OverPriced 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 journalize and post a transaction -- this trarisaction 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. March 1 Take $5,250 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 $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 OPJ owes Big Bank a total of $1,230 for interest ($600 for February + $630 for March). Interest will be paid to Big Bank in June Paste BI UHDA 3 Merge & Center [b Copy * Format Painter Clipboard Font Alignment D2 OverPriced Jeans, Inc. - Chart of Accounts Account # Account Name 100 105 110 120 150 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 Expenses: Cost of Goods Sold Rent Expense Wages Expense Font Alignment fr Juwayne Nelsor Overpriced Jeans, Inc. General Journal Page # 1 Account Name Posted Debit Credit 2021 Month Day 3-1 Account Number 100 300 55,000.00 Cash - Big Bank Common Stock Issue additional Common Stock X. 55,000.00 COS Chart Acces Journal GL Assets GEL-Equity GL Rev. Exp TAG Ba IS & Type here to search - O BE 3 B I J K A ====== Merge & Center icopy Format Painter pboard Font Alignment X fi Juwayne Nelson OverPriced Jeans, Inc. - General Ledger Account # 100 Cash - Big Bank Joumal Page Debit Credit 2021 Month Day 3-1 Beginning Balance 3-1 Balance 76,000.00 55,000.00 1 76,000.00 DI 131,000.00 DE Account # 105 Cash - Little Bank 2021 Month Day 3-1 Journal Page Debit 27,000.00 Credit Beginning Balance Balance 27,000.00 Dr Lions Chart ACCES Journal GL Assets GELD-Equity CGL Rev. EXP Traba Type here to search TS 821 O ED Tu * = = = li Merge Center Format Painter board Font Alignment NE Account # 110 Accounts Receivable 2021 Month Day Journal Page 8 Debit Credit Balance 3-1 Beginning Balance 158,000.00 158,000.00 Dr Account # 120 Inventory 2021 Journal Page 1 Month Day 3-1 Debit Credit Balance Beginning Balance 36,000.00 36,000.00 DE Account 150 Equipment 2021 Debit Journal Page Chart ACES Joumar Credit Balance Directions Trans GL Assets GLED quity GL Rev Exp TSERRE Type here to search TI * Atial 10 & Wrap Text X Cut 1 Copy Format Painter Clipboard AA== A BIU M IM Merge Center $ %) Font Alignment Number Juwayne Nelson OverPriced Jeans, Inc. - General Ledger Enter by typ Account # 200 Accounts Payable Do NC Geners 2021 Month Day 3-1 Journal Page Debit Credit Balance Beginning Balance 0.00 0.00 C Account 210 + Note Payable - Big Bank 2021 May 3-1 Journal Page 1 Debit Credit Beginning Balance 65,000.00 Balance 65,000.00 Account #215 Note Payable - Little Bank 2021 Journal Page 1 Debit Credit 3.1 Beginning Balance 60,000.00 Balance 60,000.00 CE Directions Trans Chart ACCES Journal Ge Assets GL Liab-Equity GL Rev-Exp TRISTES S&RE Type here to search BP TU > Foto Font Alignment Nume Clipboard fo 2021 Month Day Journal Page 1 Debit Balance Credit 600.00 Beginning Balance 600.00 C Account # 225 Interest Payable - Little Bank 2021 Month Day Beginning Balance Journal Page 1 Debit Credit Balance 450.00 C 450,00 + Account 300 Common Stock 2021 Mothy Journal Page 1 Debit Credit 3-1 3-1 Beginning Balance 75,000.00 55,000.00 Balance 75,000.00 CE 130,000.00 Cr 1 Account 305 Retained Earnings DOS Tron Chart Act Tournal GL Assets GL Lab-Equity TGL RevExp TRG BAY 15 & RE Type here to search Esc Insert Home Data Formulas Page Layout Review View Help Xcut Arial 0 10 - A A 23 Wrap Text BI ER TO 2 Merge & Center Copy Format Painter Clipboard Font IS Alignment Number Juwayne Nelson OverPriced Jeans, Inc. General Ledger CA Enter amour by typing in