Feb 04 FAD 15 Feb 18 Feb 22 Ending Relanca De Inventory CA 85.000 18,000 22,000 28,000 17,000 36.000 Bey Balance Feb 04 Feb 15 Feb 18 Endng Balance Cost of Goods Dr Sold 0 16,000 22.000 28,000 G6,000 After Class RAI Rent Expense Dr. ar Equipment 60,000 Reg. Ralanca Bag Bain Feb 01 Endng Balance 4,000 4,000 Endina Balance 60,000 After Class RAI Wages Expense D. Bag. Bain Feb 07 Feb 27 Ending Balance 10,000 23,000 33.000 After dose Bal Dr. Bog. Balanse Feb 25 Feb 28 Erdro Balance Interest Expanse 0 600 -150 1,050 Afler Close BAI A General Journal General Ledger - Posl-Closing Trial Balance Ready ### + 100% AutoSave FF APO Chapter 05 b - Problem 5-1 Forms.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments w 5 X LG ~ A A Wran Text Insert v Delete Ayo Paste B 1 Merge & Center GB Conditional Format Cell Formatting as Table Styles Sort v Filter Find & Select Analyze Data Format v Sensitvity y C2 x fx T Name: Section: Problem 5-1 - Overpriced Jeans, Inc. Closing Entries for February Post-Closing Trial Balance Dent Croat Account Name Cash Big Bank Cash - Le Bank Accounts Receivable Inventory Equipment Note Payable Big Bank Nole Payable - Lille Bank Interest Payable - Big Bank Interest Payable - Little Bank Comman Stock Retained Gamings Sales Revenue Cost of Goods Sold Rent Expanse Wagas Expanse Interest Expense Total A General Journal General Ledger Post-Closing Trial Balance + Ready + 100%