OBJ MINI PROJECT SOLIDFOOTING

Over Priced 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 Journaize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledper.) 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 $5,000 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 $73,000 - cost of the inventory sold $23,000. 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 eamed. March 16 Purchase $79.750 of additional inventory. OPJ will pay the manufacturer 50% of the $79,750 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer-selling price $113,000 - 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 $40,750. 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 - Directions Trans Chart Accts Journal GL Assets GL Liab-Equity AGL Rev.Exp @ Trial E C2 DOO updates, fixes, and improvements, choose Check for Updates f the amount due. The cash is deposited into Big Bank March 10 Sale of inventory to a customer-selling price $73,000 - cost of the inventory sold $23,000 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 eamed. March 16 Purchase $79,750 of additional inventory. OPJ will pay the manufacturer 50% of the $79,750 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer - selling price $113,000 - 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 $40,750. 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 D O D March 30 Take $30,500 cash out of Little Bank to pay employees for wages they have eamed. Additional Information Note Payable Big Bank: Interest due to Big Bank on the Note Payable for the month of March is $960. As of March 31 OPJ owes Big Bank a total of $1,560 for interest (5600 for February + $960 for March) Interest will be paid to Big Bank in June. Directions Trans Chart Accts Journal GL Assets GL Lab-Equity GL Rev Exp A Trial Bal Ready It $% BIOA "ice Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates Overpriced Jeans, Inc. - Chart of Accounts Account # 100 105 110 120 150 Account Name 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 400 500 510 515 520 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense Directions Trans Journal Chart Accts GL Rev-Exp GL Assets GL Liab-Equity Ready $% FC fice Update To keep up-to-date with security updates, fises, and improvements, choose Check for Updates xfo OverPriced Jeans, Inc. - General Journal Page 1 2021 Account Posted Account Name Money Number Debit Credit 3-1 100 Cash - Big Bank 55,000.00 300 Common Stock 55,000.00 Issue additional Common Stock > Do Chart Accts Journal GL Assets AGL Lieb-Equity GL Rev.Exp 20. FZ FT GOD FA F3 FS X AA 5% 9 Con For fice Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates fr OverPriced Jeans, Inc. - General Journal Page 12 Posted Debit Credit 2021 Month-Day Account Number Account Name Directions Trans Chart Accts A Journal GL Assets AGL Lab-Equity GL Rev.Exp teady OverPriced Jeans, Inc. General Journal Page # 3 Debit Credit Posted 2021 Month Day Account Number Account Name GL Rev-Exp Directions Chart Accts GL Assets GL Liab-Equity Trans Journal Ceady Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check Top Up 4 fc OverPriced Jeans, Inc. General Ledger CAU Enter amounts by typing in the Account # 100 Cash - Big Bank Do NOT copy General Journ accounts Journal Balance Debit Credit 2021 Month-Day 3-1 Page Beginning Balance 76,000.00 55,000.00 76,000.00 Dr 131,000.00 DI 1 3.1 Account # 105 Cash - Little Bank Credit Balance 2021 Month-Day 3-1 Beginning Balance Journal Page 1 Debit 27,000.00 27,000.00 Dr + Account # 110 Accounts Receivable 2021 Journal ut Journal Credit GL Assets Ralana GL Llab-Equity GL Rev-Exp Directions Trans A Chart Accts Ready Office Update To keep up-to-date with secul ox Account # 110 Accounts Receivable Balance Credit Debit Journal Page 2021 Month-Day 3.1 Beginning Balance 158,000.00 158,000.00 Dr Account # 120 Inventory Credit Balance 2021 Month Day 3-1 Journal Page Debit 36,000.00 36,000.00 Dr Beginning Balance Account # 150 Equipment Debit Credit Balance 2021 Month-Day 3-1 Journal Page Beginning Balance 60,000.00 60,000.00 Dr A Directions Trans GL Rev-Exp Chart Accts Journal GL Assets GL Liab-Equity Ready fx OverPriced Jeans, Inc. General Ledger CA Enter amount: by typing in the Account # 200 Accounts Payable Do NOT copy General Jourt Journal Page 1 Debit Credit 2021 Month-Day 3-1 Balance 0.00 0.00 Cr Beginning Balance Account # 210 Note Payable - Big Bank Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 65,000.00 65,000.00 C Account # 215 Note Payable - Little Bank Journal Debit Balance 2021 Month-Day 3-1 Beginning Balance Page 1 Credit 60,000.00 60,000.00 C Account # 220 Interest Payable - Big Bank Debit Credit Balance 2021 Month Day Directions Journal Page Chart Accts Trans Journal GL Assets AGL Liab-Equity AGL Rev-Exp Ready Fice Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. x 3-1 Beginning