please complete the general journal for these transactions
Over Priced Jeans, Inc. - Transactions. Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $56.000 cash into the business. The cash is put into Big Bark As an example of how to joumalize and posttraction this actionaready been tored into the Canem Doumal and posted to the General Ledger March 1 Pay off the $80,000 Note Payable owed to Little Bank. The cash to pay off the note is taken out of Big Bank. Also pay to Little Bark $450 for interest owed on the Note Payable for February The $450 cash is also taken out of Big Bank March 1 Take $5.560 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 Bark. March 10 Sale of inventory to a customer --selling price $83,500 -- 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 Lite Bank to pay employees for wages they have cerned March 16 Purchase $73,750 of additional invertory. OPJ will pay the manufacturer 50% of the $73,750 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer -- selling price $119,000 -- 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 $33,500 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 $37.250 cash out of Little Bank to pay employees for wages they have earned. Additional Information Note Payable Big Banke Interest due to Big Bank on the Note Payable for the month of March is $895. As of March 31 OPJ owes Big Bank a total of $1.295 for interest ($600 for February $095 for March), Interest will be paid to Big Bank in June 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 400 500 510 515 520 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense JX Adrianna Richarda OverPriced Jeans, Inc. - General Journal Page # 1 2021 Month-Day 3-1 Debit Credit Account Number 100 300 Account Name Cash - Big Bank Common Stock Issue additional Common Stock Posted 55,000.00 55,000.00
