Please help me with the journal up to the trial balance?
Mac Chapter 6 Homework - OverPriced Jeans - Solid Footing 8e 2015-16 School Year Workbook is Activated First Name: Princess Last Name: Sebo ID Code: 07226430 Bruce Wiggett ONLINE Before you begin working, save your activated workbook by following the directions in the SAVING YOUR WORKBOOK box >> Instructions: You will be recording the March 2015 transactions for OverPriced Jeans, Inc. (OPJ). After recording the March transactions you will be preparing a Pre-Closing Trial Balance, Income Statement, Calculation of Retained Earnings, Balance Sheet, and Post-Closing Trial Balance. As you work on your workbook, be sure to save your file often. You are given the following: _ March transactions and Additional Information -- Trans tab _ Chart of Accounts with Account Numbers and Account Names -- Chart Accts tab _ General Journal pages -- Journal tab _ General Ledger -- GL Assets, GL Liab-Equity, GL Rev-Exp tabs _ Forms for the March 31: Pre-Closing Trial Balance, Income Statement, Calculation of Retained Earnings, Balance Sheet, and Post-Closing Trial Balance Trial Bal, IS & RE, BalSht, and Post Close TB tabs To Complete Your Workbook do the following: _ Print the March Transactions (click the Trans tab and then click the Printer Icon) Use YOUR Transaction sheets -- do not use another student's sheets _ Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon) 000322885 SAVING YOUR WORKBOOK -- Immediately after Activation Save your workbook in a file that uses your name as the file name. The file name should be in the form: LastNameFirstName-HW6.xls For example, Mary Smith would save her workbook with the file name SmithMary-HW6.xls Windows Excel 2013, Excel 2010, and Excel 2003, follow these directions: - Click File - Click Save As - Excel 2013 only: Click Solid Footing 8e 2015-16 under Current Folder - In File name: enter LastNameFirstName-HW6.xls - Click Save Windows Excel 2007, follow these directions: - Click the Office Button in the upper left corner of your screen - Point to Save As - Click Excel 97-2003 Workbook - In File name: enter LastNameFirstName-HW6.xls - Click Save Any time you save your workbook, if Excel 2007 asks you: Do you want to increase the security of this document by converting to an Office Open XML format? Always click No Mac Excel 2011, follow these directions: - Click File - Click Save As - In Save As: enter LastNameFirstName-HW6.xls - Format should be Excel 97-2004 Workbook (xls) - Click Save - Always Click Continue to the message X "This workbook contains features that will not ...." _ Record the March transactions in the General Journal. Click the Journal tab and record your entries directly into the General Journal. Look at the March 1 Common Stock transaction, which has already been entered, for an example of how to make your entries. Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system. _ To make posting from the General Journal to the General Ledger easier, it is recommended that you print the General Journal -- click the Journal tab and then click the Printer Icon. Steps 1 and 2 in the Accounting Cycle Step 1 For each business transaction that occurs during the accounting period, determine the effect of the transaction on the General Ledger accounts. _ Post the entries from the printed General Journal to the General Ledger accounts. Click the GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. Record your postings directly into the General Ledger. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. See the first posting to the Cash-Big Bank account for an example. After you post an amount to a General Ledger account, then hand write an "X" in the Posted column of the printed General Journal. This will help you keep track of which entries you have posted. _ Enter the "X"s, which you hand wrote on your General Journal pages, into the General Journal. Click the Journal tab and enter the "X"s in the Posted column Step 2 Make an entry in the General Journal for each transaction and post the entry to the General Ledger accounts. Pg. 2 _ Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank. The information for this adjusting entry is under the heading "Additional Information" on the page that printed when you printed the Trans tab. Click the Journal tab and record the adjusting entry in the General Journal. