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What did I do wrong that this is not balancing on the trial balance towards the end did I mess up the interest payable or
What did I do wrong that this is not balancing on the trial balance towards the end did I mess up the interest payable or something similar? Thanks :)
March 1 Owners of OPJ invested an additional $55,000.00 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.)
OverPriced Jeans, Inc. - Transactions - Additional Information March 2023 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $55,000.00 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 $60,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00 cash is also taken out of Big Bank. March 1 Take $4,450.00 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000.00 cash to pay off the amount due. The cash is deposited into Big Bank. March 10 Sale of inventory to a customer -- selling price $93,900.00-- cost of inventory sold $24,000.00 The customer pays cash. The cash is deposited into Little Bank. March 15 Take $20,250.00 cash out of Little Bank to pay employees for wages they have earned. March 16 Purchase $89,200.00 of additional inventory. OPJ will pay the manufacturer 50% of the $89,200.00 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer -- selling price $116,000.00 - cost of the inventory sold $30,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer -- selling price $159,000.00 - cost of the inventory sold $38,000.00 The customer pays $59,000.00 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $42,500.00 cash. The cash is taken out of Big Bank. March 26 Pay the manufacturer the 50% due on the March 16 th purchase of inventory. The cash is taken out of Big Bank. March 30 Take $26,000.00 cash out of Little Bank to pay employees for wages they have earned. \begin{tabular}{|ll|} \hline \multicolumn{1}{|c|}{ Additional Information } \\ \hline NotePayableBigBank: & Interest due to Big Bank on the Note Payable for the month of March is $775.00. As of March 31 \\ & OPJ owes Big Bank a total of $1,375.00 for interest ( $600.00 for February $775.00 for March). \\ \hline \end{tabular} \begin{tabular}{|c|} \hline OverPriced Jeans, Inc. - General Ledger \\ \hline \end{tabular} \begin{tabular}{|c|} \hline OverPriced Jeans, Inc. - General Ledger \\ \hline \end{tabular} \begin{tabular}{|l|} \multicolumn{1}{|c|}{ Calculation of } \\ Retained Earnings as of \\ March 31 for the Balance Sheet \end{tabular} OverPriced Jeans, Inc. - Transactions - Additional Information March 2023 Transactions Date Description of the Transaction March 1 Owners of OPJ invested an additional $55,000.00 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 $60,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00 cash is also taken out of Big Bank. March 1 Take $4,450.00 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000.00 cash to pay off the amount due. The cash is deposited into Big Bank. March 10 Sale of inventory to a customer -- selling price $93,900.00-- cost of inventory sold $24,000.00 The customer pays cash. The cash is deposited into Little Bank. March 15 Take $20,250.00 cash out of Little Bank to pay employees for wages they have earned. March 16 Purchase $89,200.00 of additional inventory. OPJ will pay the manufacturer 50% of the $89,200.00 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer -- selling price $116,000.00 - cost of the inventory sold $30,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer -- selling price $159,000.00 - cost of the inventory sold $38,000.00 The customer pays $59,000.00 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $42,500.00 cash. The cash is taken out of Big Bank. March 26 Pay the manufacturer the 50% due on the March 16 th purchase of inventory. The cash is taken out of Big Bank. March 30 Take $26,000.00 cash out of Little Bank to pay employees for wages they have earned. \begin{tabular}{|ll|} \hline \multicolumn{1}{|c|}{ Additional Information } \\ \hline NotePayableBigBank: & Interest due to Big Bank on the Note Payable for the month of March is $775.00. As of March 31 \\ & OPJ owes Big Bank a total of $1,375.00 for interest ( $600.00 for February $775.00 for March). \\ \hline \end{tabular} \begin{tabular}{|c|} \hline OverPriced Jeans, Inc. - General Ledger \\ \hline \end{tabular} \begin{tabular}{|c|} \hline OverPriced Jeans, Inc. - General Ledger \\ \hline \end{tabular} \begin{tabular}{|l|} \multicolumn{1}{|c|}{ Calculation of } \\ Retained Earnings as of \\ March 31 for the Balance Sheet \end{tabular}Step by Step Solution
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