OPJ Solid footing

OverPriced Jeans, Inc. - Transactions - Additional Information March 2023 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $55,000.00 cash into the business. The cash is put into Big Bank. (As an example of how to journalize and post a transacion - this transaction has already been entered into the Generaf Journal and posted to the Ceneral Ledgers March 1 Pay off the 560,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00cash is also taken out of Big Bank. March 1 Take $5,400.00 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000.00 cash to pay off the amount due. The cash is deposited into Big Bank March 10 Sale of inventory to a customer - seling price $79.900.00. cost of inventory sold $32.000.00 The customer pays cash. The cash is deposited into Little Bank. March 15. Take $22.550.00 cash out of Little Bank to pay employees for wages they have earned March 16 Purchase $86,300.00 of additional inventory. OPJ will pay the manufacturer 50% of the $86,300.00 Additional Information Note Payable Interest due to Big Bank on the Note Payable for the month of March is $925.00. As of March 31 Big Bank: OPJ owes Big. Bank a total of $1,525.00 for interest (\$500.00 for February +$925.00 for March) interest will be paid to Big Bank in June. \begin{tabular}{|l} \hline OverPriced Jeans, Inc. - Chart of Accounts \\ \hline \end{tabular} Account# Account Name \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{} & Assets: \\ \hline 100 & Cash - Big Bank \\ \hline 105 & Cash - Little Bank \\ \hline 110 & Accounts Receivable \\ \hline 120 & Inventory \\ \hline 150 & Equipment \\ \hline & \\ \cline { 2 } & Liabilities: \\ \hline 200 & Accounts Payable \\ \hline 210 & Note Payable-Big Bank \\ \hline 215 & Note Payable - Little Bank \\ \hline 220 & Interest Payable - Big Bank \\ \hline 225 & Interest Payable - Little Bank \\ \hline & \\ \hline & Equity: \\ \hline 300 & Common Stock \\ \hline 305 & Retained Earnings \\ \hline & \\ \hline & Revenues: \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 210 & Note Payable - Big Bank \\ \hline 215 & Note Payable - Little Bank \\ \hline 220 & Interest Payable - Big Bank \\ \hline 225 & Interest Payable - Little Bank \\ \hline & \\ \hline & Equity: \\ \hline 300 & Common Stock \\ \hline 305 & Retained Earnings \\ \hline & \\ \hline & Revenues: \\ \hline 400 & Sales Revenue \\ \hline & \\ \hline & Expenses: \\ \hline 500 & Cost of Goods Sold \\ \hline 510 & Rent Expense \\ \hline 515 & Wages Expense \\ \hline 520 & Interest Expense \\ \hline & \\ \hline \end{tabular} CAUIION Enter amounts into the accounts by typing in the amounts Do NOT copy cells from the General Joumal into the accounts. OverPriced Jeans, Inc. - General Ledger OverPriced Jeans, Inc. - General Ledger Account # 500 Cost of Goods Sold Wages Expense OPJ's - March 31, 2023 Pre-Closing Trial Balance Enter amounts inte Do NOT copy cells Enter amounts Do MOT copy OPJ's - March 31, 2023 Post-Closing Trial Balance