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available in OPJ's accounting system. _ Post the adjusting entry from the General Journal to the General Ledger accounts. Click the GL Liab-Equity and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. Step 3 in the Accounting Cycle At the end of the accounting period, before preparing the financial statements, determine if any of the General Ledger account balances need to be adjusted. Enter any required adjusting entries into the General Journal and post the adjusting entries to the General Ledger accounts. _ Print OPJ's General Ledger by: clicking the GL Assets tab and then clicking the Printer icon, clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the GL Rev-Exp tab and then clicking the Printer icon. _ Using the printed General Ledger, enter the ending account balances into the March 31 Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the Pre-Closing Trial Balance. Print the March 31 Pre-Closing Trial Balance by clicking the Printer icon. Step 4 in the Accounting Cycle Prepare a Pre-Closing Trial Balance to determine that the accounts in the General Ledger are in balance. Step 5 in the Accounting Cycle _ Using the printed March 31 Pre-Closing Trial Balance, prepare the March 2015 Income Statement. Click the IS & RE tab and enter the amounts into the Income Statement. Prepare an Income Statement from the ending balances in the General Ledger revenue and expense accounts. Step 6 in the Accounting Cycle _ Using the printed Pre-Closing Trial Balance and the Net Income amount, prepare the Calculation of Retained Earnings as of March 31 for the Balance Sheet. Click the IS & RE tab and enter the amounts into the schedule. Calculate the ending balance of the Retained Earnings account that is needed for the preparation of the Balance Sheet Step 7 in the Accounting Cycle _ Using the printed March 31 Pre-Closing Trial Balance and the amount from the Calculation of Retained Earnings as of March 31, prepare the March 31, 2015 Balance Sheet. Click the BalSht tab and enter the amounts into the Balance Sheet. _ Prepare the closing entries. Click the Journal tab and enter the closing entries into the General Journal. Place your closing entries on Page # 3 of the General Journal. _ Post the closing entries from the General Journal to the General Ledger accounts. Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted. As you post an amount to an account be sure to enter the General Journal Page # into the Journal Page # column. After you post an amount to a General Ledger account, click back on the Journal tab and enter an "X" in the Posted column of the General Journal. Prepare the Balance Sheet from the ending balances in the General Ledger asset accounts, liability accounts, Common Stock account, and the calculated ending balance for the Retained Earnings account. Step 8 in the Accounting Cycle Prepare and enter the revenue and expense closing entries into the General Journal, and post the closing entries to the General Ledger accounts. Step 9 in the Accounting Cycle _ Click the Post Close TB tab and prepare the March 31 Post-Closing Trial Balance. Your workbook is complete! Your instructor will provide you with directions on how to submit your workbook. Prepare a Post-Closing Trial Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle. OverPriced Jeans, Inc. - Transactions - Additional Information March 2015 Transactions Date March 1 Description of the Transaction 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 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 $4,650 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 $46,250 -- cost of the inventory sold $12,000. The customer pays cash. The cash is deposited into Little Bank. March 15 Take $29,000 cash out of Little Bank to pay employees for wages they have earned. March 16 Purchase $64,000 of additional inventory. OPJ will pay the manufacturer 50% of the $64,000 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer -- selling price $144,000 -- cost of the inventory sold $42,000. The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer -- selling price $92,000 -- cost of the inventory sold $34,500. The customer pays $20,000 