Problem 5-1 Overpriced Jeans, Inc. Closing Entries for February In this problem you will be closing OPJ's Revenue and Expense accounts for the month of February 2021. Use the Excel workbook Chapter 05 b - Problem 5-1 Forms to complete this problem Requirement 1 Based on the Revenue and Expense account balances given on the General Ledger tab in the Chapter 05 b - Problem 5-1 Forms workbook, prepare OPJ's February closing entries. Place the closing entries in the General Journal. Requirement 2 Post the closing entries to the General Ledger accounts, Requirement 3 Compute an Ending Balance for the Retained Earnings account and put that balance in the account Compute the After Close Balances for the Revenue and Expense accounts and put those balances in the accounts. Requirement 4 Prepare a Post-Closing Trial Balance. Requirement 5 Note that the Ending Balance shown in the Relained Earnings account on the General Ledger tab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet in Problem 4-1. Problem 5-1 -- OverPriced Jeans, Inc. Closing Entries for February General Journal Account Debit Credit Date Name: Section: Problem 5-1 - OverPriced Jeans, Inc. Closing Entries for February General Ledger #: Assets Liabilities + Owners' Equity Dr Cash Big Bank 35,000 Cr. Dr Note Payable B Bank Cr 65,000 DI Beg Balance Common Stock C. 75,000 4,000 Beg Balance Beg Balance Feb 01 Feb 04 Feb 22 Ending Balance 62,000 Ending Balance 65,000 17 000 Ending Balance 75,000 76,000 Dr Nole Payable Little Bank Cr 60.000 Retained Earnings Dr CH Beg Balance Beg Balance 0 Dr Ending Balance 60 000 Cash Little Bank Cr 20,000 10,000 40,000 23 000 27.000 Beg Balance Feb 07 Feb 18 Feb 27 Ending Balance Ending Balance Or Di Interest Payable Big Bank CI 0 600 Bog Balance Feb 28 . "Revenue CI 0 12.000 38.000 110.000 200.000 Beg Balance Feb 04 Fa 15 Feb 18 Ending Balince Ending Balance Accounts De Receivable O 88,000 70,000 158,000 600) Beg Balance Feb 15 Feb 18 Ending Balance After Close Bal Interest Payabia Little Bank Dr Bea once Post-Closing Trial Balance Cr 0 Cost or Goods General Journa General Ledger des Unless you need to edit it's safer to stay in Protected View Enable Editing 2 Ending Balance 27 000 DI Big Bank Di Revenue CA Beg Balance Feb 28 Cr 0 000 Ci Accounts Receivable 0 88.000 70.000 158,000 Beg Balance Feb 04 Feb 15 Feb 18 Ending Balance DI Bog Balance Feb 15 Feb 18 Ending Balance 0 62,000 8,000 110,000 200 000 Endung Balance 600 After Close Bar DI Interest Payable Bank CE 0 450 Bog. Balance Feb 28 Ending Balance 450 Dr Beg Balance Feb 01 Fob 15 Feb 18 Feb 22 Ending Balance Inventory Cr 85.000 16,000 22 000 28.000 17,000 36.000 Beg Balance Feb 04 Feb 15 Feb 18 Ending Dance Coat of Goods DI Sold C 0 16,000 22.000 28.000 36.000 Attor Close Di Cr Di Cr Equipment 50.000 Rent Bapanse 0 4000 4000 Bo Balance Feb 01 Ending balance Beg Balance Ending Balance 60.000 Aller Close Wages Expo De C Beg Bwance robor 10.000 Wages Expense Dr. Cr. 0 Beg. Balance Feb 07 Feb 27 Ending Balance 10,000 23,000 33,000 After Close Bal Dr. Cr. Beg. Balance Feb 28 Feb 28 Ending Balance Interest Expense 0 600 450 1,650 After Close Bal Problem 5-1 -- Overpriced Jeans, Inc. Closing Entries for February Post-Closing Trial Balance Account Name Debit Credit Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment 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 Total