Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I would like to register this transactions in ther journal book. March 2021 Transactions Date Description of the Transaction March 1 Owners or OPJ invested

image text in transcribed

image text in transcribed

I would like to register this transactions in ther journal book.

March 2021 Transactions Date Description of the Transaction March 1 Owners or OPJ invested an additional $55.000 cash into the business. The cash is put into Bik Bank (As an example of how to pure 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 Blank March 1 Take $5.550 cash out of Big Bank to pay for March's ront. 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 wentory 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 eamed 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. March 17 Sale of inventory to a customer-seling price $119,000 - 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 soling price $178,500 - cost of the inwonlory sok $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. Directions Trans Chart Accts Journal GL Assets GL Lab-Equity GL Rev-Exp Trial Bal IS 8L RE Balsht PE 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% doe on the March 16th purchase of inventory The cashi is taken out of Big Bank March 30 Take $37.250 cash out of the 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 5695 As of March 31 OPJ owes Big Bank a total of $1,295 for interest (S600 for February + $695 for March) Interest will be paid to Big Bank in June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

5th Edition

1618531654, 9781618531650

More Books

Students also viewed these Accounting questions

Question

List the major prohibitions of the Canadian Human Rights Act .

Answered: 1 week ago