Balance 65,000.00 65,000.00 Cr Account # 215 Note Payable - Little Bank Debit Credit Journal Page 1 Balance 2021 Month-Day 3-1 Beginning Balance 60,000.00 60,000.00 CI Account # 220 Interest Payable - Big Bank Debit Balance 2021 Month Day 3-1 Journal Page 8 Credit 600.00 600.00 Cr Beginning Balance Account # 225 Interest Payable - Little Bank Journal Page 1 Debit 2021 Month-Day 3-1 Balanco Credit 450.00 Beginning Balance 450.00 Cr Directions Trans Chart Accts Journal AGL Assets AGL Liab-Equity AGL Rev-Exp Ready LG a Ar $ % Con For Tfice Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Journal Page Debit Credit 2021 Month-Day 3-1 Balance 450.00 Beginning Balance 450.00 C Account # 300 Common Stock Journal Page Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 75,000.00 55,000.00 75.000.00 130,000.00 C 3-1 1 Account # 305 Retained Earnings Journal Page Debit 2021 Month Day 3-1 Balance Credit 155,950.00 Beginning Balance 155,950.00 C Directions Trans Chart Accts Journal GL Assets GL Lab Equity GL Rev-Exp eady Insert Draw Formulas nu e Data Page Layout Review . A A E o Av $% % 332 Cor For Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. x fx OverPriced Jeans, Inc. General Ledger CAU Enter amounts by typing in the Account # 400 Sales Revenue Do NOT copy General Journ Journal Page Debit Credit 2021 Month Day 3-1 Balance 0.00 0.00 C Beginning Balance Account # 500 Cost of Goods Sold Journal Page 1 Debit Credit 2021 Month Day 3-1 Balance Beginning Balance 0.00 0.00 Dr + Account # 510 Rent Expense Journal Page Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 0.00 0.00 Dr Directions Trans Chart Accts Journal GL Assets GL Lab-Equity AGL Rev.Exp eady he Insert Draw Page Layout Formulas Date - A A X $ 962 Fo Te BU Ottice Update To keep up-to-date with security updates, tres, and improvements, choose Check for Updates Account # 510 Rent Expense Journal Debit Credit 2021 Marthy 3-1 Beginning Balance Balance 0.00 Dr 0.00 Account = 515 Wages Expense Debit Journal Page Credit Balance 2021 Monday 3-1 Beginning Balance 0.00 0.00 Dr Account # 520 Interest Expense Journal Page Debit Credit Balance 2021 Whey 3-1 Beginning Balance 0.00 0.00 Dr Directions Tan Chat Acets Journal GL Assets G GL Lab-Equity GL Rev.Exp teady Data Review Formulas me Insert View Tell me Draw Page Layout X IS - A A a. A 5 %) FO sto Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. xfx OPJ's - March 31, 2021 Pre-Closing Trial Balance CAUTION Entor amounts into the Pro-Closing Trial Bala Do NOT copy colls from the General Ledger Account Account Name Debit Credit 100 Cash - Big Bank 105 Cash - Little Bank 110 Accounts Receivable 120 Inventory 150 Equipment 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 0.00 0.00 Totals - Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev.Exp Ready AutoSave CE ABESU. 2 Chapter 06- OPJ Mini-Projec Home Insert Draw Page Layout Data Review View Tell me Formulas A W Paste Office Update Te koop up to date with security updates, Txes, and improvements, choose Check for Updates D6 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-Cosing Trial Balance Sales Revenue Cost of Goods Sold Gross Profit 0.00 Expenses Rent Expense Wages Expense Interest Expense 0.00 Total Expenses Net Income $0.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Eamings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0.00 Dictions Chart Act Journal GL Assets GL Liab-Equity GL Rev.Exp Ready Auto VO Home Insert Draw Page Layout Formulas Data Review View Tell me X UD . Paste Office Update To keep up to date with security updates, fixes, and improvements, choose Check for Updates 08 & fx Overpriced Jeans, Ine. CAUTION Balance Sheet Enter amounts into the Balance Sheet by typing in the amounts as of March 31, 2021 Do NOT copy cells from the General Ledger or Pre-Closing Trial Bela Assets Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Total Assets $0.00 Llabilities Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank Total Liabilities 0.00 Equity Common Stock Retained Eamings Total Equity Total Liabilities & Equity 0.00 $0.00 Auctions Trans Chart Accts Journal GL Assets GL Lisb-Equity GL Rev.Esp Ready Home Insert Draw Page Layout Formulas Data Review View Tell me A Paste = = = = = $ 95 Office Update To keep up-to-date with security updates, foxes, and improvements, choose Check for Updates. E6 x OPJ's - March 31, 2021 Post-Closing Trial Balance CAUTIO Enter amounts into the Post-Closing Trig Do NOT copy cells from the General Lex Account Account Name Debit Credit 100 Cash - Big Bank 105 Cash - Little Bank 110 Accounts Receivable 120 Inventory 150 Equipment 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 Eamings 400 Sales Revenue 500 Cost of Goods Sold 510 Rent Expense 515 Wages Expense 520 Interest Expense Totals 0.00 0.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Ready