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $32,000 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 $31,250 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 $525. As of March 31 OPJ owes Big Bank a total of $1,125 for interest ($600 for February + $525 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 400 Revenues: Sales Revenue 500 510 515 520 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense Princess Sebo OverPriced Jeans, Inc. - General Journal Page # 1 2015 Month-Day Account Number Account Name Posted 3-1 100 Cash - Big Bank X 300 Common Stock Debit Credit 55,000.00 55,000.00 X Issue additional Common Stock 3-1 Note Payable- Little Bank 225 Interest Payable- Little Bank 100 510 Rent Expense 60,000.00 450.00 Cash- Big Bank 100 3-1 215 Cash- Big Bank 60,450.00 4,650.00 4,650.00 Pay March rent 3-2 100 Cash- Big Bank 110 88,000.00 Accounts Receivable 88,000.00 Collect Accounts Receivable 3- 10 105 Cash- Little bank 400 Sales Revenue 500 Cost of Goods Sold 120 46,250.00 Inventory 46,250.00 12,000.00 12,000.00 Sell Inventory to customer for cash 3-15 515 Wages Expense 105 29,000.00 Cash- Little Bank 29,000.00 Pay Wages 3-16 120 Inventory 200 64,000.00 Accounts Payable 64,000.00 Purchase Inventory on credit 3-17 110 Accounts Receivable 400 Sales Revenue 500 Cost of Goods Sold 144,000.00 144,000.00 42,000.00 OverPriced Jeans, Inc. - General Journal Page # 2 2015 Account Month-Day Number 120 Account Name Posted Debit Credit 42,000.00 Inventory Sell Inventory to customer on credit 3-20 Accounts Receivable 105 Cash- Little Bank 400 Cost of Goods Sold 120 Inventory 120 Inventory 100 92,000.00 20,000.00 Sales Revenue 500 3-22 110 Cash- Big Bank 112,000.00 34,500.00 34,500.00 32,000.00 32,000.00 Purchase Inventory for cash 3-26 200 Accounts Payable 100 32,000.00 Cash- Big Bank 32,000.00 Pay Cash to vendor on account 3-30 515 Wages Expense 105 31,250.00 Cash- Little Bank 31,250.00 Pay Wages 3-31 520 Interest Expense 220 Interest Payable- Big Bank 525.00 525.00 Accrue March Interest on Big Bank note 42,522.00 OverPriced Jeans, Inc. - General Journal Page # 3 2015 Account Month-Day Number Account Name Posted Debit Credit Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 100 Cash - Big Bank 2015 Journal Month-Day Page # 3-1 Beginning Balance 3-1 1 Debit 76,000.00 55,000.00 60,000.00 450.00 4,650.00 3-1 3-1 3-1 88,000.00 3-2 32,000.00 3-22 Account # 105 2015 Journal Page # Debit 31,250.00 3-30 Dr Dr Dr Dr Dr Dr Credit Balance Dr Dr Dr Dr Dr Accounts Receivable 2015 Journal Month-Day Page # Beginning Balance Debit 158,000.00 88,000.00 3-2 3-20 27,000.00 73,250.00 44,250.00 64,250.00 33,000.00 20,000.00 3-20 Account # 110 Dr Balance 29,000.00 3-15 3-17 76,000.00 131,000.00 71,000.00 70,550.00 65,900.00 153,900.00 121,900.00 Credit 27,000.00 46,250.00 Beginning Balance 3-10 3-1 Balance Cash - Little Bank Month-Day 3-1 Credit 144,000.00 92,000.00 158,000.00 70,000.00 214,000.00 306,000.00 Dr Dr Dr Dr Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 120 Inventory 2015 Journal Month-Day Page # 3-1 Debit 36,000.00 Beginning Balance 12,000.00 3-10 64,000.00 3-16 42,000.00 34,500.00 3-17 3-20 32,000.00 3-22 Account # 150 Balance 36,000.00 24,000.00 88,000.00 46,000.00 11,500.00 43,500.00 Dr Dr Dr Dr Dr Dr Equipment 2015 Journal Month-Day Page # 3-1 Credit Beginning Balance Debit 60,000.00 0.00 Credit Balance 60,000.00 Dr Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 200 Accounts Payable 2015 Journal Month-Day Page # 3-1 Debit Account # 210 2015 Journal Page # 2015 Journal Page # Debit Beginning Balance Account # 220 2015 Journal Page # Debit 60,000.00 Cr 0.00 Cr Credit Balance 600.00 525.00 Beginning Balance 3-31 Account # 225 600.00 Cr 1,125.00 Cr Interest Payable - Little Bank 2015 Journal Month-Day Page # 3-1 Balance Interest Payable - Big Bank Month-Day 3-1 Credit 60,000.00 3-1 3-1 65,000.00 Cr Note Payable - Little Bank Month-Day 3-1 Debit Beginning Balance Account # 215 Balance Note Payable - Big Bank Month-Day 3-1 Credit 60,000.00 3-26 0.00 Cr 32,000.00 Cr 64,000.00 Cr 65,000.00 0.00 3-16 Balance 0.00 32,000.00 32,000.00 Beginning Balance Credit Debit Credit 450.00 Beginning Balance 450.00 Balance 450.00 Cr 0.00 Cr Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 300 Common Stock 2015 