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I need help creating a general journey, general ledger Pre balance sheet trial balance income statement base on the information I provided OverPriced Jeans, Inc.
I need help creating a general journey,
general ledger Pre balance sheet trial balance income statement base on the information I provided
OverPriced Jeans, Inc. - Transactions - Additional Information March 2021 Transactions Date Description of the Transaction V 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. V March 1 Take $5,250 cash out of Big Bank to pay for March's rent. V 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 $82,750 - 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 $69,250 of additional inventory. OPJ will pay the manufacturer 50% of the $69,250 in 10 days. OPJ will pay the remaining 50% in 30 days. ( & March 17 Sale of inventory to a customer - selling price $122,000 - cost of the inventory sold $38,000. The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer - selling price $178,500 - cost of the inventory sold $36,500. 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 $34,250 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 $630. As of March 31 OP J owes Big Bank a total of $1,230 for interest ($600 for February + $630 for March). Interest will be paid to Big Bank in JuneStep by Step Solution
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