Overpriced Jeans, Inc. Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of op 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 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 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 $38,500 Directions Trans Chart Accts Journal GL Assets GL Lab-Equity GL Rev-Exp Thai Bal IS & RE Balsht Post We 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 Juno Directions Trans Chart Accts Journal GL Assets GULD-Equity GL Rev Exp TOISIIS & REBASHE POST Close Type here to search o C B FULL HD 1080 ace Esc Z FS OM 10 o FC 01 A 06 @ A & * # 3 $ 4 % 5 2 LO 6 7 8 9 T Q W E R T Y U ( 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 Expenses: 500 Cost of Goods Sold 510 Rent Expense Directions Trans Chart Accts Journal GL Assets 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 OverPriced Jeans, Inc. - General Journal Page # 1 2021 Month-Day 3-1 Account Name Posted Debit Credit Account Number 100 300 Cash - Big Bank Common Stock Issue additional Common Stock 55,000.00 55,000.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS Juwayne Nelson Overpriced Jeans, Inc. - General Ledger E by Account # 100 Cash - Big Bank DC Ge aco 2021 Month-Day Journal Debit Page # Credit Balance 3-1 Beginning Balance 3-1 76,000.00 55,000.00 76,000.00 Dr 131,000.00 Dr Account # 105 Cash - Little Bank 2021 Month Day 3-1 Journal Page # Debit Credit Balance Beginning Balance 27,000.00 27,000.00 DE Directions Trans Chart Accts Journal GL Assets GL Lab Equity GL Rev-EX Account # 105 Cash - Little Bank 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 27,000.00 27,000.00 Dr Account # 110 Accounts Receivable 2021 Month Day 3-1 Journal Page # Debit Credit Balance Beginning Balance 158,000.00 158,000.00 DE Account # 120 Inventory 2021 Month Day Directions Debit Journal Page 8 Chart Accts Journal Balance Trans Credit GL Lab-Equity GL Assets GL Rev-Exp rad Trial Bal Account # 120 Inventory Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 36,000.00 36,000.00 DI Account # 150 Equipment 2021 Month-Day 3-1 Journal Page # Credit Balance Debit 60,000.00 Beginning Balance 60,000.00 DO OverPriced Jeans, Inc. - General Ledger Enter by typ Account # 200 Accounts Payable Do NC Gener: 2021 Month-Day 3-1 Beginning Balance Journal Page 8 Debit Credit Balance 0.00 0.00 Cr Account # 210 Note Payable - Big Bank 2021 Month Day 3-1 Journal Page Debit Credit Balance Beginning Balance 65,000.00 65,000.00 C Account # 215 Note Payable - Little Bank 2021 Month Day 3-1 Journal Page 1 Debit Credit Balance Beginning Balance 60,000.00 60,000.00 Cr Directions Trans Chart Accts Journal GL Assets GL Liab-Equity Ready GL Rev-Exp Trial Bal IS & RE OverPriced Jeans, Inc. - General Ledger Enter by typ Account # 200 Accounts Payable Do NC Gener: 2021 Month-Day 3-1 Beginning Balance Journal Page 8 Debit Credit Balance 0.00 0.00 Cr Account # 210 Note Payable - Big Bank 2021 Month Day 3-1 Journal Page Debit Credit Balance Beginning Balance 65,000.00 65,000.00 C Account # 215 Note Payable - Little Bank 2021 Month Day 3-1 Journal Page 1 Debit Credit Balance Beginning Balance 60,000.00 60,000.00 Cr Directions Trans Chart Accts Journal GL Assets GL Liab-Equity Ready GL Rev-Exp Trial Bal IS & RE Account # 215 Note Payable - Little Bank 2021 Month-Day 3-1 Journal Page # Debit Credit Balance Beginning Balanco 60,000.00 60,000.00 Cr Account # 220 Interest Payable - Big Bank 2021 Month-Day 3-1 Journal Page # Debit Credit Beginning Balance Balance 600.00 Cr 600.00 Account # 225 Interest Payable - Little Bank 2021 Month-Day 3-1 Journal Page 1 Debit Credit Balance Beginning Balance 450.00 450.00 Cr Account # 300 Common Stock Journal Page # Debit Credit Balance 2021 Month-Day 3-1 3-1 Beginning Balance 75,000.00 55,000.00 75,000.00 Cr 130,000.00 C Account # 305 Retained Earnings Journal Page # Debit 2021 Month Day 3-1 Credit Balance Beginning Balance 155,950.00 155,950.00 C Juwayne Nelson OverPriced Jeans, Inc. - General Ledger Account # 400 Sales Revenue Journal 2021 Month Day 3-1 Debit Credit Page # Balance Beginning Balance 0.00 0.00 Cr Account # 500 Cost of Goods Sold 2021 Month Day 3-1 Beginning Balance Journal Page 1 Debit Credit Balance 0.00 0.00 Dr Directions Trans Chart Accts Journal GL Assets GL Lab-Equity GL Rey-Fun Account # 510 Rent Expense Journal Page # Debit Credit 2021 Month-Day 3-1 Balance Beginning Balance 0.001 0.00 DI Account # 515 Wages Expense 2021 Month Day 3-1 Journal Page # Debit Credit Credit Balance Beginning Balance 0.00 0.00 Dr Account # 520 Interest Expense 2021 Month Day 3-1 Beginning Balance Journal Page 1 Debit Credit Balance 0.001 0.00 DE Directions Trans Chart Accts Journal GL Assets GL Lab-Equity GL Rev-Exp Trial Bar IS & RE OPJ's - March 31, 2021 Pre-Closing Trial Balance Credit Account # Debit Account Name 100 105 110 120 150 200 210 215 220 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 225 300 305 400 500 510 515 520 Totals 0.00 0.00 Directions Trans Chart Accts Journal GL Assets GL Liab-Equi Ready bora ta Juwayne Nelson 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-Closing Tnal Balance Sales Revenue Cost of Goods Sold Gross Profit 0.00 Expenses Rent Expense Wages Expense Interest Expense Total Expenses Net Income 0.00 $0.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0.00 Fax Juwayne Nelson Overpriced Jeans, Inc. Balance Sheet as of March 31, 2021 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 Payable - Big Bank Interest Payable - Little Bank Total Liabilities 0.00 Equity: Common Stock Retained Earnings Total Equity 0.00 Total Liabilities & Equity $0.00 Directions Trans Chart Accts Journal GLA dy Type here to search O OPJ's - March 31, 2021 Post-Closing Trial Balance ccount # Account Name Debit Credit 100 105 110 120 150 200 210 215 220 225 300 305 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 400 500 510 515 520 Totals 0.00 0.00