D E F 2 OverPriced Jeans, Inc. - Transactions - Additional Information 3 4 March 2019 Transactions Date Description of the Transaction 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 March 1 Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank. (As an example of how to joumalize and post a transaction - this transaction has already been entered into the General Journal 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 $4,200 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 $91,050 - cost of the inventory sold $23,500. 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 $80,500 of additional inventory. OPJ will pay the manufacturer 50% of the $80,500 in 10 days. OPJ will pay the remaining 50% in 30 days. 23 24 25 26 27 28 29 30 March 17 Sale of inventory to a customer -- selling price $113,000 -- cost of the inventory sold $36,000. The customer will pay for the purchase in 30 days. Directions Trans- Chart Accts Journal - GL Assets GL Liab-Equity 7 8 9 100 105 110 120 150 Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment 10 11 12 13 14 15 Liabilities: Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank 200 210 215 220 225 16 17 18 19 20 21 300 305 Equity: Common Stock Retained Earnings 22 23 24 Revenues: Sales Revenue 25 400 26 GL Llab-ES Chart Accts Journal GL Assets Trans- Directions + MacBook Pro cb 1 E G 2. H Overpriced Jeans, Inc. - General Journal Jahara Rodriguez 3 4 5 6 7 Page # 1 2019 Month-Day 3-1 Account Name Account Number 100 300 Posted Credit 8 Cash - Big Bank Common Stock Issue additional Common Stock Debit 55,000.00 9 55,000.00 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 + Directions - Trans Chart Accts Journal GL Assets GL Llab-Equity GL Re 1 H - J 2 OverPriced Jeans, Inc. - General Ledger Jahaira Rodriguez 3 4 CAUTIO Enter amounts intot by typing in the amor 5 Account # 100 Cash - Big Bank 6 8 Journal Page 1 Debit Credit 2019 Month-Day 3-1 3-1 Do NOT copy cells fr General Journal into accounts 9 Beginning Balance Balance 76,000.00 Dr 131,000.00 DI 76,000.00 55,000.00 10 1 11 12 13 14 15 16 17 18 19 20 Account # 105 Cash - Little Bank 21 Journal Page Debit Credit 22 23 24 25 2019 Month-Day 3-1 Balance 27,000.00 Dr Beginning Balance 27,000.00 26 GL Re Trans- Chart Accts Journal - GL Llab-Equity GL Assets Directions +