Account # 400 Sales Revenue Do NOT copy General Jour 2021 Mooth Day Journal Page! Debit Credit Balance Beginning Balance 0.00 0.00 CE Account 500 Cost of Goods Sold 2021 Month Day 3-1 Page Debit Credit Balance Beginning Balance 0.00 0.00 DE Directions Chart AS Journal GL Assets GELSE-EQUITY GL Rev.Exp Trala S&RE Bash Type here to search O TI * Chapter 06-OP Mini-Project 13e - Read-Only - Excel Search utoSave ON Data Review View Help Home Insert Page Layout Formulas Xan Arial Descopy AA === 29 Wrap Text A3 Merge Center de $% & Format Painter Clipboard Font Alignment Number 10 Account # 510 Rent Expense Journal Page 1 Debit 2021 Month Day 3-1 Beginning Balance Credit Balance 0.00 Dr 0.00 Account # 515 Wages Expense 2021 Journal Page 1 Debit Credit Balance 3.1 Beginning Balance 0.00 0.00 DE Account 520 Interest Expense 2021 DE PLECAT AS Jurnal GL Assets GL Rev.Exp Trial BRE Bas Type here to search o 3 Format Pot Font Alignment Num for Account II 515 Wages Expense Journal Page 1 Debit Credit 2021 Month Day 3-1 Beginning Balance Balance 0.00 0.00 Dr Account 520 Interest Expense 2021 Month Day 3-1 Journal Page Debit Credit Beginning Balance 0.00 Balance 0.00 Dr econd Chart Acts Journal GL Assets GLLD-L quity GL Rev-Exp Tria Bar 1S & RE Type here to search = Insert Formulas Data Page Layout Home Review File View Help Arial 12 === X cut It Copy 3 Format Painter Clipboard Wrap Text Merge & Center BIU 51 A Font Alignment E6 X fr a12 Juwayne Nelson OPJ's - March 31, 2021 Pre-Closing Trial Balance Enter amounts into Do NOT copy cells Account Account Name Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expense Interest Expense Totals 0.00 0.00 Dons Chan AZCE Journal GL Assets GLLIS-Equity GL Rev. 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Income Statement for the Month Ended March 31, 2021 CAUTIC Enter amounts into the Financial Statemer Do NOT copy cells from the General Ledge Sales Revenue Cost of Goods Sold Gross Profit 0.00 Expenses Rent Expense Wages Exponse Interest Expense Total Expenses Net Income 0.00 $0.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earings Curront Blanco Plus March Not Income Retained Eamongs as of March 31 for Balance Sheet 0.00 Chat ACES Journal GL Assets GULGb Equity GL Rev.Ex Type here to search o AutoSave OH Sear A Chapter 06 C-OP) Mini-Project 13e - Read-Only - Excel File Home Insert Page Layout Formulas Data Review View Help Arial - 10 X Cut Copy Format Painter Clipboard AA A 2 Wrop Ten Morge & Center Pitite BIU Font 5 Alignment 08 Juwayne Nelson Over Priced Jeans, Inc. Balance Sheet as of March 31, 2021 CAUTION Enter amounts into the Balance Sheet by typir Do NOT copy cells from the General Ledgero Assets Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Total Assets $0.00 Liabilities Accounts Payable Note Payable - Big Bank Note Payable Little Bank Interest Puyabilo - Big Bank Inforest Payable - Little Bank Total Liabilities 0.00 Equity Common Stock Hotwined Eurings Total Equity Total Liabilities & Equity 0.00 $0.00 MOCHONS Chart AS Journal GL Assets GLURSE Quity GE ROV-Exp nal Bar Type here to search ED 3 TO Arial [b Copy Format Painter BI U DA Merge & Center Font Alignment Cipboard 6 fo Juwayne Nelson OPJ's - March 31, 2021 Post-Closing Trial Balance Enter amounts into il Do NOT copy cells fre Account # Account Name Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Wages Expono Interest Expense Totals 0.00 0.00 reconstrans ACES Journal GL Assets GELD-Equity GL Rev.p TO BOT type here to search o ED