I believe the equipment account has to be closed for the 60,000 in the question it didn't state that they brought more equipment.

1 1 10 = = 000 Formatting 21 Font Alignment Number S fx Overpriced Jeans, Inc. - Transactions - Additional Information March 2021 Transactions Date Description of the Transaction 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 journalize 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 $5,550 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 $83,500 -- cost of the inventory sold $24,000. The customer pays cash. The cash is deposited into Little Bank March 15 Take $25,000 cash out of Little Bank to pay employees for wages they have earned. March 16 Purchase $73,750 of additional inventory. OPJ will pay the manufacturer 50% of the $73,750 in 10 days. OPJ will pay the remaining 50% in 30 days. Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE BalSht Font 5 Alignment Number Styles fox March 20 Sale of inventory to a customer -- selling price $178,500 -- cost of the inventory sold $33,500. The customer pays $25,500 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $44,000 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 $37,250 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 $695. As of March 31 OPJ owes Big Bank a total of $1,295 for interest ($600 for February + $695 for March). Interest will be paid to Big Bank in June. File Home Insert Page Layout Formulas Data Review View Arial 10 V ' ' Wrap Text Paste A Merge & Clipboard Font Alignment D2 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 Expenses: 500 Cost of Goods Sold Trans Chart Accts Journal GL Assets GL Liab-Equity Ready File Home Insert Share Comments Arial X ID - Paste 3 Page Layout Formulas Data Review View Help 10 AA== 2 Wrap Text - Merge & Center Font Alignment 28 0 4 $ % 9 Conditional Format Cell Formatting Insert Delete Format der Sert Find Filter Select Editing Clipboard Number Cells Ideas D2 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 Earrings 400 Revenues: Sales Revenue 500 510 515 520 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense Screenshot saved The screenshot was added to your OneDrive OneDrive Trans Chart Accts Journal GL Assets GL Lab Equity GL Rev.Exp Trial Bal 15 & RE Post Close TB Ready Type here to search O HI 00 11:04 PM 10/26/2000 File Home Insert Page Layout Formulas Data Review View Help Arial 10 10AA a Wrap Text Paste A Merge & Center $ % Clipboard Font Alignment Number G12 : X X Posted Debit Credit 2021 Account Account Name Month-Day Number 3-1 100 Cash - Big Bank 300 Common Stock Issue additional Common Stock 55,000.00 55,000.00 3-1 X 60,000.00 60,000.00 215 100 225 100 Note Payable-Little Bank Cash-Big Bank Interest Payable Little Bank Cash-Big Bank Pay note and Interest 450.00 450.00 3-1 510 100 5,550.00 Rent Expense Cash-Big Bank Pay March Rent 5,550.00 3-2 100 88,000.00 Cash-Big Bank Accounts Receivable 200 88,000.00 3-10 83,500.00 105 305 305 Cash-Little Bank Retained Earnings Cost of goods sold 83,500.00 24,000.00 GL Liab-Equity Trans Journal Chart Accts H.. GL Assets GL Rev-Exp Trial Bal Ready File Home Insert Page Layout Formulas Data Review View Help Arial 10 - A ' ' a Wrap Text Y Paste Merge & Center > $ %) Clipboard Font 12 Alignment Number G12 fx Posted Debit Credit 2021 Month-Day 3-20 Account Account Name Number 110 Accounts Receivable 105 Cash-Little Bank 400 Sales Revenue 151,500.00 27,000.00 178,500.00 3-20 500 120 Cost of goods sold Inventory 33,500.00 33,500.00 3-22 120 100 44,000.00 Inventory Cash-Big Bank Purchased Inventory 44,000.00 3-26 200 100 36,875.00 Accounts Payable Cash-Big Bank 36,875.00 3-30 37,250.00 515 105 Wages Expense Cash-Little Bank Wages paid to workers 37,250.00 3-30 520 220 1,295.00 Interest Expense Interest Payable-Big Bank 1,295.00 ... Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal Ready File Home Insert Page Layout Formulas Data Review View Help Arial ~ 10 A A = ab Wrap Text Paste BIU Lili 100 Merge & Center $%8-98 Conditional Format as Cel Formatting Table Styles Styles Clipboard Font Alignment Number C25 3-1 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 # 100 Cash - Big Bank Journal Page # Debit Credit Beginning Balance 76,000.00 55,000.00 2021 Month-Day 3-1 3-1 3-1 3-1 3-1 3-2 1 1 1 1 1 60,000.00 450.00 5,550.00 Balance 76,000.00 DI 131,000.00 DI 71,000.00 DI 70,550.00 DI 65,000.00 DI 153,000.00 DP 88,000.00 Account # 105 Cash - Little Bank Journal Page Credit 2021 Month-Day 3.1 Balance Debit 27,000.00 Beginning Balance 27,000.00 DI Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS BERE Balsht Post Close TB Home Insert Page Layout Formulas Data Review View Help Arial 10 AA 3 A a Wrap Text Merge & Center B TU $ - %98-28 Conditional Format as Cell Formatting Table Styles Styles Font Alignment Number fo Account # 510 Rent Expense Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 0.00 0.00 Dr Account # 515 Wages Expense Journal Page # Debit Credit 2021 Month-Day 3-1 Beginning Balance Balance 0.00 0.00 DI Account # 520 Interest Expense Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE Balsht Post Close TB Type here to search ORI File Home Insert Page Layout Formulas Data Review View Help LE Arial - 10 AA == 2 Wrap Text Paste Insert Delete BIU A- Merge & Center $ - % 48.3 Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Number Cells C10 Account # 510 Rent Expense Journal Page Debit Credit 2021 Month-Day 3-1 Beginning Balance Balance 0.00 0.00 DI Account # 515 Wages Expense Journal Page Debit Credit 2021 Month-Day 3.1 Balance Beginning Balance 0.00 0.00 DI Account # 520 Interest Expense Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE Balsht Post Close TB Ready File Home Insert Page Layout Formulas Data Review View Help Arial 25 Wrap Text - A A A Paste BIU 33 Es Merge & Center $ % 8-98 Conditional Format as Cell Formatting Table Styles Styles Clipboard Font Alignment Number C10 Account # 400 Sales Revenue Do NOT copy cells from the General Journal into the accounts. Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 0.00 0.00 Cr Account # 500 Cost of Goods Sold Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 0.00 0.00 Dr Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE Balsht Post Close TB Read File Home Insert Data Review View Help Arial Page Layout Formulas 10 AA A ab Wrap Text Paste BIU Insert Delete Merge & Center - $ % 98 Conditional Formatas Cell Formatting Table Styles Styles Clipboard Font Alignment Number Cells c2s 3-1 Account # 105 Cash - Little Bank Journal Page # Credit Balance 2021 Month-Day 3.1 Beginning Balance 3-1 Debit 27,000.00 27,000.00 DI Account W 110 Accounts Receivable 2021 Month-Day 3-1 Beginning Balance Journal Page Credit Debit 158,000.00 Balance 158,000.00 DI Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev Exp Trial Bal IS & RE Balsht Post Close TB Ready File Home Insert Page Layout Formulas Data Review View Help X Arial 10 AA ab Wrap Text In Paste BIU Merge & Center $%98-93 Insert Delete Forma Conditional Format as Cell Formatting Table Styles Styles Clipboard 5 Font Alignment Number Cells C10 Account # 520 Interest Expense Journal Page 1 Debit 2021 Month-Day 3.1 Beginning Balance Credit Balance 0.00 DE 0.00 Trans Chart Accts Journal GL Assets GL Lab Equity GL Rev. Exp Trial Bal IS & RE Balsht Post Close TB Ready File Home Insert Page Layout Formulas Data Review View Help Arial 10 AA EE 2 Paste 2 Wrap Text Merge & Center IU A $ -% 48-68 Cell Insert Delete Format Conditional Format as Formatting Table Styles Styles Clipboard Font Alignment Number Cells 25 > 3-1 Account # 105 Cash - Little Bank Journal Debit Credit Page 3 2021 Month-Day 3-1 Beginning Balance 3-1 Balance 27,000.00 Dr 27,000.00 Account # 110 Accounts Receivable Journal Page Debit Credit 2021 Month-Day 3.1 Beginning Balance Balance 158,000.00 158,000.00 DI Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev Exp Trial Bal IS & RE BalSht Post Close TB Ready File Home Insert Page Layout Formulas Data Review View Help X 2 Wrap Text ~ 12 - A A A Paste Merge & Center $ - % - Insert Delete For Conditional Formatas Cell Formatting Table Styles Styles Clipboard F Font Alignment Number F Cells E6 X 