(Solved): chapter 6 mini project solid footing  Font Alignment 16 & OverPriced Jeans, Inc. - Transactions ...

Font Alignment 16 & OverPriced Jeans, Inc. - Transactions Additional Information March 2021 Transactions Date Description of the Transaction March 1 Owners of OP3 invested an additional $55.000 cash into the business. The cash is put in As an example of how to joumatice and post a transaction-this transaction has ansady been into the General Jomal and posted to the General Ledoes March 1 Pay of the $60.000 Note Payable owed to Little Bank. The cash to pay off the note is tak out of Big Bank Also pay to Litle Bank $450 for interest owed on the Note Payable for Fe The $450 cash is also taken a of Big Bank March 1 Take 54 900 cash out of Eg Dank to pay for Marck's ree March 2 The customer that purchased on credit on February 15 pays $80.000 cash to pay of the amount des The cash is deposited into B Bank March 10 Sale of entory to a customer-selling price $72.760-cost of the mettory od $23,000 The customer pays cash The cash is deponed into Letle Dark March 15 Take $2,000 cash out of tank to pay employees he wages they have saved March 16 Pachase $77 750 of shona mentary OFU wit pay the in 10 days OPJ will pay the ag 50% 30 days acturer 20% of $77.750 March 17Sale of instory to a customeling pice $14.000-cut The customer will pay for the phasen 30 days the intory sole $35.000 March 20 of evento coming price $305,500s of the 1 The customer pays $35,500 carbh that is deposited Leak Deciper say uning amount in 30 days March 22 Purchase angry by $42.000 ca The cath is aan of ge March 25 Pay the mandatar the 50% de on the Mac 100 chase of try the cah ker out of the Bank March 30 Take 129.500 cash out of Late Bank to pay employs for wings they hair m Trial Bal Crections Chat Aut Journal OL At here to search O x W R 6 into the General Joumal and posted to the General Ledger) ich 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 Februa The $450 cash is also taken out of Big Bank ich 1 Take $4,900 cash out of Big Bank to pay for March's fent arch 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 ch 10 Sale of inventory to a customer-selling price $72,750-cost of the inventory sold $23,000 The customer pays cash. The cash is deposited into Little Bank rch 15 Take $26,000 cash out of Little Bank to pay employees for wages they have earned arch 16 Purchase $77,750 of additional inventory OPJ will pay the manufacturer 50% of the $77,750 in 10 days OPJ will pay the remaining 50% in 30 days rch 17 Sale of inventory to a customer-selling price $114,000-cost of the inventory sold $33,000 The customer will pay for the purchase in 30 days tch 20 Sale of inventory to a customer-selling price $165,500-cost of the inventory sold 541,750 The customer pays $35,500 cash that is deposited into Lale Bank The customer will pay the remaining amount in 30 days rch 22 Purchase inventory for $42.000 cash. The cash is taken out of Big Bask rch 26 Pay the manufacturer the 50% due on the March 16th purchase of inventory. The cash is taken out of Big Bank rch 30 Take $29,500 cash out of Little Bank to pay employees for wages they have camed Additional Information Interest due to Big Bank on the Note Payable for the month of March is $980 As of March 31 OPJ owes Big a total of $1,580 for interest ($500 for February $360 for March Interest will be paid to Big Bank inyne. Trans Chart Accs Journal GL Assets GL Liab-Equity GL Re-Exp Trial Bal c 0 NS Osearch IS & RE Ready OverPriced Jeans, Inc. - Chart of Accounts Account # Account Name Assets: 100 Cash-Big Bank 105 Cash-Little Bank 110 Accounts Receivable 120 Inventory 150 Equipment Liabilities: 200 Accounts Payable 210 Note Payable Big Bank 215 Note Payable Little Bank 220 Interest Payable - Big Bank Interest Payable - Little Bank 225 Equity: 300 Common Stock 305 Retained Earnings Revenues: 400 Sales Revenue Expenses: 500 Cost of Goods Sold 510 Rent Expense 515 Wages Expense 520 Interest Expense Directions Trans Accessibility investigate Type here to search Chart Accts