March 2021 Transactions Date March 1 Description of the Transaction 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 Journalve 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 Nolerable for February The $450 cash is also taken out of Big Bank March 1 Take $4,900 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 $72,750 - cost of the inventory sold $23,000 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 $77,750 of additional inventory. OPJ will pay the manufacturer 50% of the $77,750 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer - selling price $114,000 - cost of the inventory sold $33,000. The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer-selling price $165,500 - cost of the inventory sold $41,750. The customer pays $35,500 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $42,000 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 $29,500 cash out of Little Bank to pay employees for wages they have eamed. Coub OCUPA Trial Bal yassin onsi Overpriced Jeans, Inc. - General Journal Page # 1 Account Name 2021 Month-Day 3-1 Posted Debit Credit Account Number 100 300 - 55,000.00 Cash - Big Bank Common Stock Issue additional Common Stock X 55,000.00