Journal Month-Day Page # 3-1 1 Account # 305 Credit 75,000.00 55,000.00 Beginning Balance 3-1 Balance 75,000.00 Cr 130,000.00 Cr Retained Earnings 2015 Journal Month-Day Page # 3-1 Debit Beginning Balance Debit Credit 155,950.00 0.00 Balance 155,950.00 Cr Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 400 Sales Revenue 2015 Journal Month-Day Page # 3-1 Debit 0.00 46,250.00 144,000.00 112,000.00 Beginning Balance 3-10 3-17 3-20 Account # 500 2015 Journal Page # 3-10 3-17 3-20 2015 Journal Page # 3-1 0.00 46,250.00 190,250.00 302,250.00 Cr Cr Cr Cr Credit Balance 0.00 12,000.00 54,000.00 88,500.00 Dr Dr Dr Dr Rent Expense Month-Day 3-1 Debit 0.00 12,000.00 42,000.00 34,500.00 Beginning Balance Account # 510 Balance Cost of Goods Sold Month-Day 3-1 Credit Beginning Balance Debit 0.00 4,650.00 Credit Balance 0.00 Dr 4,650.00 Dr Princess Sebo OverPriced Jeans, Inc. - General Ledger Account # 515 Wages Expense 2015 Journal Month-Day Page # 3-1 3-15 3-30 2015 Journal Page # 3-31 Balance 0.00 Dr 29,000.00 Dr 60,250.00 Dr Interest Expense Month-Day 3-1 Credit 0.00 29,000.00 31,250.00 Beginning Balance Account # 520 Debit Beginning Balance Debit 0.00 525.00 Credit Balance 0.00 Dr 525.00 Dr 44a12 Princess Sebo OPJ's - March 31, 2015 Pre-Closing Trial Balance Account # Account Name Debit Credit 121,900.00 33,000.00 306,000.00 43,500.00 60,000.00 100 Cash - Big Bank 105 Cash - Little Bank 110 Accounts Receivable 120 Inventory 150 Equipment 200 Accounts Payable 210 Note Payable - Big Bank 215 Note Payable - Little Bank 220 Interest Payable - Big Bank 225 Interest Payable - Little Bank 300 Common Stock 305 Retained Earnings 400 Sales Revenue 500 Cost of Goods Sold 510 Rent Expense 515 Wages Expense 520 Interest Expense 64,000.00 65,000.00 0.00 1,125.00 0.00 130,000.00 155,950.00 302,250.00 88,500.00 4,650.00 60,250.00 525.00 Totals 718,325.00 718,325.00 Princess Sebo OverPriced Jeans, Inc. Income Statement for the Month Ended March 31, 2015 Sales Revenue Cost of Goods Sold Gross Profit Expenses: Rent Expense Wages Expense Interest Expense $302,250.00 (88,500.00) 213,750.00 (4,650.00) (60,250.00) (525.00) Total Expenses (65,425.00) Net Income $148,325.00 Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance 155,950.00 Plus March Net Income 148,325.00 Retained Earnings as of March 31 for Balance Sheet 304,275.00 Princess Sebo OverPriced Jeans, Inc. Balance Sheet as of March 31, 2015 Assets Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment $121,900.00 33,000.00 306,000.00 43,500.00 60,000.00 Total Assets $564,400.00 Liabilities Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank $64,000.00 65,000.00 0.00 1,125.00 0.00 Total Liabilities Equity: Common Stock Retained Earnings 130,125.00 130,000.00 Total Equity 130,000.00 Total Liabilities & Equity $260,125.00 Princess Sebo OPJ's - March 31, 2015 Post-Closing Trial Balance Account # Account Name Debit 100 Cash - Big Bank 105 Cash - Little Bank 110 Accounts Receivable 120 Inventory 150 Equipment 200 Accounts Payable 210 Note Payable - Big Bank 215 Note Payable - Little Bank 220 Interest Payable - Big Bank 225 Interest Payable - Little Bank 300 Common Stock 305 Retained Earnings 400 Sales Revenue 500 Cost of Goods Sold 510 Rent Expense 515 Wages Expense 520 Credit Interest Expense Totals 0.00 0.00 Student's Name: Software Id Code: Class Time: Instructor: Grading Item Pre-Closing Trial Balance 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 Princess Sebo 000322885 07226430 ONLINE Bruce Wiggett Chapter 6 Homework Grading Item On the Pre-Closing Trial Balance (A)Total Debits = (B)Total Credits On the Balance Sheet (A)Total Assets = (B)Total Liabilities + Stockholders' Equity (A)Retained Earnings = (B)Calculated RE on the IS & RE tab (A)Common Stock = (B)Common Stock on the Pre-Closing Trial Balance On the Income Statement (A)Net Income = (B)Revenue less Expense Accounts on the Pre-Close Trial Bal. On the Calculation of Retained Earnings Schedule (A)Net Income used in Calculating Ending RE = (B)Net Income on Income Stat. On the Post-Closing Trial Balance (A)Retained Earnings = (B)Retained Earnings on the Balance Sheet (A)Total Debits = (B)Total Credits (A)Total of Expense Accts should be 0 and (B)Sales Revenue Acct should be 0 Your answers will NOT appear on this Grade Page
