Record this information in a general journal, general ledger (GL) for assets, GL for liability/equity, GL for revenue/ expenses, pre closing trial balance for each account, income statement, retained earnings, balance sheet, post closing trial balance.

OverPriced Jeans, Inc. Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 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 avansaction - this transaction has already boon entered Into the General Journal and posted to the General Ledour) 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 March 1 Take $5,550 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 OD 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 Little Bank to pay employees for wages they have earned March 16 Purchase $73,750 of additional inventory. 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 - Solling 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 reruining 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 DO March 30 Take $37.250 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 $695. As of March 31 OPJ owes Big Bank a total of $1.295 for interest (5600 for February + $695 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 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense 520 Calibri (Body VA A General BTU Conditional Formatting Format as Table Cell Styles - y 2 Adrianna Richards OverPriced Jeans, Inc. - General Journal Page # 1 2021 Month Day 3-1 Account Name Posted Account Number 100 300 Debit Credit Cash - Big Bank Common Stock issue additional Common Stock 55,000.00 55,000.00 Duchons GL Assets GL Lab Equity GL Rev Exp 12 N V 80 FI 000 F1 99 OverPriced Jeans, Inc. Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 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 avansaction - this transaction has already boon entered Into the General Journal and posted to the General Ledour) 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 March 1 Take $5,550 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 OD 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 Little Bank to pay employees for wages they have earned March 16 Purchase $73,750 of additional inventory. 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 - Solling 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 reruining 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 DO March 30 Take $37.250 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 $695. As of March 31 OPJ owes Big Bank a total of $1.295 for interest (5600 for February + $695 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 Expenses: Cost of Goods Sold Rent Expense Wages Expense Interest Expense 520 Calibri (Body VA A General BTU Conditional Formatting Format as Table Cell Styles - y 2 Adrianna Richards OverPriced Jeans, Inc. - General Journal Page # 1 2021 Month Day 3-1 Account Name Posted Account Number 100 300 Debit Credit Cash - Big Bank Common Stock issue additional Common Stock 55,000.00 55,000.00 Duchons GL Assets GL Lab Equity GL Rev Exp 12 N V 80 FI 000 F1 99