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 Debit Credit Account Account Name 100 Cash - Big Bank 105 Cash - Little Bank 110 Accounts Receivable 120 Inventory 150 EC 200 Accounts Payable 210 Note Payable - Big Bank 215 Note Payable. Little Bank 220 Interest Payable - Big Bank 225 Interest Payable. Little Bank 300 Common Stock 305 Retained Earnings 400 Sales Revenue 500 Cost of Goods Sold 510 Rent Expense 515 Wages Expense 520 Interest Expense Totals Trans Chart Accts Journal 0.00 0.00 GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE Balsht Post Close TB File Home Insert Share Comments X - Arial Page Layout Formulas Data Review View Help 10 AA 19 Wap Text A Merge Center O Paste $ -% 9 Cell Insert Delete Format Condronal Format as Formatting Styles Sort & Find & Fiter - Select Editing Clipboard Font Alignment Number Cell Ideas DB OverPriced Jeans, Inc. Balance Sheet as of March 31, 2021 CAUTION Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledgefor Pre-Closing Trial Balance Assets Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Total Assets $0.00 0.00 Liabilities Accounts Payable Note Payable - Big Bank Note Payable Little Bank Interest Payable - Big Bank Interest Payable Late Bank Total Liabilities Equity Common Stock Retained Earnings Total Equity Trans Chart Accts Journal Ready Type here to search 0.00 GL Assets GL Liab-Equity GL Rev.Exp Trial Bal IS & RE Balisht Post Close TB 1001 ot e 11:18 PM 400 10/20/2000 File Home Insert Review View Help Share Comments Page Layout Formulas Data -10 AA === Arial X 05 Paste 27 O $ -% 9 2 Wrap Text Merge Center Alignment Conditional Formatas Cel Formatting Insert Delete Format Sort Find FileSelect Editing Chord Font Number Styles Ces des DS Cash - Little Bank Accounts Receivable Inventory Equipment Total Assets $0.00 Liabilities Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable Little Bank Total Liabilities Equity Common Stock Retained Earnings Total Equity Total Liabilities & Equity 0.00 0.00 50.00 Screenshot saved The screenshot was added to your OneDrive. OneDrive - Trans Chart Accts Journal GL Assets Gl Lab Equity GL Rev.Exp Trial Bal IS & RE BalSht Post Close TB Ready Type here to search E e 11:18 PM 10/26/2020 File Home Insert Page Layout Formulas Data Review View Help Share Comments X D- Arial 28 0 Paste - 10-AA 15 Waper A. Menge & Center Font Alignment $% 9 Insert Delete Format deas Conditional Format Cell Formatting Table Styles Styles Sort & Find & Fier - Select Editing Clipboard Number Cells Ideas D6 Total Expenses Net Income 0.00 $0.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earings as of March 31 for Balance Sheet 0.00 Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & RE Balsh Post Close TB Ready Q Type here to search RI E e 11:15 PM A 40 10/26/2020 File Home Insert Page Layout Formulas Data Review View Share Comments Arial X IG Pate - 10 AA === 27 0 Conditional Format hot De Format Merge & Center Alignment $ % 483 Numb Sort & Find & Fiber Select Editing Clipboard Font C Ideas DS 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 0.00 Sales Revenue Cost of Goods Sold Gross Profit Expenses Rent Expense Wages Expense Interest Expense Total Expenses Net Income 0.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained ning Current Balance Plus March Net Income ... Trans Chart Accts Journal Ready Type here to search GL Assets Lab Equy GL Rev.bxp Trim Bal Post Close To 1001 11:17 PM 10/26/2020 File Home Insert Share Comments X Al Page Layout Formulas Data Review View Help 10 AA Wrap Text A Merge & Center 27 O Paste $ % 9 CA sert De Format Conditional Format as Formatting Son Find a Fier Select Editing Clipboard Font Alignment Number Cels Ideas C25 3-1 Account 120 Inventory Journal Page Debit 2021 Month Day 3.1 Beginning Balance Credit Balance 38,000,00 DI 36,000.00 Account # 150 Equipment Journal Credit 2021 Month-Day 3-1 Beginning Balance Pages Debit 60,000.00 Balance 60,000.00 DE Trans Chart Accts Journal GL Assets GL Lab Equity GL RevExp Trial Bal 15 & RE Balshi Post Close TB Ready 10 Type here to search 11:04 PM 00 10/21/2020