OverPriced Jeans, Inc. - Transactions - Additional Information March 2021 Transactions Date March 1 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 joumalize and post a transaction this transaction has already been entered Into the General Joumal and posted to the General Ledger) Pay off the $60,000 Note Payable owed to Little Bank. The cash to pay off the noto 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 $5,100 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 $73,250 - 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 $81.750 of additional Inventory. OPJ will pay the manufacturer 50% of the $81,750 In 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer-selling price $112,000 - 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 $39,750. 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% duo on the March 16th purchase of inventory. The cash is taken out of Big Bank March 30 Tako $31,500 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 $975. As of March 31 OPJ owes Big Bank a total of $1.575 for interest ($600 for February + $975 for March) Interest will be paid to Big Bank in June. OverPriced Jeans, Inc. - Transactions - Additional Information March 2021 Transactions Date March 1 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 joumalize and post a transaction this transaction has already been entered Into the General Joumal and posted to the General Ledger) Pay off the $60,000 Note Payable owed to Little Bank. The cash to pay off the noto 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 $5,100 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 $73,250 - 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 $81.750 of additional Inventory. OPJ will pay the manufacturer 50% of the $81,750 In 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer-selling price $112,000 - 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 $39,750. 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% duo on the March 16th purchase of inventory. The cash is taken out of Big Bank March 30 Tako $31,500 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 $975. As of March 31 OPJ owes Big Bank a total of $1.575 for interest ($600 for February + $975 for March) Interest will be paid to Big Bank in June