(Solved Homework): This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 20…

DUI J-TPansactions Affecting Retained Eamings SOLID FOOTING 33 Chapter 3 Homework Problem 3-1 OverPriced Jeans, Inc. Rips-Off ts First Customers This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 200 to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1 Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger on Pg 199 for the accounts in OPJs accounting system.) Take $4,000 cash out of Big Bank to pay for Februarys warehouse rent Sale of inventory to a customer-selling price $62,000-cost of inventory sold Feb 01 Feb 04 $16,000-customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned Feb 15 Sale of inventory to a customer- selling price $88,000-cost of inventory sold $22,000- customer will pay in the future. Sale of inventory to a customer- selling price $110,000-cost of inventory sold $28,000 - customer pays $40,000 cash which is deposited in Little Bank-customer will pay for the remaining amount of the sale in 30 days. Feb 18 Purchase additional inventory-pay $17,000 cash out of Big Bank for the inventory. Feb 22 Feb 27 Feb 28 Take $23,000 cash out of Little Bank to pay employees for wages they have earned Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February - interest will be paid in March. Requirement2 Requirement 3 Requirement 4 Requirement 5 Requirement 6 Post the entries from the General Journal to the General Ledger accounts. Compute an ending balance for each General Ledger account Prepare a Trial Balance Prepare the What Caused the Change in Retained Earnings report pyerane oprs Balance Shet s f fenay 2a,.17

This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 200 to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1. For each of the following transactions make the required entries in the General Journal: (See the General Ledger on Pg 199 for the accounts in OPJ’s accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent. Feb 04 Sale of inventory to a customer-selling price $62,000-cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000- customer will pay in the future. Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days. Feb 22 Purchase additional inventory – pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Feb 28 Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February – interest will be paid in March. Post the entries from the General Journal to the General Ledger accounts. Compute an ending balance for each General Ledger account. Prepare a Trial Balance. Prepare the “What Caused the Change in Retained Earnings” report. Prepare OPJ’s Balance Sheet as of February 28, 2017.

Expert Answer

 

REQUIREMENT 1.
JOURNAL
Date Particular LF Amount
Debit Credit
Feb 1 Renta/c 4000
      To Big Bank a/c 4000
(Being Rent paid)
Feb 4 Cash a/c 62000
cost of inventory sold 16000
      To Sales 62000
      To Inventory 16000
(Being Inventory sold)
Feb 4 Big bank a/c 62000
   To cash a/c 62000
(being amount deposited to bank)
Feb 7 Wages a/c 1000
     To Little bank 1000
(Being Wages paid from bank)
Feb 15 Debtors a/c 88000
   To Sales a/c 88000
( Being inventory sold on Credit0
Feb 18 Cash a/c 40000
debtorsa/c 70000
Cost of Inventory Sold 28000
    To Sales 110000
     To Inventory 28000
(being Inventory sold partially on cash and balance on credit basis)
Feb 18 Little Bank a/c 40000
    To cash 40000
(being amount deposited to bank )
Feb 22 Inventory a/c 17000
    To Big Bank 17000
(Being inventory purchased )
Feb 28 Interest a/c 600
    To Outstanding Interest 600
(being interest accrued )
Feb 28 Outstanding interest 600
   To Big Bank 600
(being interest accrued )
Feb 28 Interest a/c 450
    To Outstanding Interest 450
(being interest accrued )
Feb 28. Outstanding interest 450
   To Little Bank 450
(being interest accrued )
Requirement 2 n all:
you have not given the figures of problem 2-1 , so I m anable to prepare ledger account and trial balance and balance sheet

Don't use plagiarized sources. Get Your Custom Essay on
(Solved Homework): This problem will utilize the OverPriced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 20…
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay
Homework Ocean
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

× Contact Live Agents