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 poststraction -- this transaction has already been entered into the General Journal and posted to the General Ledgar. 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 $4,800 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 $72,500 -- cost of the inventory sold $23,000 The customer pays cash. The cash is deposited into Little Bank. March 15 Take $26,000 cash out of Little Bars to pay employees for wages they have earned. March 16 Purchase $77.500 of additional inventory. OPJ will pay the manufacturer 50% of the $77,500 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer - selling price $115,000 -- oost of the inventory sold $33,000 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer -- selling price $165,500 -- cost of the inventory sold $42,760. The oustomer pays $35,500 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $42,000 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 $28,600 cash out of Little Bank to pay employees for wages they have earned Tran Aceh pard Font si Alignment Number X Account # 400 Sales Revenue 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Cr + Account # 500 Cost of Goods Sold Journal Debit Credit Balance 2021 Month-Day 3-1 Beginning Balance Page # 0.00 0.00 DO ... Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & Account # 510 Rent Expense 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Dr + Account # 515 Wages Expense 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Dr Account # 520 Interest Expense Journal Page # Debit 2021 Month-Day 3-1 Beginning Balance Credit Balance 0.00 0.00 Dr 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 poststraction -- this transaction has already been entered into the General Journal and posted to the General Ledgar. 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 $4,800 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 $72,500 -- cost of the inventory sold $23,000 The customer pays cash. The cash is deposited into Little Bank. March 15 Take $26,000 cash out of Little Bars to pay employees for wages they have earned. March 16 Purchase $77.500 of additional inventory. OPJ will pay the manufacturer 50% of the $77,500 in 10 days. OPJ will pay the remaining 50% in 30 days. March 17 Sale of inventory to a customer - selling price $115,000 -- oost of the inventory sold $33,000 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer -- selling price $165,500 -- cost of the inventory sold $42,760. The oustomer pays $35,500 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $42,000 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 $28,600 cash out of Little Bank to pay employees for wages they have earned Tran Aceh pard Font si Alignment Number X Account # 400 Sales Revenue 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Cr + Account # 500 Cost of Goods Sold Journal Debit Credit Balance 2021 Month-Day 3-1 Beginning Balance Page # 0.00 0.00 DO ... Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS & Account # 510 Rent Expense 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Dr + Account # 515 Wages Expense 2021 Month-Day 3-1 Beginning Balance Journal Page # Debit Credit Balance 0.00 0.00 Dr Account # 520 Interest Expense Journal Page # Debit 2021 Month-Day 3-1 Beginning Balance Credit Balance 0.00 0.00 Dr
