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 transaction - this transaction has already been entered Into the General Joumal and posted to the General Ledgen) March 1 Pay off the $60,000.00 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 $450.00 cash 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 - selling 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 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - selling price $103,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 16 Purchase $86,300.00 of additional inventory. OPJ will pay the manufacturer 50% of the $86,300.00 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - selling price $103,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer _ selling price $138,500.00 _ cost of the inventory sold $32,500.00 The customer pays $38,500,00 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. OPJ's - March 31, 2023 Pre-Closing Trial Balance Enter amoum Do NOT COP OverPriced Jeans, Inc. Income Statement for the Month Ended March 31, 2023 Enter amounts into the Financial St. Do NOT copy cells from the Genera Expenses: Rent Expense Wages Expense Interest Expense \begin{tabular}{rr} Total Expenses & 0.00 \\ Net Income & $0.00 \\ \hline \end{tabular} 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 Enter amounts Do NOT copy ce Enter amounts Do NOT copy ce Alignment GL Assets GL Liab-Equity Zx Accessibility: Investigate 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 transaction - this transaction has already been entered Into the General Joumal and posted to the General Ledgen) March 1 Pay off the $60,000.00 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 $450.00 cash 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 - selling 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 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - selling price $103,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 16 Purchase $86,300.00 of additional inventory. OPJ will pay the manufacturer 50% of the $86,300.00 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - selling price $103,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer _ selling price $138,500.00 _ cost of the inventory sold $32,500.00 The customer pays $38,500,00 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. OPJ's - March 31, 2023 Pre-Closing Trial Balance Enter amoum Do NOT COP OverPriced Jeans, Inc. Income Statement for the Month Ended March 31, 2023 Enter amounts into the Financial St. Do NOT copy cells from the Genera Expenses: Rent Expense Wages Expense Interest Expense \begin{tabular}{rr} Total Expenses & 0.00 \\ Net Income & $0.00 \\ \hline \end{tabular} 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 Enter amounts Do NOT copy ce Enter amounts Do NOT copy ce Alignment GL Assets GL Liab-Equity Zx Accessibility: Investigate