Journal GL Assets B O GL Liab-Equity n GL Rev-Exp Trial Ba Cut Copy V Format Painter Clipboard 16 Ready Arial BIU A €2 Font Alignment V OverPriced Jeans, Inc. - General Journal Account Name Posted Debit Cash-Big Bank X 55,000.00 Common Stock X Issue additional Common Stock Chart Accts 2021 Account Month-Day Number 3-1 100 300 Directions 9 GL Assets 2 Wrap Text GL Liab-Equity Merge & Center Shericka Williams Page # 1 Credit 55,000.00 GL Rev-Exp Trial Bal 154 Account # 100 2021 Month-Day !! OverPriced Jeans, Inc. Cash - Big Bank Journal Debit Page # 76,000.00 1 55,000.00 Cash-Little Bank Journal Page # 3-1 Beginning Balance 3-1 Account # 105 2021 Month-Day 3-1 Beginning Balance Account # 110 2021 Month-Day Accounts Receivable Journal Page # Directions Trans Chart Accts 3-1 Beginning Balance Ready 3 Accessibility investigate Type here to search General Ledger Credit Debit 27,000.00 Debit 158,000.00 Journal Credit GL A sets Credit Balance 76,000.00 Dr 131,000.00 Dr Balance 27,000.00 Dr Balance 158,000.00 Dr GL Liab-Equity GL Rev-Exp Shericka Williame C Trial B Paste C10 rady T Format Painter Clipboard P Account # 225 2021 Month-Day 3-1 Account # 300 2021 Month-Day 3-1 3-1 Account # 305 2021 Month-Day 3-1 ce Wrap Text - - A- === 23 Merge & Center Font Alignment Interest Payable - Little Bank Journal Debit Balance. Page # Common Stock Journal Page # 1 Retained Earnings Journal Page BY Beginning Balance Beginning Balance Accesutility: Investigate Tvr Beginning Balance Directions Trans Chart Accts Debit Debit Journal Credit 450.00 450.00 Cr Credit Balance 75,000.00 75,000.00 Cr 55,000.00 130,000.00 Cr Credit Balance 155,950.00 155,950.00 Cr GL Rev-Exp GL Assets GL Ligb Equity Trial Dal Nu Cut Copy Format Painter Clipboard 6 M x Account # 400 2021 Month-Day E Arial AA == BIU JUN 2 A== Font Alignment fo OverPriced Jeans, Inc. - General Ledger Sales Revenue Journal Debit Credit Page # Account 510 2021 Month Day 3-1 Beginning Balance Account # 500 Cost of Goods Sold 2021 Journal Pages Month-Day 3-1 Beginning Balance Rent Expense Journal Page Directions Trans Chart Acc 3-1 Beginning Balance 9 Type here to search Debit Credit Debit Credit 0.00 Journal GL Assets GL Liab-Equity 0.00 0.00 O Wap Text Merge & Center Balance 0.00 Cr Balance 0.00 Dr Balance 0.00 Gl. Rev Exp.. Tell me what you w Number C Enter amou by typing in Do NOT cop General Jour Trial Bal 00 IS & RE Paste €6 12 Format Painter Clipboard OPJ's Account # 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 12 BIU BA Font fx March 31, 2021 Pre-Closing Trial Balance Account Name Debit Credit 0.00 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 Totals 0.00 E Alignment Shericka Williams Ent Do File Poste D6 Home Insert Cut E Copy Format Painter Clipboard Sales Revenue Cost of Goods Sold Expenses: Rent Expense Wages Expense Interest Expense Draw Page Layout Arial BEU Font A Shericka Williams 15 OverPriced Jeans, Inc. Income Statement for the Month Ended March 31, 2021 Gross Profit Total Expenses Net Income Calculation of Retained Earnings as of March 31 for the Balance Sheet Retained Earnings Current Balance Plus March Net Income Retained Earnings as of March 31 for Balance Sheet 0.00 0.00 $0.00 0.00 Formulas Data Review 5650 Enter amounts into the Financi Do NOT copy cells from the Ge D8 Assets fx OverPriced Jeans, Inc. Balance Sheet as of March 31, 2021 Cash - Big Bank Cash - Little Bank Accounts Receivable Inventory Equipment Liabilities Accounts Payable Note Payable - Big Bank Note Payable - Little Bank Interest Payable - Big Bank Interest Payable - Little Bank Equity: Common Stock Retained Earnings Total Assets Total Liabilities Total Equity Total Liabilities & Equity Shericka Williams $0.00 0.00 0.00 $0.00 Enter amount Do NOT copy Paste E6 Format Painter Clipboard OPJ's Account # 100 105 110 120 150 200 210 215 220 225 300 305 400 500 510 515 520 BIUBA- 5 Font £x March 31, 2021 Post-Closing Trial Balance Account Name Debit Credit 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 Totals JII 0.00 ? ?? Shericka Williams 0.00 Alignment Ent Do